Golden Minerals Provides Updates to Mexican Mining Properties in Advance of Precious Metals Summit
Golden Minerals Provides Updates to Mexican Mining Properties in Advance
of Precious Metals Summit
GOLDEN, Colo.--(BUSINESS WIRE)--September 12, 2022--Golden Minerals Company
(“Golden Minerals”, “Golden” or the “Company”) (NYSE-A: AUMN and TSX: AUMN) has
today provided updates related to ongoing work at several of its Mexican gold-silver mining
properties, in advance of the Company’s participation and presentation at the Precious Metals
Summit in Beaver Creek, Colorado from September 13-16, 2022.
Yoquivo
The Company is pleased to report assay results of holes 10 through 24 from its third drill
program at the Yoquivo gold-silver project in Chihuahua state, Mexico. (Results from holes one
through nine were reported on July 7, 2022; available here.)
The 2022 program began in May 2022 and to date 24 holes totaling 5,693 meters have been
drilled. Drilling was designed to follow up on high-grade intercepts reported in earlier drill
campaigns and to explore the Pertenencia vein system with sufficient drill density to enable a
maiden resource estimate in Q1 2023. Highlights include:
3.7m @ 4.5 g/t Au, 767 g/t Ag
9.3m @ 0.3 g/t Au and 209 g/t Ag
o including 3.4m @ 0.2 g/t Au, 448 g/t Ag
4.6m @ 11.4 g/t Au and 155 g/t Ag
o including 2.3m @ 21 g/t Au, 261 g/t Ag
1.9m @ 2.0 g/t Au, 315 g/t Ag
5.3m @ 2.5 g/t Au, 379 g/t Ag
35.4m @ 0.3 g/t Au, 66.4 g/t Ag
2.9m @ 6.7 g/t Au, 339 g/t Ag
Significant drill results are summarized in the table below, with complete results available on the
Company’s website.
Hole_ID From To Interval True Width Au Ag Comments (m) (m) (m) (m) (g/t) (g/t)
YQ_022_013 159.2 159.8 0.6 0.4 0.79 191.0 Pertenencia Vein
YQ_022_013 296.3 302.1 5.9 4.4 1.58 205.5 Camila Vein
YQ_022_014 43.5 47.2 3.7 Unknown* 4.49 767.3 San Francisco FW Vein
including 45.0 45.7 0.7 Unknown* 23.30 3,850.0
YQ_022_014 106.6 106.8 0.2 Unknown* 6.29 556.0 San Francisco FW _1Vein
YQ_022_014 158.6 167.9 9.3 Unknown* 0.28 209.1 San Francisco Vein
including 158.6 162.0 3.4 Unknown* 0.21 447.6
YQ_022_015 39.5 41.1 1.7 Unknown* 2.72 646.0 Ta jitos Vein
YQ_022_017 125.3 130.0 4.6 Unknown* 11.42 155.2 Dolar Vein
including 126.0 128.4 2.3 Unknown* 21.00 261.0 Dolar Vein
YQ_022_020 104.7 112.2 7.5 5.6 0.83 109.7 Esperanza Vein
including 106.4 108.2 1.9 1.4 1.99 314.6
YQ_022_022 35.7 41.1 5.3 3.7 2.53 379.4 New Vein
YQ_022_022 218.5 253.9 35.4 24.8 0.30 66.4 Pertenencia FW Vein
YQ_022_024 204.3 207.3 2.9 2.1 6.70 339.1 Camila Vein
including 205.2 206.4 1.3 0.9 15.65 677.0
A follow-up drill program of about 2,500 meters is planned to start in late September to further
delineate new veins and high-grade intercepts encountered on the Pertenencia, San Francisco,
and Dolar vein systems.
Velardeña
Further review of the results from the Company’s test-mining activities at Velardeña over the
summer and a review of the mine plans have led Golden to the decision to undertake a
development and exploration drill program at Velardeña prior to proposing the restart of mining.
The drilling is required to further delineate alternative veins to replace portions of the San Mateo
vein in the Company’s mine plan. The eastern portion of the San Mateo vein did not meet
expectations in the recently-completed test mining due to vein-parallel fractures in the host rock
which led to unacceptably high mining dilution. The drill program, which will include both
underground and surface drilling, will target veins that have not been mined recently at
Velardeña but which show historical evidence of potential economic grades and widths. The
Company anticipates starting the program in the fourth quarter, with results becoming available
during the first quarter of 2023. During the balance of 2022, the Company is also evaluating
screening and ore sorting alternatives to improve mine head grade, processing material mined
during the test mining to confirm recovery expectations and completing a budget level capital
study for the project. These activities are not expected to be completed until the first quarter of
2023 and therefore any decision on a potential restart of mining operations at Velardeña will be
deferred until at least the end of the first quarter of 2023, and potentially later.
Rodeo
Rodeo continues to perform in line with its plan as we near the end of the third quarter 2022.
Golden remains on schedule to meet its forecasted production range of 12,000 to 14,000 ounces
of gold and 42,000 to 47,000 ounces of silver in 2022. Drilling and blasting at Rodeo have
advanced ahead of plan in Phase I, which allows for maximum mining flexibility as the pit
continues to develop and transition into Phase II.
Golden is very pleased with the safety record at Rodeo where the Company recently completed
over one year and eight months without a lost-time accident and the past two quarters without an
incident. This record demonstrates Golden’s value of safety and its employees’ commitment to
work safely.
Participation in Precious Metals Summit
The Company is participating in this year’s Precious Metals Summit taking place at the Park
Hyatt Hotel in Beaver Creek, Colorado from September 13 to 16, 2022. Golden’s Chief
Operating Officer, John Galassini, will be giving a company presentation at the event on
Thursday, September 15, 2022, at 4:15pm MT. Chief Financial Officer Julie Weedman will also
be in attendance.
Review by Qualified Person and Quality Control
The technical contents of this press release have been reviewed by Matthew Booth, a Qualified
Person for the purposes of NI 43-101. Mr. Booth has over 18 years of mineral exploration
experience and is a Qualified Person member of the American Institute of Professional
Geologists (CPG 12044).
To ensure reliable sample results, Golden Minerals uses a quality assurance/quality control
program that monitors the chain of custody of samples and includes the insertion of blanks,
duplicates, and reference standards in each batch of samples.
Quality Assurance / Quality Control
Yoquivo diamond drilling was conducted by Eco Drilling México S. de R.L. de C.V with a
Coretech CSD 1300G rig. Drill holes were drilled to depths ranging from 150m to 351m and
were drilled at azimuths of 107° to 347° and a dip ranging from -45° to -76°. No water was
encountered during drilling. Holes were positioned with a hand-held GPS (accuracy +/- 5 meters)
and later surveyed with a Differential GPS once the drilling campaign was completed.
Samples of the core were obtained using a diamond saw to cut the core in half, retaining one half
for a permanent core record, and the other sent for analysis.
Drill-core samples were shipped to ALS Chemex sample preparation facility in Chihuahua,
Chihuahua, Mexico for sample preparation and for analysis at the ALS laboratory in North
Vancouver, British Columbia, Canada.
For a full statement regarding the QA/QC procedures visit the Company’s website here.
About Golden Minerals
Golden Minerals is a growing gold and silver producer based in Golden, Colorado. The
Company is primarily focused on producing gold and silver from its Rodeo Mine and advancing
its Velardeña Properties in Mexico and, through partner-funded exploration, its El Quevar silver
property in Argentina, as well as acquiring and advancing selected mining properties in Mexico,
Nevada and Argentina.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as
amended, and applicable Canadian securities legislation, including statements regarding the
timing of the preparation of a maiden resource estimate and follow-up drill program at the
Yoquivo property; anticipated activities at the Velardeña property, including the commencement
of an additional drill program and the timing of results of that program; the timing of a potential
decision to restart operations at the Velardeña property; and forecasted production at Rodeo.
These statements are subject to risks and uncertainties, including changes in interpretations of
geological, geostatistical, metallurgical, mining or processing information, and interpretations of
the information resulting from exploration, analysis or mining and processing experience.
Golden Minerals assumes no obligation to update this information. Additional risks relating to
Golden Minerals may be found in the periodic and current reports filed with the SEC by Golden
Minerals, including the Company’s Annual Report on Form 10-K for the year ended December
31, 2021.
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For additional information please visit http://www.goldenminerals.com/.
Contacts
Golden Minerals Company
Karen Winkler, Director of Investor Relations
(303) 839-5060