Golden Minerals Company (NYSE-A:AUMN, TSX:AUMN, ETR:7GB) reported encouraging assay results from the first five holes of its Phase II drill program at the Yoquivo gold-silver project in Mexico.
Highlights of the results include 1.5 metres (m) at 4.02 grams per ton (g/t) gold and 1,473.2 g/t silver, as well as 2.4m at 1.03 g/t gold and 266.6 g/t silver.
Golden, Colorado-based Golden Minerals sank nearly 4,000m across 21 holes on the Pertenencia, Esperanza and Dolar vein systems on the property.
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The program aimed to follow up on high-grade zones intersected in 2020, and to explore additional veins to identify new high-grade zones.
Additional assays from the first round of results included 2.4m at 0.51 g/t gold and 706 g/t silver.
The firm told investors that the initial results appear to show two distinct styles of mineralization on the property. Golden Minerals said it is reclogging and resampling historical drill core to determine whether any additional areas of mineralization can be identified that may not have been sampled.
CEO Warren Rehn told shareholders that the company is pleased with the first set of results.
“Hole two demonstrates the potential for the Pertenencia vein to host significant high-grade mineralization, and we’re also excited about hole four which hit multiple high-grade veins suggesting there may be additional blind veins to be found on the property,” Rehn said in a statement.
“To date, we’ve explored only a very small portion of this property. We plan to build on these results and continue to advance this high-quality project.”
The Yoquivo property consists of 1,974.8 hectares located in western Chihuahua State in northern Mexico.
Golden holds an option to purchase the property in exchange for payments totaling $750,000 over four years and subject to a 2% net smelter return royalty on production capped at $2 million.
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