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August 4, 2016
GOLDEN TAG TO SELL IT'S 50% INTEREST IN AQUILON PROPERTY


July 29, 2016
GOLDEN TAG COMPLETES $900,000 FINANCING


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McCUAIG PROJECT, RED LAKE, ONTARIO

  

In 1995 the Company acquired a 100% interest in the McCuaig property, Dome Township, Red Lake,, Ontario from a local prospector. The property is favourably located at the junction of two major structures, namely the Cochenour-Gullrock Lake and Post Narrows deformation zones. The neighbouring Cochenour (1.2 million ounces), Campbell (10.2 million ounces) and the Goldcorp (3.5 million ounces) mines are all located along trend to the southeast within the Cochenor-Gullrock Lake zone. To date, mines situated on this trend have cumulatively produced over 15 million ounces of gold.

In December 1997, the Company entered into in an option agreement with Rubicon Minerals Corporation. Rubicon earned a 50% interest in the property by carrying out $450,000 in exploration work over 3 years. Rubicon earned an additional 10% interest in the property by spending $522,000 in drilling related expenditures in an April 2002 program. Rubicon is the operator of the joint-venture.

In Winter, 2007, the McCuaig Joint Venture comprised of Golden Tag 40% and Rubicon Minerals 60% discovered a new gold-bearing zone in a first-pass drill test comprising one drill hole plus a wedge hole. The program consisted of one 1172 metre hole plus wedge, suggesting that the No.1 vein structure on the adjacent, formerly producing McKenzie Mine, which produced 651,000 ounces of gold between 1935 and 1966, could be present within more permissive Balmer-age mafic volcanics. A 935 metre initial mother hole intersected a 26-metre section (interpreted as greater than 90% true thickness) of intensely veined and altered basalts at 844 metres downhole. The zone contains variable amounts of sulphides including trace to 2% fine-grained arsenopyrite and anomalous gold. Visible gold occurs in a 4.5-metre thick (interpreted as greater than 90% true thickness) shear containing arsenopyrite at the base of the altered zone.

The geological setting is considered to be analogous to the Bruce Channel mineralization currently being explored at the adjacent Gold Eagle Mines discovery and also to the setting of the major gold deposits of the camp.

A secondary hole, (MC-07-01AW), was wedged off the mother hole from 822 metres to produce a second cut through the altered zone. Assay results returned 4.24 g/t gold over 1.7 metres in the mother hole and 15.65 g/t gold over 1.55 metres, in the wedge hole. Both gold intercepts occur within an identifiable structure at the base of the vein zone. The two intercepts demonstrate good continuity within the shear structure which is open along strike and down dip. Assay results from the zone are reported in Table 1.

In late June 2007, a seven hole, 7,307 metre follow-up drill program commenced. In December 2007, Rubicon, who are the operators of the joint-venture announced that assays from the drilling intersected thick (up to 10 metres) anomalous low grade gold sections (100+ppb) with local veined and visible gold-bearing sections developed within intrusive and Balmer assemblage rocks. These include 9.30 g/t gold over 0.75 metres, part of a section averaging 2.13 g/t gold over 4.7 metres and 5.05 g/t gold over 0.7 metres, part of a section averaging 1.03 g/t gold over 9.25 metres. These results are hosted in the margin of a quartz veined diorite intrusive. Drilling has also confirmed the presence of major NE trending fault zones up to 16 metres thick which represent important regional features for possible follow up.

In April, 2010 survey work consisting of a Titan24 geophysical survey was completed on the property. Titan-24 is a deep penetrating ground-based survey that combines Sectional IP (Induced Polarization) with Natural Source Audio-magnetic Telluric geophysical methods. The survey can potentially test to depths in excess of 1.0 kilometer. The survey can identify good to moderate conductors, map conductivity and provide a large volume of information in support of deep geophysical modeling and mapping of the property. While the survey did reveal potential targets, no work to date has been planned on the property for the near future.