GOLDEN TAG RESOURCES LTD. Symbol
"GOG" TSX Venture Exchange
Phone : (514) 426-8542; Fax: (514) 426-8543; email : [email protected]
NEWS RELEASE
____________________________________________________
November
15, 2002
McCUAIG JV
COMPLETES PHASE 1 DRILL PROGRAM
AT McCUAIG
PROJECT, RED LAKE, ONTARIO
Golden Tag
Resources Ltd. (GOG: TSX Venture Exchange) is pleased to announce that the McCuaig Joint
Venture has completed an eight hole (MC-02-33 to -40), 2600 metre drill program
on the McCuaig Project. The McCuaig Project, located in the heart of the
prolific Red Lake gold camp, is a joint venture between Golden Tag with a 40%
interest and Rubicon Minerals Corporation with a 60% interest. Rubicon, who are
the operators, report that two separate areas were drill tested in the recently
completed first phase of the program.
Six holes (MC-02-35 to -40) totaling 1890 metres
explored for the along plunge continuation of the 1900 Zone discovered early
this year from winter ice on Red Lake. Highlights of the March, 2002 drill
program include 2.21 oz/ton gold over 2.30 feet (75.91 g/t over 0.70 metres) in
hole MC-02-32, part of an interval grading 0.67 oz/ton gold over 10.17 feet
(22.83 g/t over 3.10 metres). Hole MC-02-27 returned 0.74 oz/ton gold over 5.58
feet (25.48 g/t over 1.07 metres) plus a separate interval of 0.53 oz/ton gold
1.48 feet (18.08 g/t over 0.45 metres). All the holes in the current program
were drilled from the same site on a nearby island, located 240 metres from the
1900 Zone. Two of the six holes intersected silicified ultramafics but did not
intersect gold mineralization associated with the 1900 Zone. All six holes
tested are interpreted to have intersected below the interpreted down plunge
projection of the 1900 Zone, which remains open for further drill testing.
The six drill holes were collared in a newly
discovered zone (the LD zone) of silicified ultramafic that is not the same
silicified body that hosts the 1900 Zone and represents another potential zone
of gold mineralization. The best gold from surface in this new zone is a grab
sample of 7.75 g/t Au from a narrow 0.1 metre quartz vein. The best gold
intersection in drill core was 675 ppb Au (0.67 g/t Au) over 0.5 metres in hole
MC-02-38. Anomalous gold and arsenic is pervasive through the silicified
ultramafic intersected over greater than 30 metre widths in all the six holes
that collared in this new zone. In hole MC-02-40 a gold intersection of 1.7 g/t
Au over 0.5 metres came from a vein zone within the underlying basalt. This
intersection represents another potential gold target.
Two holes MC-02-33 and-34 were drilled under a vein
zone located on McKenzie Island with no significant results.
Following a complete review of new targets, the
McCuaig JV will conduct a Phase 2 program of winter drilling in early 2003 from
the ice of Red Lake that will follow the gold mineralization at the 1900 Zone,
explore the new LD zone gold mineralization and test for deeper gold
mineralization.
The exploration program is directed by independent
Qualified Person John Watkins, P.Geo. Assaying of sawn NQ drill core was
carried out by ALS Chemex Labs of Vancouver, B.C. and included inclusion of
standard and blank samples for QA/QC control.
Golden Tag Resources Ltd. is a Montreal, Quebec
based Canadian Mineral Exploration Company trading on the TSX Venture Exchange
on a continuous basis since 1982. There are presently 10.7 million shares
issued and outstanding. For more information, please contact Marc Carrier,
President at (514) 426-8542; Fax : (514) 426-8543; email : [email protected].
On behalf of the Board of Directors, Signed by Marc
A. Carrier, President
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release.