Golden Minerals Extends Gold Mineralization at Sarita Este Prospect in Argentina

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GOLDEN, CO - /BUSINESS WIRE/ -December 15, 2022– Golden Minerals Company (“Golden Minerals”, “Golden” or the “Company”) (NYSE-A: AUMN and TSX: AUMN) is pleased to announce assay results from 31 holes of a diamond drilling (“DD”) program recently completed at its Sarita Este property in Salta Province, Argentina.

The Company has now received the remaining assay results for 12 DD holes completed in June and all assays from 19 DD holes drilled recently, totaling 1,825 meters (“m”). This third phase drill program followed up on the positive results obtained at the ‘Sico’ epithermal target drilled in 2021 and 2022 as part of an option agreement with Cascadero Copper Corp. (“CCD”). Drill results for 2021 were reported on January 19, 2022 [Link], and partial drill results for the second phase DD holes were reported on August 3, 2022 [Link]. The recent DD campaign was completed in early October 2022. Highlights from the latest 31 DD holes drilled in the Sico epithermal targets include:

  • 16.3m @ 1.56 g/t Au and 6.0 g/t Ag from 12m, including 2.8m @ 3.04g/t Au and 8.5 g/t Ag
  • 12.5m @ 2.11 g/t Au and 2.5 g/t Ag from 23.5m, including 1.5m @ 10.29 g/t Au and 2.7 g/t Ag
  • 15.8m @ 2.76g/t Au and 0.8 g/t Ag from 32.5m, including 4.3m @ 8.39 g/t Au and 2.3 g/t Ag
  • 9.5m @ 2.39 g/t Au and 5.6 g/t Ag from 40.5m, including 3.5m @ 4.84 g/t Au and 11.2 g/t Ag
  • 6.3m @ 4.38 g/t Au and 7.5 g/t Ag from 0m, including 2.5m @ 9.14 g/t Au and 11.7 g/t
  • 12.8m @ 1.68 g/t Au and 6.2 g/t Ag from 7.0m
  • 2.5m @ 3.98g/t Au and 4.3g/t Ag from 28.5m

The recent results confirm the mineralization at Sico is concentrated on the eastern flank of the prospect, and the drilling to date has intercepted a mineralized footprint of approximately 300m x 120m with potential to expand in multiple directions. Current observations suggest the mineralization trend is heading northeast and west- southwest of the discovery section (SE21008 & SE22011). The Company has planned a follow up drilling campaign to test the trend of the mineralization, to follow up on the open trends, and to increase the size of the mineralized zone as well as to test targets to the north. Recent trenching to the north of the Sico prospect has uncovered quartz-hematite veins which appear mineralized and which have been sampled and sent for analysis.

Mineralization at Sico is hosted in near-surface iron-oxide bearing veins, veinlets and fractures within Tertiary volcanic rocks. Recently completed testing for cyanide extractability of gold shows excellent recoveries averaging 89%. The prospect lies approximately 3km southwest of the Taca Taca copper porphyry deposit (owned by First Quantum Minerals) and 55km directly north of the currently producing Lindero gold mine (owned by Fortuna Silver). The mineralization at the Sarita Este prospect extends south onto the Desierto I & II concessions (2,498 hectares) where Golden is a controlling shareholder with an agreement in place to form a JV with Cascadero Copper.

Figure 1: Completed DD drill holes, Sarita Este, Salta

Significant results are summarized in the tables below, with complete results available on the Company website at  Golden Minerals - Sarita Este Property.


Table 1 : Significant results drilled at Sico epithermal target

Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t)
SE22021 12.0 28.3 16.3 1.56 6.0
including  15.0 21.0 6.0 2.01 6.2
including  25.5 28.3 2.8 3.04 8.5
SE22022 0.0 2.6 2.6 1.25 2.2
SE22022 21.0 31.2 10.2 1.05 1.7
including  26.9 29.9 3.0 1.90 2.0
SE22023 23.0 25.5 2.5 1.38 2.1
SE22024 No significant results
SE22025 No significant results
SE22026 No significant results
SE22027 No significant results
SE22028 No significant results
SE22029 No significant results
SE22030 No significant results
SE22031 No significant results
SE22032 No significant results
SE22033 46.5 49.9 3.4 1.26 0.3
SE22034 No Significant Results
SE22035 23.5 36.0 12.5 2.11 2.5
including 23.5 25.0 1.5 10.29 2.7
SE22036 5.4 10.3 4.9 1.47 1.5
SE22037 No Significant Results
SE22038 32.5 48.3 15.8 2.76 0.8
including 44.0 48.3 4.3 8.39 2.3
SE22039 21.7 25.5 3.8 1.26 0.3
SE22040 34.0 37.3 3.3 0.77 2.5
SE22041 40.5 50.0 9.5 2.39 5.6
including 40.5 44.0 3.5 4.84 11.2
SE22042 0.0 6.3 6.3 4.38 7.5
including 3.0 5.5 2.5 9.14 11.7
SE22043 7.0 19.8 12.8 1.68 6.2
and 28.5 31.0 2.5 3.98 4.4
and 50.5 51.6 1.1 3.97 3.6
SE22044 59.0 62.1 3.1 1.22 0.4
SE22045 No Significant Results
SE22046 44.0 45.0 1.0 2.20 3.4
SE22047 No Significant Results
SE22048 No Significant Results
SE22049 7.5 8.5 1.0 1.27 0.3
SE22050 No Significant Results
SE22051 No Significant Results


Note: Intervals in the table represent drilled length. Intervals and grades have been rounded to either one or two decimal places. Columns may not total due to rounding.

Table 2: Drill hole collar locations

Hole ID Easting Northing Elevation (m) Azimuth Inclination Length (m)
SE22021 2625614 7280664 3558 0 -60 51
SE22022 2625513 7280670 3570 0 -60 46
SE22023 2625464 7280708 3571 0 -60 51
SE22024 2625327 7280726 3581 0 -60 60
SE22025 2625412 7280675 3580 0 -60 60
SE22026 2625358 7280658 3584 0 -60 54
SE22027 2625253 7280661 3590 0 -60 70.5
SE22028 2625302 7280676 3582 0 -60 60
SE22029 2625355 7280583 3594 315 -60 51
SE22030 2625195 7280585 3588 90 -60 51
SE22031 2625191 7280635 3587 90 -60 51
SE22032 2624933 7280772 3610 45 -60 99
SE22033 2625756 7280672 3567 0 -60 60
SE22034 2625636 7280592 3559 135 -60 51.1
SE22035 2625596 7280651 3561 0 -60 61
SE22036 2625592 7280698 3559 0 -60 50.7
SE22037 2625462 7280653 3575 0 -60 30.1
SE22038 2625518 7280644 3568 0 -60 60
SE22039 2625550 7280649 3564 0 -60 50.3
SE22040 2625627 7280632 3557 45 -60 51.1
SE22041 2625639 7280647 3557 0 -60 61.5
SE22042 2625640 7280698 3561 0 -60 51
SE22043 2625675 7280683 3565 0 -60 61
SE22044 2625655 7280617 3555 0 -60 100.5
SE22045 2625705 7280620 3564 0 -60 50
SE22046 2625705 7280619 3564 135 -60 52.5
SE22047 2625794 7280603 3571 45 -60 60.2
SE22048 2625678 7280636 3563 0 -60 51
SE22049 2625808 7280671 3569 0 -60 58.3
SE22050 2625653 7280618 3555 45 -60 59.9
SE22051 2624541 7280754 3642 90 -60 100.5

Coordinates are in POSGAR 94 zone Argentina 2

“The results for the latest drill campaign at Sico have continued to show encouraging results and evidence for the potential of an economic, near-surface oxide gold deposit. Initial metallurgical testing shows excellent results for cyanide extractability. The next phase of drilling will concentrate on expanding the known mineralization and continuing to test targets to the north, while the JV agreement for the Desierto I & II concessions is finalized,” said Warren Rehn, President and Chief Executive Officer of Golden Minerals.

About Sarita Este

Sarita Este is a gold-silver prospect located in the Puna region in Salta Province, north-west Argentina. The property is 100% owned by CCD through its subsidiary Salta Geothermal S.A. Golden Minerals is conducting exploration activities at Sarita Este as a part of a 2019 option agreement whereby it can acquire 51% of the 830-hectare property by spending $2.5M over four years and forming a JV with CCD. Golden has met the earn-in requirements and will proceed with forming the joint venture with CCD as specified in the option agreement.

Review by Qualified Person and Quality Control

The technical contents of this press release have been reviewed by Aaron Amoroso, a Qualified Person for the purposes of NI 43-101. Mr. Amoroso has over 15 years of mineral exploration experience and is a Qualified Professional member of the Mining & Metallurgical Society of America (QP Geology & Ore Reserves, 01548QP).

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.

Sampling Protocols

DD drilling was conducted with a CSD 1800 diamond drill rig provided by Eco Drilling S.A. Holes were drilled at azimuths ranging from 0 to 315 degrees and a dip of -60 degrees. Drill holes were drilled to depths ranging from 30.1m to 100.5m. Local fresh water was used to flush, condition and recirculate within the holes. Holes were positioned with a hand-held GPS (accuracy +/- 5 meters) and will be surveyed with a Differential GPS once the campaign is completed. Sampling was conducted by qualified field assistants under the supervision of a geologist. The drilled core was photographed, measured, marked and cut into half and quarter core samples in lengths ranging from 30 centimeters to 2 meters. Diamond core was collected from the drill rig and logged by a geologist on-site at the core shack.

The Company has recently contracted the services of Alex Stewart International laboratories to keep all sample preparation and analysis within Argentina and avoid extended turnaround times. Analytical procedures for both laboratories used to analyze the drill core reported are explained below.

Alex Stewart International

Drill-core was shipped to Alex Stewart International’s sample preparation and analytical facility in Maipu, Mendoza, Argentina for sample preparation for gold and multielement analysis. The Alex Stewart International facility is ISO 9001 and ISO/IEC 17025 certified.

The samples were crushed to 80% passing 2mm, #10 mesh (P5), split to 600g and pulverized to 95% passing 106 microns. Pulps (30gram split) were submitted for Au analysis by Fire Assay with Atomic Absorption finish (Au4-30) and silver samples were analyzed by Four Acid Digestion and Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-MA 39).

Over-limit Au and Ag samples were analyzed by Fire Assay with Gravimetric finish (Au4A-50, Ag4A-50). Base metals were analyzed by Four Acid Digestion followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES). Cu over-limit samples were analyzed by Four Acid Digestion and Atomic Absorption finish (CU-GMA-AAS-100ml).

ALS Chemex

Drill-core was shipped to ALS Chemex’s sample preparation facility in Godoy Cruz, Mendoza, Argentina for sample preparation and for analysis at the ALS laboratory in Lima, Peru. The ALS Mendoza and Lima facilities are ISO 9001 and ISO/IEC 17025 certified.

The samples were crushed to 70% passing 2mm (PREP-31) and a split of up to 250 grams pulverized to 85% passing 75 micrometers (-200 mesh). The sample pulps and crushed splits were transferred internally to ALS Global’s Lima, Peru analytical facility for gold and multi-element analysis. Pulps (30-gram split) are submitted for Au analysis by Fire Assay with Atomic Absorption finish (Au-AA23) and silver samples were analyzed by an atomic absorption (Ag-AA62).

Over-limit Au and Ag samples are analyzed by Fire Assay with Gravimetric Finish Ore Grade (Au-GRA21 and Ag-GRA22). Overlimit base metals are analyzed by Four Acid Digestion followed by Ore Grade Inductively Coupled Plasma Atomic Emission Spectrometry for Cu, Pb and Zn (Cu-OG62, Pb-OG62, Zn-OG62).

Cyanide leach Au samples are analyzed via a cyanide leach of a 30-gram pulp finished with atomic absorption (Au-AA13). Fire assay results are assumed to represent 100% extraction potential. To calculate the cyanide leach extraction potential the fire assay results (Au-AA23) and the cyanide leach assay (Au-AA13) results were compared and displayed as a percentage. 

Quality Assurance/Quality Control

In-house quality control samples (blanks, standards, duplicates, preparation duplicates) were inserted into the sample set by Golden Minerals. Both laboratories conduct their own internal QA/QC program of blanks, standards and duplicates, and the results were provided with the Company sample certificates. The results of the control samples were reviewed by Golden Minerals and the Company’s QP and evaluated for acceptable tolerances.

All sample and pulp rejects are stored at the Company’s secure warehouse in El Quevar, Salta province, Argentina pending full review of the analytical data, and future selection of pulps for independent third-party check analyses, if required.

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 Company’s plans to conduct a follow-up drilling campaign on the Sarita Este property; the potential of an economic, near-surface oxide gold deposit at the Sico epithermal target, and the Company’s plans to enter into a JV agreement with CCD. These statements are subject to risks and uncertainties, including changes in interpretations of geological, geostatistical, metallurgical, mining or processing information, availability of sufficient capital, risks associated with operating in Argentina, and commodity price fluctuations. 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.

For additional information please visit or contact:

Golden Minerals Company
Karen Winkler, Director of Investor Relations
(303) 839-5060
SOURCE: Golden Minerals Company