American Marconi Wireless News - Golden Minerals Announces Formation of Sand Canyon Joint Venture

In connection with the formation of Sand Canyon, Golden and GGUSA have executed the definitive Limited Liability Company Agreement (the "LLC Agreement") and transferred their respective mining claims to Sand Canyon pursuant to quitclaim deeds. Golden holds an initial 60% ownership interest in Sand Canyon and will serve as the initial manager of the joint venture. GGUSA, a wholly owned subsidiary of Golden Gryphon Explorations, Inc., a private Canadian company domiciled in British Columbia, holds the remaining 40% interest.

The Company expects exploration activities to continue in accordance with the initial program and budget approved under the LLC Agreement. - The objective of the 2026 program is to enhance the geological understanding of the property, continue to evaluate its exploration potential and support the planning of future exploration programs. Additional updates regarding exploration activities will be provided as work progresses.

Sand Canyon is an exploration-stage gold-silver project located in Humboldt County, northwestern Nevada, approximately 18 miles northwest of the historic Sleeper Gold Mine. Surface work has identified a widespread system of narrow epithermal veins hosted in Miocene volcanics. Geochemical anomalies in trace elements commonly associated with high level epithermal gold and silver mineralization have been identified in rocks, soils, and plants in a number of areas. The anomalies are associated with high-level quartz veining, breccias, and iron oxides on fractures and other structures. Moderate to strong silicification, in places including barite, is observed in Permian clastic and carbonate rocks. Historic workings expose mercury mineralization in silicified limestones in the northeastern portion of the property.

In the first quarter of 2020, Golden funded an initial diamond drilling program managed by Golden Gryphon comprising four holes totaling approximately 1,800 meters and targeting surface geochemical and geophysical anomalies associated with epithermal veining observed in outcrops. The three holes drilled in the Sand Canyon target area intersected narrow vein and breccia structures with low anomalous values of silver, arsenic, antimony and molybdenum; no potentially economic concentrations of precious metals were encountered in any of the four holes. The Company continues to review historical exploration data to inform future exploration data, and the joint venture intends to undertake additional exploration work over the next 12 months, including geophysical surveys.

The technical information contained in this news release has been reviewed and approved by Warren M. Rehn, a "qualified person" as defined by National Instrument 43-101. Mr. Rehn is a former President and Chief Executive Officer of the Company and is a consultant to the Company.

Forward-Looking Statements

This news release contains forward-looking statements and "forward-looking information" within the meaning of applicable US and Canadian securities legislation (collectively, "forward-looking statements"), including statements regarding planned exploration activities and future work programs. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including increases in costs and declines in general economic conditions; changes in political conditions; changes in tax, royalty, environmental and other laws in the United States and other jurisdictions in which the Company operates or may operate; risks associated with joint ventures; and fluctuations in silver and gold prices. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update these statements except as required by applicable law.

For additional information, please visit http://www.goldenminerals.com/ or contact:

Golden Minerals Company
(303) 839-5060

SOURCE: Golden Minerals Company

View the original press release on ACCESS Newswire

B.Finley--AMWN