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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: Zeddie88 who wrote (7824)	4/18/2002 11:47:05 AM
From: Rocket Red	Read Replies (1) \| Respond to of 11802

Golden Tag Resources Ltd - News Release Golden Tag/Rubicon McCuaig project intersects more gold Golden Tag Resources Ltd GOG Shares issued 8,247,625 Apr 17 2002 close $.230 Thursday Apr 18 2002 News Release Mr. Marc Carrier reports GOLDEN TAG RESOURCES LTD. -- ADDITIONAL HIGH-GRADE GOLD MINER ... Golden Tag Resources has been informed by Rubicon Minerals, its partner on the McCuaig project, that additional high-grade gold mineralization has been intersected in a recently completed diamond drill program at the McCuaig project, Red Lake, Ont. Rubicon completed 20,824 feet (6,347 metres) in 26 diamond drill holes on the project of which 13 holes (9,599.74 feet; 2,926 metres) tested a gold-bearing structure first intersected in drill hole MC-01-02 in 2001 which assayed 0.30 of an ounce per ton Au (10.54 grams per tonne Au) over 1.80 feet (0.55 of a metre). (See previous news releases at www.goldentag.ca.) Highlights of the drill program include 2.21 ounces per ton gold over 2.30 feet (75.91 g/t over 0.70 of a metre) in hole MC-02-32, part of an interval grading 0.67 of an ounce per ton gold over 10.17 feet (22.83 g/t over 3.1 metres). Hole MC-02-27, returned 0.74 of an ounce per ton gold over 5.58 feet (25.48 g/t over 1.07 metres) plus a separate interval of 0.53 of an ounce per ton gold over 1.48 feet (18.08 g/t over 0.45 of a metre). These results supplement those from earlier holes which include two closely associated but separate intercepts of 0.56 of an ounce per ton gold over 1.31 feet (19.31 g/t over 0.4 of a metre) and 0.57 of an ounce per ton gold over 0.82 feet (19.6 g/t over 0.25 of a metre) in hole MC-02-17 in addition to the discovery hole drilled in 2001. The intercepts cover an approximate horizontal distance of 164 feet (50 metres) and are approximately 330 to 390 feet (100 to 120 metres) below surface. Gold mineralization, including visible gold noted in 11 holes to date, occurs within heavily silicified and deformed ultramafic rocks in association with disseminated sulphide zones (pyrrhotite, magnetite, pyrite +/- fine-grained arsenopyrite) and in quartz-carbonate (ankerite) veins. Both mineralization types occur in close proximity to major fault zones. High-grade gold occurs within a broad zone of anomalous gold. The gold-bearing zone occurs at the western part of the McCuaig project, close to the boundary with claims currently under option by Rubicon to AngloGold (Canada) Exploration Company. Golden Tag holds a 50-per-cent interest in the McCuaig project with Rubicon holding the remaining 50-per-cent. Rubicon is the operator and can earn an additional 10-per-cent interest in the project at the end of the current program by completing a net amount of $522,000 in drilling-related expenditures (as reported in Stockwatch Feb. 5, 2002.) David W. Adamson, president and chief executive officer of Rubicon, said: "We are excited to report the kind of gold grades that make the Red Lake camp world-famous. Even more encouraging is that this is a new discovery in the shadow of head frames. This discovery is the culmination of a number of years work at McCuaig and is testimony to the outstanding efforts of Rubicon's exploration team, led by John Watkins, PGeo. We look forward to continued success at McCuaig and will formulate an aggressive exploration plan in the short term." Rubicon's exploration program is led by independent qualified person John Watkins. Drilling used NQ (46-millimetre diameter) or NQ2 (50-millimetre diameter) core. Sampled sections of core were split at a secure Rubicon facility in Red Lake and half of the section was shipped in tamper-proof bags to ALS Chemex Labs in Vancouver, B.C. Assays were conducted using standard fire assay or, where visible gold was detected or suspected, metallic screen fire assay techniques. Sample batches include blank and independent gold standards in each analytical batch. The McCuaig project lies within the prolific Red Lake mine trend which contains over 24 million ounces of high-grade gold (past production and reserves). The project forms part of the Dorion McCuaig Corridor target area and is approximately 1.2 kilometres northwest of the former Cochenour mine (past production 1.24 million ounces gold at an average grade of 0.56 of an ounce per ton) and six kilometres west of the world-class high-grade Campbell (Placer Dome) and Red Lake (Goldcorp) gold mines. Goldcorp's Red Lake mine has a reserve of 4.3 million ounces of gold with an average grade of 1.34 ounces of gold per ton, including the high-grade zone of 3.8 million ounces of gold with an average grade of 2.05 ounces of gold per ton. Combined, the Campbell-Red Lake orebodies contain 22 million tons at an average grade of 0.66 of an ounce per ton Au (past production and reserves). A map is available at www2.cdn-news.com/database/fax/2000/rub0418.jpg. TABLE OF SIGNIFICANT ASSAY RESULTS (Au greater than two g/t) Hole Inter- No. Length From To val Au (m) (m) (m) (m) (g/t) 02-32 207 132.90 133.30 0.40 2.15 133.30 134.10 0.80 8.24 134.10 134.80 0.70 75.91* 134.80 135.30 0.50 7.21 135.80 136.40 0.60 11.76 02-27 222 124.45 124.90 0.45 18.08 138.75 139.25 0.50 2.48 140.00 141.00 1.00 8.04 144.00 145.00 1.00 33.18* 145.00 145.70 0.70 10.14* 146.70 147.50 0.80 2.11 02-17 176 130.10 130.35 0.25 19.60* 131.90 132.30 0.40 19.31* 02-07 328 123.60 123.85 0.25 9.28 135.60 136.50 0.90 3.17* 02-15 295 124.00 124.50 0.50 3.71 124.90 125.40 0.50 3.04 127.70 128.10 0.40 3.66* 132.00 132.30 0.30 2.36 133.40 133.70 0.30 4.84 02-18 218 102.65 103.10 0.45 3.49 105.60 105.85 0.25 2.04 123.75 124.50 0.75 2.42 02-23 180 100.65 101.45 0.80 3.25 02-24 214 127.00 128.00 1.00 3.07 02-25 240 101.35 102.35 1.00 2.56 02-30 177 128.80 129.30 0.50 2.47 131.20 132.20 1.00 2.15 *Visible gold noted Note: Assays reported in parts per billion have been converted to grams per tonne. (c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing) Detailed Quote GOLDEN TAG RESOURCES LTD