GOLDEN TAG RESOURCES LTD.
SUITE 114, 186 SUTTON PLACE, BEACONSFIELD, QC. H9W 5S3
PHONE : (514) 426-8542; FAX : (514) 426-8543
VANCOUVER STOCK EXCHANGE SYMBOL : "GOG"
NEWS RELEASE
EXPLORATION UPDATE
Montreal March 17, 1997
Golden Tag Resources Ltd. (the "Company") is pleased to announce that it has completed a 6 hole drill program on it's 100% owned Macho North property in Urban Township, Quebec. The program follows the completion of a ground magnetometer and VLF survey over both the Macho North and South properties.
The Macho North property is located 4 miles NNW of the Teck-Murgor Barry Township gold discovery, at the juncture of east and southwest trending volcanic belts. There are over 24 gold occurrences that have been found within a 1.2 mile radius of the property. The geophysical survey identified 9 coincident magnetic and VLF anomalies, which were tested with 6 drill holes. Five of the six holes intersected sections which were anomalous in gold. The best drill result was obtained in hole GOG 97-5, which intersected 1 foot of 0.170 opt gold in banded pyrite along the contact between two volcanic units. This pyrite unit corresponds with a NNW trending VLF conductor that is 1,150 feet long. Further work is planned.
The Macho South property is located in Souart Township, 4.7 miles SW of the Teck-Murgor gold occurrence and 1.6 miles south of the Oasis gold occurrence (500,000 tons at 0.21 opt gold). Two large regional magnetic anomalies, similar to those found at the Teck-Murgor and Oasis discoveries, cut across the property. The present geophysical survey identified the location of both of these anomalies. One of the magnetic anomalies is over 3 miles long within the property. The survey also identified 28 VLF conductors. The property remains untested by drilling. Golden Tag plans to conduct an IP survey to better define drill targets.
BERTHIAUME AREA, QUEBEC
The Company's Berthiaume property is located in Berthiaume Township, adjacent to and north of the property held by the "Berthiaume Syndicate", which recently reported drill results as high as 0.33 opt gold over 12.1 feet taken in an E-W trending sulfide zone occurring in a banded iron formation (BIF). The "Berthiaume Syndicate" gold zone is defined by a weak E-W trending airborne magnetic anomaly some 2.5 miles long.
Golden Tag's property covers two well-defined, E-W trending aeromagnetic and INPUT anomalies that may be caused by a similar BIF. The Company recently completed a ground magnetometer survey which identified a 2.2 mile long E-W trending magnetic high which may be caused by the BIF. Golden Tag plans to follow-up on the results of this survey with a ground prospecting program.
For more information please contact Marc A. Carrier, President, at Tel: (514) 426-8542; Fax: (514) 426-8543; e-mail: [email protected]; or visit the Golden Tag INTERNET site at http://www.goldentag.ca
The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein.
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