Golden Tag Intersects 286.02 g/t Ag.Eq Over 18.43 m and Identifies Mineralized Skarn Shoots 265 m above Fernandez Zone

TORONTO, May 06, 2021 (GLOBE NEWSWIRE) — Golden Tag Resources Ltd. (“

Golden Tag

” or the ”

Company

“) (TSX.V: GOG) (OTCQB: GTAGF) has successfully discovered shoots of skarn mineralization commencing approximately 265 metres (‘

m

’) above the Fernandez Zone up-dip, towards surface on the Company’s 100% owned San Diego Project, located in Durango Mexico.

Key highlights include:

• 
  Hole 21-54 intersected 286.02 g/t Ag.Eq over 18.43 m, within a broader skarn zone of 91.98 g/t Ag.Eq over 99.53 m.
  
• 
  Mineralization in hole 21-54 is located approximately 190 m above the current Fernandez Zone resource envelope, and 150 m above hole 21-53 which intersected 104.64 g/t Ag.Eq over 50.17 m (reported April 2021).
  
• 
  Hole 21-55 intersected 84.54 g/t Ag.Eq over 25.55 m of skarn mineralization, including two intervals of 94.31 g/t Ag.Eq over 9.1 m and 99.97 g/t Ag.Eq over 10.9 m approximately 35 m to the south of and 265 m above the Fernandez zone.
  
• 
  Drill results, in conjunction with results from previous drilling, have identified the existence of potential shoots of skarn mineralization commencing approximately 265 m above the Fernandez Zone, which could connect or be parallel to the western edge of Fernandez.
  

Greg McKenzie, President and CEO commented: “We are pleased by the results from holes 21-54 and 21-55 because they demonstrate that potential shoots of skarn mineralization extend up towards the surface from the Fernandez Zone (Figure 4). Reviewing these results and our overall model with Orix Geoscience has the Company encouraged that this geologic discovery could potentially be repeated in other areas over the Fernandez Zone. Particularly prospective is the eastern side of Fernandez, and the mineralization associated within the Montanez Zone.”

Exploration Program Update

A total of 4,510 m of diamond drilling has been completed in eight holes. Over 3,800 samples have been submitted to ALS Geochemistry for analysis. Results from holes 20-51, 21-52A and 21-53 were reported in the Company’s news release from April 14, 2021. Assay results reported in this news release are from holes 21-54 and 21-55. Holes 21-56A and 21-57 have been logged and samples have been sent in for analysis with assay results pending. Hole 21-58 is currently being logged and sampled.

Hole 21-54

Hole 21-54 was drilled over the top of hole 11-40 and the Fernandez Zone towards the SE with the intent of testing 50 m below the large intersection reported in hole 11-42 (175.3 m @ 88.54 g/t Ag.Eq) in the Company’s news release from February 17, 2021 (Figure 1 & 2).

Two new zones of skarn mineralization, which is typical of the Fernandez Zone, were intersected in this hole. The first is a brecciated green garnet exoskarn with quartz-pyrite-sphalerite-galena veinlets and disseminated sulphide mineralization which returned 12.35 m @ 82.71 g/t Ag.Eq (293.55 to 305.90 m) (Figure 2 & 3).

The second is a zone of diorite dikes with endoskarn alteration alternating with green and brown garnet exoskarn containing massive sulphides in places and quartz-sulfide veinlets, stockwork and breccia zones which returned 99.53 m @ 91.98 g/t Ag.Eq (316.42 to 415.95 m). This second zone contains a richer brecciated zone of green and brown garnet exoskarn which yielded

18.43 m @ 286.02 g/t Ag.Eq

(370.47 to 388.90 m). This is characteristic of the Fernandez Zone where higher-grade shoots of skarn sulfide mineralization can occur and is probably related to a higher grade shoot within the Fernandez Zone outlined at depth in hole 11-40 from 670.20 to 700.06 m.

This new zone is at a vertical depth of 260 m and approximately 70 m to the SE of the Fernandez extension reported from hole 21-53 in the Company’s news release from April 14, 2021 and approximately 190 vertical metres above the -450 m vertical depth (1200 m Level; 1650 m Level = surface) top of the Fernandez Zone resource envelope established in the 43-101 Technical Report Mineral Resource Estimate prepared by SGS Canada effective April 2013 (Figure 2). This new zone is related to zones A and B reported from hole 11-42 in the Company’s news release from February 17, 2021 and to the Fernandez Zone at depth within the F zone in hole 11-42.

Hole 21-54 crossed into the Trovador Structural Zone at approximately 416 m and drill recoveries were poor with a total of 52% of core recovery from 416 – 426 m. However, the hole did intersect the Trovador Zone: 0.85 m @ 101.16 g/t Ag.Eg (439.36 to 440.21 m), 0.83 m @ 170.13 g/t Ag.Eq (449.91 to 450.74 m), and 1.81 m @ 109.07 g/t Ag.Eq (459.05 to 460.86 m) as well as the MS Zone: 1.12 m @ 117.41 g/t Ag.Eq (482.55 to 483.67 m) and 1.57 m @ 147.61 g/t Ag.Eq (488.75 to 490.32 m).

Table 1 –


Select Assay Intervals from


Holes 21-54 & 21-55

⁽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, massive sulphide or stockwork quartz-sulphide vein mineralization to a vertical depth of 300 m were chosen based on a 25 g/t Ag.Eq cutoff with no more than 3 m of dilution and below 300 m were chosen based on a 53 g/t Ag.EQ cutoff with no more than 8 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.

Hole 21-55

Hole 21-55 was drilled approximately 25 m to the west of 21-54 at a shallow dip of -45 degrees to target the Trovador Zone above hole 11-42 (Figure 1 & 2). An oxidized zone of skarn mineralization, like that found in the Fernandez Zone, was intersected just before the Trovador Structural Zone within brecciated marbles intruded by diorite dikes. This zone of brecciated green and brown garnet exoskarn and diorite endoskarn with oxidized quartz-sulfide veinlets returned

25.55 m @ 84.54 g/t Ag.Eq

(276.00 to 301.55 m), including

9.1 m @ 94.31 g/t Ag.Eq and 10.9 m @ 99.97 g/t Ag.Eq,

and lies approximately 265 vertical m above the Fernandez Zone envelope established in the 2013 SGS Resource Estimate (Figure 2 & 3). The Trovador Zone was also intersected in hole 21-55 returning 0.50 m @ 182.56 g/t Ag.Eq (320.30 to 320.80 m) and the MS zone returning 0.79 m @ 124.67 g/t Ag.Eq (358.51 to 359.30 m).

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 of the Fernandez Zone or the Trovador Structural Zone, ability to define mineralized skarn shoots, further improvements in mineralization, continuity or grades. 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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