GOLDEN TAG RESOURCES LTD.   Symbol "GOG" TSX Venture Exchange

 

Suite 114, 186 Sutton Place, Beaconsfield, Quebec H9W 5S3

Phone : (514) 426-8542; Fax : (514) 426-8543; email : [email protected]

 

-NEWS RELEASE-

April 18, 2002


 ADDITIONAL HIGH  -GRADE GOLD MINERALIZATION INTERSECTED

AT McCUAIG RED LAKE PROJECT, ONTARIO

-  Drill intercepts include 2.21 oz/ton gold over 2.30 feet  -

 


Golden Tag Resources Ltd. (GOG.TSX Venture Exchange) is very pleased to report that it has been informed by Rubicon Minerals Corporation, 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, Ontario.  Rubicon completed 20,824 feet (6347 metres) in 26 diamond drill holes on the project of which 13 holes (9599.74 feet; 2926 metres) tested a gold-bearing structure first intersected in drill hole MC-01-02 in 2001 which assayed 0.30 oz/ton Au (10.54 g/t Au) over 1.80 feet (0.55 metres). (See previous news releases at www.goldentag.ca )

 

Highlights of the 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 3.1 metres).  Hole MC-02-27, returned 0.74 oz/ton gold over 5.58 feet (25.48 g/t over 1.07metres) plus a separate interval of 0.53 oz/ton gold over 1.48 feet (18.08 g/t over 0.45 metres). These results supplement those from earlier holes which include two closely associated but separate intercepts of 0.56 oz/ton gold over 1.31 feet (19.31 g/t over 0.4 metres) and 0.57 oz/ton gold over 0.82 feet (19.6 g/t over 0.25 metres) 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 330-390 feet (100-120 metres) below surface. The distribution of high-grade intercepts is shown on the attached level plan.

 

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 (see Table 1, below). 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% interest in the McCuaig project with Rubicon holding the remaining 50%. Rubicon is the operator and can earn an additional 10% interest in the project at the end of the current program by completing a net amount of $522,000 in drilling related expenditures. (See news release of February 5, 2002.)

 

David W. Adamson, President and CEO 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 headframes.  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, P. Geo.  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, P.Geo. Drilling utilized NQ (46 mm diameter) or NQ2 (50mm 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. 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 oz/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 ore bodies contain 22 million tons at an average grade of 0.66 oz/ton Au (past production and reserves)     retainret

 

Golden Tag Resources Ltd. is a Montreal, Quebec based Canadian Mineral Exploration Company incorporated in 1982 and trading on the Vancouver, CDNX and TSX Venture Exchange on a continuous basis since that date. There are presently 8.9 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.

 

 

Table of Significant Assay Results
(Au >2.00 g/t)

 

Hole No.

North

East

Length (m)

Dip

Az

From (m)

To (m)

Interval (m)

Interval (ft)

Au g/t

Au oz/ton

02-32

5660666

441920

207

-66

180

132.90

133.30

0.40

1.31

2.15

0.06

 

 

 

 

 

 

133.30

134.10

0.80

2.62

8.24

0.24

 

 

 

 

 

 

134.10

134.80

0.70

2.30

*   75.91

2.21

 

 

 

 

 

 

134.80

135.30

0.50

1.64

7.21

0.21

 

 

 

 

 

 

135.80

136.40

0.60

1.97

11.76

0.34

02-27

5660659

441954

222

-65

181

124.45

124.90

0.45

1.48

18.08

0.53

 

 

 

 

 

 

138.75

139.25

0.50

1.64

2.48

0.07

 

 

 

 

 

 

140.00

141.00

1.00

3.28

8.04

0.23

 

 

 

 

 

 

144.00

145.00

1.00

3.28

*   33.18

0.97

 

 

 

 

 

 

145.00

145.70

0.70

2.30

*   10.14

0.30

 

 

 

 

 

 

146.70

147.50

0.80

2.62

2.11

0.06

02-17

5660560

441941

176

-70

360

130.10

130.35

0.25

0.82

*   19.60

0.57

 

 

 

 

 

 

131.90

132.30

0.40

1.31

*   19.31

0.56

02-07

5660647

441962

328

-69.5

225

123.60

123.85

0.25

0.82

9.28

0.27

 

 

 

 

 

 

135.60

136.50

0.90

2.95

*   3.17

0.09

02-15

5660543

441921

295

-65

359

124.00

124.50

0.50

1.64

3.71

0.11

 

 

 

 

 

 

124.90

125.40

0.50

1.64

3.04

0.09

 

 

 

 

 

 

127.70

128.10

0.40

1.31

*   3.66

0.11

 

 

 

 

 

 

132.00

132.30

0.30

0.98

2.36

0.07

 

 

 

 

 

 

133.40

133.70

0.30

0.98

4.84

0.14

02-18

5660560

441941

218

-75

360

102.65

103.10

0.45

1.48

3.49

0.10

 

 

 

 

 

 

105.60

105.85

0.25

0.82

2.04

0.06

 

 

 

 

 

 

123.75

124.50

0.75

2.46

2.42

0.07

02-23

5660548

441878

180

-70

0.5

100.65

101.45

0.80

2.62

3.25

0.09

02-24

5660554

441903

214

-65

360

127.00

128.00

1.00

3.28

3.07

0.09

02-25

5660548

441878

240

-77

0.5

101.35

102.35

1.00

3.28

2.56

0.07

02-30

5660645

441927

177

-65

181

128.80

129.30

0.50

1.64

2.47

0.07

 

 

 

 

 

 

131.20

132.20

1.00

3.28

2.15

0.06

 

* Visible Gold Noted

Note: assays reported in ppb have been converted to g/t