Golden Tag Intersects 257.67 g/t over 16.34 m, and Extends Mineralization Within the Fernandez Zone to the West

TORONTO, July 15, 2021 (GLOBE NEWSWIRE) — Golden Tag Resources Ltd. (“

Golden Tag

” or the ”

Company

“) (TSX.V: GOG) (OTCQB: GTAGF) is pleased to announce the complete results from diamond drill hole 21-58, part of a program targeting bulk-tonnage mineralization on the Company’s 100% owned San Diego Project, located in Durango Mexico.

Key highlights include:

• 
  New high-grade skarn zones were intersected above the Fernandez Zone resource envelope including 306.09 g/t Ag.Eq over 6.55 metres (“m”) and 257.67 g/t Ag.Eq over 16.34 m.
  
• 
  Hole 21-58 intersected 111 g/t Ag.Eq over 191.57 m within the Fernandez Zone, a step out of 102 m to the north-northwest of hole 12-48 and 80 m southwest of hole 12-49.
  
• 
  The mineralization intersected in hole 21-58 within the Fernandez Zone was a 34% improvement in grades over the nearest intercept within hole 12-48, implying the western section of Fernandez could potentially host higher grades.
  
  

Greg McKenzie, President and CEO commented: ”

The discovery of high-grade skarn mineralization over sizable widths, commencing only 150 metres from surface, is an important advancement in the project. These newly discovered high grade mineralized zones reside only 185 m above the Fernandez Zone and could potentially be accessed through conceptual shared development. Most importantly, we are very pleased to have drilled a step out hole to the west within the Fernandez Zone, intersecting 111 g/t Ag.Eq over 191.57 metres, which resulted in a 34% increase in grade over the nearest intercept in hole 48. The western side of Fernandez appears to host higher grades and has become a key exploration target.

”

Hole 21-58

Hole 21-58 was drilled at a steep angle toward the southwest to test the top of the Fernandez Zone resource envelope, established in the 43-101 Technical Report Mineral Resource Estimate prepared by SGS Canada effective April 2013, to the west of holes 12-47, 48 & 49 (Figures 1 & 2). The hole cut across vein mineralization in the near-surface oxide zone which returned 140.33 g/t Ag.Eq over 1.25 m (15.70 to 16.95 m) and 180.13 g/t Ag.Eq over 1.96 m (38.96 to 40.92 m). Six zones of sulfide skarn mineralization were encountered above the Fernandez Zone with the most notable intersections

returning 306.09 g/t Ag.Eq over 6.55 m

(150.42 to 156.97 m)

and


257.67 g/t Ag.Eq over 16.34 m

(269.50 to 285.84 m) from sulfide-rich quartz stockwork vein endoskarn mineralization within diorite. These higher-grade skarn zones lie, respectively, approximately 300 m and 185 m vertically above the Fernandez Zone resource envelope (150 & 265 m vertically below surface at 1650 mASL).

Hole 21-58 crossed into the Fernandez Zone at 483.13 m, approximately 478 m from surface and ended in mineralization at 674.70 m

returning 111 g/t Ag.Eq. over 191.57 m

(483.13 to 674.70 m).   This mineralized intercept is a step out within the Fernandez Zone of approximately 80 m southwest of hole 12-49, and 102 m north-northwest of hole 12-48 at a vertical depth of approximately 665 m from surface (Figures 3 & 4).

There are no drill holes to the west of the intercept in hole 21-58 and thus the Fernandez Zone remains open to the west. The observed grades within hole 21-58 are 34% higher than the grades from hole 12-48, at approximately the same elevation, implying the western section of Fernandez could potentially host higher grades.

Future drilling will be designed to determine if the grade improvement can be extended to the west and at depth below hole 21-58.

Table 1 –


Select Assay Intervals from


Hole 21-58

Table 2 –


Select Assay Intervals from Historic


Holes 12-47, 48 & 49

⁽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 53 g/t Ag.Eq cutoff with no more than 6.6 m of dilution. Silver equivalent: Ag.Eq g/t was calculated using 3-year trailing average commodity prices of $17.75/oz Ag, $0.90/lb Pb, $1.20/lb Zn, $1500/oz Au, and $2.85/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 2021.   The Fernandez Zone drill intercepts from proximate historical holes 12-47, 48 & 49 were recalculated using the current silver equivalent calculation parameters outlined above for comparison.

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 samples 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, grade improvements at depth. 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 inability 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 those 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 such 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.

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