US mining company Golden Minerals begins drilling in Durango, Mexico

Golden Minerals Begins Drilling at Rodeo Gold Project in Durango, Mexico

Golden, Colorado (July 08, 2020) — Golden Minerals Company (NYSE American and TSX: AUMN) (“Golden Minerals”, “Golden” or “the Company”) is pleased to announce that it has commenced drilling at its Rodeo gold and silver property in Durango, Mexico.

Golden Minerals plans to drill approximately 20 holes to better define the high-grade core of the Rodeo deposit. The upcoming drill program will expand on the historic drilling campaigns that successfully tested multiple gold-quartz veins and breccias of the Rodeo low sulfidation vein system with encouraging results, including:

Selected Past Drill Results*

Hole IDThickness (m)Au (g/t)Ag (g/t)
BR-015.081.738.36
BR-016.14.724.04
BR-0228.443.045.28
Including9.155.284.5
BR-0325.43.7911.04
Including11.176.2315.89
BR-0522.353.2816.56
Including8.125.9924.62
BR-0628.454.8710.5
Including11.178.2912.43
BR-066.094.9110.68
BR-065.082.8418.26
BR-105.82.3 
BR-119.142.922.77
BR-1410.161.8417.62
BR-198.132.3732.15
BR-219.153.3217.71
BR-219.152.2521.13
RD-15181.696.9
RO-11-00131.25.9911.88
RO-11-02619.152.584.99
Including6.62.5231.37
RDO16-0519.21.936.51
RDO16-0612.43.0110.86
RDO16-0710.12.586.83

*All results previously reported in technical report dated January 26, 2017:  Elson, G., Mineral Resource Estimate, Rodeo Project, Rodeo, Durango, Mexico, Tetra Tech, Golden, CO, available at www.goldenminerals.com/projects/technical-reports/.

The objectives of the drilling program are to provide greater detail on the gold mineralization at Rodeo and to provide sample material for metallurgical and geotechnical testing, an important step towards the future development of the Rodeo project outlined in the recent Preliminary Economic Assessment filed on May 28, 2020 (link), Drips, D., April 1, 2020, NI 43-101 Technical Report, Preliminary Economic Assessment, Rodeo Project, Rodeo, Durango, Mexico, Mineral Resources Engineering, Salt Lake City, UT.

A map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1f3532ec-76af-4951-b421-8bc3426a1b5c

Warren Rehn, President and Chief Executive Officer of Golden Minerals, commented, “The proximity of the Rodeo project to our existing processing facilities at Velardeña presents an excellent opportunity to generate significant revenue from Rodeo starting in early 2021. We are optimistic that the drilling will improve our confidence in the deposit and enable us to continue to move towards development.”

Golden Minerals Begins Drilling at Rodeo Gold Project in Durango, Mexico

Rodeo is an open pit gold project within a 1,900-hectare claim located in the State of Durango, Mexico, approximately 80 kilometers west of the Company’s Velardeña Properties and processing mills. Golden acquired the Rodeo property subject to a royalty interest due to La Cuesta International in the second quarter 2015, prior to which exploration by other companies identified a gold-bearing system exposed at the surface. Golden conducted a 2,080-meter core drilling program in 2016 and outlined a minable open pit with a high-grade resource base of:

ClassificationCut-off grade
g/t Au
Tonnes (Mt)Au g/tAg g/tAu (Koz)Ag (Koz)
Indicated0.830.43.31146200

Source: Globe News Wire

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