Golden Minerals Company [NYSE: AUMN] has been growing in intrinsic value, and this could see it enter a bullish breakout in the near-term as buying volumes rise. A few weeks ago, the company announced that it had managed to acquire a second set of assay results from its definition drill project at its Rodeo gold-silver project in Durango State, Mexico. The project appears to be a success as the assay results derived from 11 additional diamond drill holes indicate wide zones of high-grade quality gold that is near the surface. The material samples they have collected have sediments of highly silicified epithermal veins and breccias that are within the felsic volcanic rocks. During the drilling, approximately RDO_20_013 of the drill hole was lost at about the depth of 19m. To cater for this loss, a drill hole RDO_20_013a was dug adjacent to the first to reach the targeted depth.
The main aim of the drill program is to get the greater detail of the available gold at the Rodeo infill and to get more material for metallurgical and geotechnical tests. If the tests show continuity in the quality of gold material obtained from the site, then there will be prospects for the development of the Rodeo project. The prospects of gold are high in that sites as outlined in a recent economic Assessment Just published.
According to Warren Rehn, the Chief Executive Officer and President of Golden Minerals, the company will continue prospecting for thick intervals and high-grade gold at the Rodeo site. The current results coming in are showing greater promise of gold grades as compared to the results of the previous drills. These results are a good indication that the company can continue with its plans to take the project further and continue with the processing of the high-grade gold at the company’s plant at Velardena.
About Golden Minerals
Golden Minerals is a drilling and mining company based in Golden, Colorado. The corporation main responsibilities are to prospect for gold at Rodeo and Velardena sites located in Mexico and Argentina. The company is also focussed on acquiring gold sites and properties in Mexico, Nevada, and Argentina.
Rodeo is an expansive 1,866-hectare gold site located in Durango State in Mexico. It is about 80km west of the other site called Velardena properties. Golden Minerals acquired the Rodeo property back in 2015 through La Cuesta International. After conducting a more than 2000 meter core drilling program in 2016, Golden confirmed the presence of high-grade gold in the area and is currently working on its excavation.