SVRS.V · 2022-05-05 12:00:00

Golden Tag Drills 93 g/t Ag.Eq over 395 m Expanding Fernandez Zone 70 m to Northwest

Drill Results

NEWS RELEASE

Golden Tag Drills 93 g/t Ag.Eq over 395 m Expanding Fernandez Zone

70 m to Northwest

Toronto, Ontario, May 5, 2022: Golden Tag Resources Ltd. (“Golden Tag ” or the " Company")

(TSX.V: GOG) (OTCQB: GTAGF) is pleased to announce complete results from diamond drillhole s

22-65A and 65B , part of an exploration program targeting bulk -tonnage mineralization on the

Company’s 100% owned San Diego Project, located in Durango Mexico.

Key highlights from holes 22-65A & 65B include:

• High-grade intersections located close to surface, including 1,551 g/t Ag.Eq over

0.60 metres (“m”), and 1,194 g/t Ag.Eq over 0.65 m in the Rata Zone

• 174 g/t Ag.Eq over 16.48 m, including 690 g/t Ag.Eq over 2.50 m, within the Canta

Zone

• 363 g/t Ag.Eq over 4.27 m within the CSplay Zone

• 93 g/t Ag.Eq over 395 m, including a higher-grade interval of 109 g/t Ag.Eq over 186

m, of Fernandez Zone mineralization beyond the western limit of the previously

established resource envelope, approximately 70 m NW of historical hole 12-47

Greg McKenzie, President and CEO commented: "We are pleased to discover that the Fernandez

Zone extends 70 metres to the northwest as measured from the previous most westerly hole. We can

see that the continuity of mineralization on the western side is really remarkable as we have

encountered 395 metres of mineralization with a maximum internal dilution of only 4.5 metres.

Combining the results from hole 65B with the results from the previously reported hole 21-58, we can

now anticipate that the potential extension of the Fernandez Zone could measure approximately 140

m x 70 m in the horizontal plane and 530 m in the vertical plane. There are no drill holes to the west

of hole 22-65B and thus the Fernandez Zone remains open to the west.”

Holes 22-65A & 65B

Holes 22-65A and 65B were drilled from the same setup to test the western extension of the Fernandez

Zone (Figure 1). Hole 22-65A was abandoned at 252 m due to excess ive deviation and hole 22-65B

was successfully completed to target.

Holes 22-65A and 65B cut across the several quartz-sulphide veins from the east-west trending Rata

Zone at the top of both holes intersecting 1,551 g/t Ag.Eq over 0.60 m (94.55 to 95.15 m) and 1, 194

g/t Ag.Eq over 0.65 m (102.55 to 103.20 m) in hole 22-65A and 312 g/t Ag.Eq over 1.20 m (154.35 to

155.55 m) in hole 22 -65B (Table 1). Both holes then progressed into the east -west trending quartz-

sulphide veins of the Canta Zone where hole 22-65B intersected 690 g/t Ag.Eq over 2.50 m (242.70

to 245.20 m) within a broader interval of 174 g/t Ag.Eq over 16.48 m (236.80 to 253.28 m). Hole 22-

65B continued into quartz -sulphide veins of the northeast trending CSplay Zone returning 363 g/t

Ag.Eq over 4.27 m (350.20 to 354.47 m) and progressed through the Montanez Zone and Midzone.

Hole 22-65B intersected bulk tonnage Fernandez Zone mineralization at approximately 630 m

vertical depth from surface returning 93 g/t Ag.Eq over 395.10 m (632.60 to 1027.70 m), including

a higher-grade interval of 109 g/t Ag.Eq over 185.90 m (840.60 to 1026.50 m) (Figures 2, 3, & 4).

The mineralization was observed to be consistent throughout the interval , with a maximum

dilution interval of 4.5 m. The Fernandez Zone interval includes several subintervals of higher-

grade copper mineralization, most notably 0.41% Cu over 12.10 m (982.40 to 994.50 m), that are

spatially associated with a feldspar porphyry monzodiorite, which is a distinct unit within the

central diorite in this area.

The Fernandez Zone intercept within hole 22- 65B lies beyond the western limit of the resource

envelope, established in the 43-101 Technical Report Mineral Resource Estimate prepared by SGS

Canada effective April 2013. In the resource estimate, the Fernandez Zone resource envelope had

been extended out approximately an average of 70 m to the west of the westernmost historical hole

12-47, into an area with no drill data. The results from holes 22-65B and 21-58 (102 g/t Ag.Eq ov er

191.57 m; see Table 2) confirm that this projected extension was accurate, and will also potentially

extend the Fernandez Zone resource envelope a further minimum 70 m to the northwest, depending

on the resource estimation assumptions employed. The potential extension of the Fernandez Zone,

based on the results from holes 22-65B and 21-58, would measure approximately 140 m x 70 m

in the horizontal plane and 530 m in the vertical plane (1174 mASL to 644 mASL elevation or 476

m to 1006 m vertical depth from surface:1650 mASL elevation). No drill h oles exist to the west of

hole 22-65B and thus the Fernandez Zone remains open to the west.

Furthermore, the Fernandez Zone in hole 22 -65B lies an average of 100 m to the south of the 1849

Zone, described in a Company news release dated September 8, 2021, where hole 07-18 returned 83

g/t Ag.Eq over 101.11 m (813.99 to 915.10 m), hole 12-49 returned 169 g/t Ag.Eq over 42.03 m (440.88

to 482.91 m), and hole 21-57 returned 84 g/t Ag.Eq over 134.37 m (521.88 to 656.25 m)(Figure 5). As

was previously reported, it was observed during the relogging of historic hole 07-18 that mineralization

within the 1849 Zone is like that found in the Fernandez Zone, being comprised of quartz-sulfide vein,

stringer and stockwork zones within green and brown exoskarn and red garnet endoskarn. It is

possible that the two zones merge, which would extend the Fernandez Zone a further 100 m to the

north of hole 22-65B (Figure 6).

The Fernandez Zone is steeply plunging cigar- shaped structure characterized by green and brown

garnet exoskarn and red garnet endoskarn sulphide mineralization (pyrite- pyrrhotite-sphalerite-

galena) contained within quartz -sulphide stockwork veins, breccias, and massive sulphide zones

which are spatially associated with the contacts of diorite intrusive bodies. The Fernandez Zone was

divided into 2 subunits in the 2013 SGS Canada resource estimate - Endoskarn and Fringe - which

respectively correspond to a higher-grade core unit with stockwork mineralization within and proximal

to the southern contact of the Central Diorite intrusive, surrounded by an outer section of lower-grade

skarn mineralization hosted for the most part in altered limestones. See Table 2 below for select assay

intervals of historic holes within the Fernandez Zone.

Table 1 – Select Assay Intervals from Holes 22-65A & 65B

Zone Hole From To Length

(m)

Ag.Eq(1)

g/t

RATA 22-65A 94.55 95.15 0.60 1551 0.02 1350 1.37 2.99 0.35

RATA 22-65A 102.55 103.20 0.65 1194 0.03 981 2.45 2.50 0.35

22-65A 143.20 144.87 1.67 288 0.11 210 0.61 1.14 0.05

CANTA 22-65A 231.15 232.00 0.85 280 0.12 197 1.24 0.75 0.06

RATA 22-65B 154.35 155.55 1.20 312 0.08 286 0.16 0.26 0.04

22-65B 177.20 178.20 1.00 136 0.32 84 0.34 0.28 0.04

22-65B 204.70 206.25 1.55 180 0.62 73 0.51 0.92 0.04

CANTA 22-65B 236.80 253.28 16.48 174 0.27 103 0.60 0.64 0.05

includes 236.80 239.00 2.20 163 0.09 108 0.45 0.73 0.05

includes 242.70 245.20 2.50 690 0.12 460 3.04 2.71 0.19

CANTA 22-65B 265.30 266.60 1.30 127 0.08 86 0.33 0.46 0.06

CSPLAY 22-65B 350.20 354.47 4.27 363 0.11 135 2.90 3.06 0.09

MONTANEZ 22-65B 413.40 414.57 1.17 472 1.71 160 2.65 1.79 0.22

MONTANEZ 22-65B 426.50 427.50 1.00 308 0.04 126 3.45 1.71 0.07

MONTANEZ 22-65B 430.00 431.00 1.00 142 0.04 67 1.65 0.39 0.07

MONTANEZ 22-65B 449.58 450.60 1.02 263 0.05 145 3.18 0.25 0.08

MONTANEZ 22-65B 457.17 458.67 1.50 180 0.21 73 1.03 1.05 0.15

MIDZONE 22-65B 466.00 466.50 0.50 282 0.28 145 2.50 0.76 0.09

22-65B 608.15 609.65 1.50 151 0.30 39 1.68 0.73 0.08

FERNANDEZ 22-65B 632.60 1027.70 395.10 93 0.05 35 0.36 0.78 0.11

includes 840.60 1026.50 185.90 109 0.03 37 0.28 1.13 0.14

Table 2 – Select Assay Intervals f rom Historic Holes within the 57 Target, 1849 & Fernandez

Zones

Zone Hole From To Length

(m)

Ag.Eq(1)

g/t

FERNANDEZ 08-35 708.30 1062.95 354.65 90 0.04 33 0.43 0.92 0.05

FERNANDEZ 11-44 645.40 988.20 342.80 105 0.03 42 0.56 0.88 0.08

FERNANDEZ 12-47 757.80 1004.35 246.55 133 0.04 51 0.47 1.20 0.16

FERNANDEZ 12-48 617.00 814.00 197.00 70 0.05 27 0.45 0.48 0.06

FERNANDEZ 12-49 697.80 1018.55 320.75 152 0.06 55 0.68 1.34 0.17

FERNANDEZ 12-50A 686.50 1049.10 362.60 161 0.10 58 0.67 1.43 0.16

FERNANDEZ 12-50W2 702.20 1076.80 374.60 97 0.04 36 0.40 0.84 0.11

FERNANDEZ 21-58 483.13 674.70 191.57 102 0.04 35 0.81 0.81 0.06

FERNANDEZ 21-60A 598.30 921.20 322.90 100 0.03 40 0.62 0.77 0.08

FERNANDEZ 21-61W1 615.90 856.20 240.30 83 0.04 32 0.54 0.66 0.06

1849 07-18 813.99 915.10 101.11 83 0.05 30 0.57 0.65 0.05

1849 12-49 440.88 482.91 42.03 169 0.15 62 1.56 1.14 0.02

1849 21-57 521.88 656.25 134.37 84 0.13 21 0.60 0.74 0.05

57 TARGET 21-57 29.55 303.20 273.65 72 0.10 43 0.19 0.33 0.02

(1) All results in this release are rounded. Assays are uncut and undiluted. Widths are core-lengths, not true widths as

a full interpretation of actual orientation of mineralization is not complete. Intervals of skarn mineralization were chosen

based on a 45 g/t Ag.Eq cutoff with no more than 4.5 m of dilution and intervals of vein mineralization were chosen

based on a 110 g/t Ag.Eq cutoff with 0 m dilution. For the 57 Target, intervals of epithermal, skarn, massive sulfide or

stockwork mineralization to a vertical depth of 300 m were chosen based on a 22 g/t Ag.Eq cutoff with no more than

14.5 m of dilution. Silver equivalent: Ag.Eq g/t was calculated using 3 -year trailing average commodity prices of

$20.60/oz Ag, $0.90/lb Pb, $1.20/lb Z n, $1650/oz Au, and $3.25/lb Cu. The calculations assume 100% metallurgical

recovery and are indicative of gross in-situ metal value, the Company is planning to perform additional metallurgical

studies later in 202 2. The 57 Target, 1849 Zone and Fernandez Zone drill intercepts from h istorical holes 07-18, 08-

35, 11-44, 12-47, 12-48, 12-49, 12-50A, 12-50W2, 21-57 and 58, which were released in 2021, and 21-60A and 61W1

which were released in 2022, were calculated using the current silver equivalent parameters outlined above.

Sample Analysis and QA/QC Program

Golden Tag Resources uses a quality assurance/quality control (QA/QC) program that monitors the

chain of custody of samples and includes the insertion of blanks, duplicates, and reference standards

in each batch of samples sent for analysis. Drill core is photographed, logged, and cut in half with one

half retained in a secured location for verification purposes and one half shipped for analysis. Sample

preparation (crushing and pulverizing) is performed at ALS Geochemistry, an independent ISO

9001:2001 certified laboratory, in Zacatecas, Mexico and pulps are sent to ALS Geochemistry in

Vancouver, Canada and Lima, Peru for analyses. The entire sample is crushed to 70% passing -2 mm

and a riffle split of 250 grams is taken and pulverized to better than 85% passing 75 microns. Samples

are analyzed for gold using a standard fire assay with Atomic Absorption Spectrometry (AAS) (Au-

AA23) from a 30- gram pulp. Gold assays greater than 10 g/t are re- analyzed on a 30- gram pulp by

fire assay with a gravimetric finish (Au- GRA21). Samples are also analyzed using a 35 element

inductively coupled plasma (ICP) method with atomic emission spectroscopy (AES) on a pulp digested

by aqua regia (ME-ICP41). Overlimit sample values for silver (>100 g/t), lead (>1%), zinc (>1%), and

copper (>1%) are re-assayed using a four-acid digestion overlimit method with ICP-AES (ME-OG62).

For silver values greater than 1,500 g/t sam ples are re- assayed using a fire assay with gravimetric

finish on a 30-gram pulp (Ag-GRA21). No QA/QC issues were noted with the results reported herein.

True widths of drill intercepts have not been determined. Assays are uncut except where indicated.

Review by Qualified Person and QA/QC

The scientific and technical information in this document has been reviewed and approved by Bruce

Robbins, P.Geo., a Qualified Person as defined by National Instrument 43-101.

About Golden Tag Resources

Golden Tag Resources Ltd. is a Toronto based mineral resource exploration company. The Company

holds a 100% interest, subject to a 2% NSR, in the San Diego Project, in Durango, Mexico. The San

Diego property is among the largest undeveloped silver assets in Mexico and is located within the

prolific Velardeña Mining District. Velardeña hosts several mines having produced silver, zinc, lead

and gold for over 100 years. For more information regarding the San Diego property please visit our

website at www.goldentag.ca.

For additional information, please contact:

Greg McKenzie, President & CEO

Ph: 416-504-2020

Email: [email protected]

www.goldentag.ca

Cautionary Statement:

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the

TSXV) accepts responsibility for the adequacy or accuracy of this news release. Certain statements

in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-

looking statements are within the meaning of the phrase ‘forward-looking information’ in the Canadian

Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations. Forward-

looking statements are not comprised of historical facts. Forward-looking statements include estimates

and statements that describe the Company’s future plans, objectives or goals, including words to the

effect that the Company or management expects a stated condition or result to occur. Forward-looking

statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”,

“could”, “would”, “will”, or “plan”. Since forward- looking statements are based on assumptions and

address future events and conditions, by their very nature they involve inherent risks and uncertainties.

Although these statements are based on information currently available to the Company, the Company

provides no assurance that actual results will meet management’s expectations. Risks, uncertainties

and other factors involved with forward- looking information could cause actual events, results,

performance, prospects and opportunities to differ materially from those expressed or implied by such

forward-looking information. Forward- looking information in this news release includes, but is not

limited to, statements regarding the effects of the Company’s exploration program, assay results from

the ongoing drill program, the expansion or discovery of additional bulk tonnage mineralization or

zones, potential expansion of resources . Factors that could cause actual results to differ materially

from such forward- looking information include, but are not limited to: the ability to predict and

counteract the effects of COVID- 19 on the business of the Company, including but not limited to the

effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and

international travel and supply chains; failure to identify mineral resources; failure to convert estimated

mineral resources to reserves; the inabil ity to complete a feasibility study which recommends a

production decision; the preliminary nature of metallurgical test results; delays in obtaining or failures

to obtain required governmental, environmental or other project approvals; political risks; changes in

equity markets; uncertainties relating to the availability and costs of financing needed in the future; the

inability of the Company to budget and manage its liquidity in light of the failure to obtain additional

financing; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the

development of projects; capital, operating and reclamation costs varying significantly from estimates

and the other risks involved in the mineral exploration and development industry; and thos e risks set

out in the Company’s public documents filed on SEDAR. Although the Company believes that the

assumptions and factors used in preparing the forward- looking information in this news release are

reasonable, undue reliance should not be placed on s uch information, which only applies as of the

date of this news release, and no assurance can be given that such events will occur in the disclosed

time frames or at all. The Company disclaims any intention or obligation to update or revise any

forward-looking information, whether as a result of new information, future events or otherwise, other

than as required by law. No stock exchange, securities commission or other regulatory authority has

approved or disapproved the information contained herein.

Figure 1: Plan View of Holes 08-35, 11-44, 12-47, 48, 49, 50A, 50W2, 21-58, 60A, 61W1 & 22-65B and Fernandez Zone

Figure 2: View to Northeast of Key Results Holes 12-47, 21-58 & 22-65B and Fernandez Zone

Figure 3: Oblique View to Southwest of Key Results Holes 12-47, 21-58 & 22-65B and Fernandez Zone

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