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PROJECT PIPELINE –
Mining Operations
  

RESOURCES AND DRILLING

NI 43-101 Resource – Velardeña Operations

  Tonnes Silver
M oz
Gold
M oz
Silver Eq.
(Ag & Au Only)
Measured & Indicated 2.3 14.6 0.3 32.6
Inferred 3.1 15.8 0.3 35.6

Note: Silver Equivalent data calculated using a ratio of 60:1 gold to silver. Figures exclude San Diego.

Resource Grade Silver
g/t
Gold
g/t
 
Measured & Indicated 195 3.46  
Inferred 159 3.33  

 

May 2014 
Golden Minerals Drill Locations Map - Velardeña   Micon NI 43-101 Technical Report dated January 20, 2009
May 2014
Drill Locations Map - Velardeña
  CAM NI 43-101
Technical Report, May 2012

2014 Drilling in Support of Velardeña Restart Planning

Golden Minerals conducted extensive drilling and analysis in the first half of 2014 in support of creating a mining restart plan. The company announced in June 2014 it had developed a new mining plan that indicates positive net cash flow from the Velardeña Properties after production is ramped up through the second quarter 2015.
Following are highlights of the 2014 drilling activity:

  • Drilled 44 underground core holes totaling approximately 9,000 meters
  • Initially focused on the Terneras and San Mateo vein systems in areas located outside the currently-defined NI 43-101-defined resource. Later added the Roca Negra vein as an area of focus.
  • This program represents the first known drilling of the Terneras vein system sulfides in the area below the historic workings
  • The Terneras, San Mateo and Roca Negra vein systems show significantly lower levels of arsenic than levels seen in the Santa Juana vein system that was the focus of previous mining activity

Significant intercepts from the 2014 drilling program include the following:

San Mateo vein system

  • 7.4 grams per tonne (gpt) gold (Au) and 359 gpt silver (Ag) over 0.8 meters (m)
  • 14.0 gpt Au and 49 gpt Ag over 1.0 m
  • 9.8 gpt Au and 906 gpt Ag over 0.8 m

Terneras vein system

  • 7.4 gpt Au and 374 gpt Ag over 0.9 m
  • 17.3 gpt Au and 370 gpt Ag over 0.8 m
  • 8.9 gpt Au and 374 gpt Ag over 1.0 m
  • 40.6 gpt Au and 736 gpt Ag over 0.5 m
  • 14 gpt Au and 30 gpt Ag over 0.4 m
  • 8.1 gpt Au and 303 gpt Ag over 0.8 m
  • 0.9 meters of 5.5 gpt Au and 100 gpt Ag over 0.9
  • TS-18 Terneras vein: 0.8 meters of 7.6 gpt Au and 241 gpt Ag

Santa Juana vein system

  • 7.8 gpt Au and 393 gpt Ag over 1.5 m
  • 7.4 gpt Au and 455 gpt Ag over 0.4 m

Roca Negra vein system

  • TS-13: 12.2 gpt Au and 107 gpt Ag over 1.4 m
  • TS-17: 6.6 gpt Au and 3,860 gpt Ag over 0.4 m
A table of most significant results from the 2014 drilling program follows:

Drill Hole From
(m)
To
(m)
Width
(m)
True
Width (m)
Au
(gpt)
Ag
(gpt)
Au eq
(gpt)
Vein
SJ-18-14-04 241.70 243.18 1.48 0.53 7.76 393 14.31 A4
SJ-18-14-05 191.25 191.67 0.42 0.29 7.35 455 14.93 A4 int
SJ-18-14-05 200.44 201.28 0.84 0.57 6.30 147 8.75 F1
SJ-18-14-05 214.00 215.00 1.00 0.68 3.91 140 6.24 A4
SME-01 147.05 147.87 0.82 0.77 7.36 359 13.34 San Mateo
SME-02 170.15 170.58 0.43 0.40 5.44 125 7.52 San Mateo
SME-04 201.15 201.75 0.60 0.46 3.31 105 5.06 San Mateo
SME-09 54.94 55.94 1.00 0.71 13.95 49 14.77 Hiletas
SME-09 216.25 217.06 0.81 0.48 9.75 906 24.85 San Mateo
SME-10 173.33 174.17 0.84 0.71 5.34 106 7.11 San Mateo
SMW-02 121.10 122.32 1.22 0.96 2.02 182 5.05 San Mateo
SMW-07 129.40 131.30 1.90 1.09 2.24 339 7.89 San Mateo
SMW-09 97.75 98.75 1.00 0.77 2.29 244 6.36 San Mateo
TS-01 295.62 296.50 0.88 0.44 7.44 374 13.67 Terneras
TS-02 293.00 293.75 0.75 0.38 17.30 370 23.47 Terneras
TS-04 176.62 177.58 0.96 0.47 8.90 374 15.13 Terneras
TS-04 178.69 179.14 0.45 0.22 40.60 736 52.87 Terneras
TS-05 253.75 254.55 0.80 0.51 7.22 15 7.47 Terneras
TS-06 131.36 131.79 0.43 0.33 14.00 30 14.50 Roca Negra
TS-06 211.90 212.30 0.40 0.31 7.98 93 9.53 Terneras
TS-07 240.79 241.56 0.77 0.73 8.14 303 13.19 Terneras
TS-08 256.65 257.25 0.60 0.59 2.73 128 4.86 Roca Negra
TS-09 193.00 193.40 0.40 0.39 4.90 57 5.85 Roca Negra
TS-13 167.00 168.37 1.37 1.12 12.20 107 13.98 Roca Negra
TS-14 124.93 125.84 0.91 0.73 1.53 51 2.38 Terneras
TS-15 66.84 67.71 0.87 0.56 5.54 100 7.21 Terneras
TS-16 6.15 6.62 0.47 0.46 4.00 21 4.35 Roca Negra
TS-16 32.50 33.41 0.91 0.88 1.13 90 2.63 Terneras
TS-17 4.50 4.90 0.40 0.34 6.61 3,860 70.94 Roca Negra
TS-17 57.12 58.14 1.02 0.78 1.85 65 2.93 Terneras
TS-18 104.94 105.75 0.81 0.80 7.58 241 11.60 Terneras

 

  
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