RE: SILANov 16 2020
Gold American Mining Corp. (OTCBB:SILA) ("Gold American" and/or "the Company") is pleased to report thatthe first two drill holes of the 2,500 meter campaign at its GuadalupeProperty (Zacatecas, Mexico) each successfully intersected multiple targets.
Drill hole No. 1 intersected the San Antonio and the La Esperanza veins.The San Antonio vein was intersected for 1.38 meters grading 0.24 g/tgold and 80.2 g/t silver, as well as 0.61% Cu, 1.25% Pb, and 2.5% Zn.The La Esperanza vein was intersected for 0.70 meters grading 60.5 g/tAg, 0.17% Cu, 2.95% Pb and 2.25% Zn.
Drill hole No. 2 intersected the Santa Rosa and the Marcos de Oro veins,as well as a gold bearing zone associated with an increase inassociated quartz/carbonate veinlets. The Santa Rosa vein wasintersected for 2.25 meters averaging 0.60 g/t gold and 69.8 g/t silver
. The Marcos de Oro vein was intersected for 1.2 meters grading 0.93 g/t gold and 19.3 g/t silver.
These two drill holes are the first to be reported from theapproximately 2,500 meter program that is currently underway atGuadalupe. The following table presents highlight results:
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Target From To Width(1) Au Ag Ag Eq(2)
(m) (m) (m) (g/t) (g/t) (g/t)
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Drill Hole No. 1 - GPE1001
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San Antonio Vein 347.25 348.63 1.38 0.24 80.2 95.8
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La Esperanza
Vein 350.15 350.85 0.70 - 60.5 60.5
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Drill Hole No. 2 - GPE1002
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Gold Zone 271.55 272.55 1.00 0.54 - 35.1
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Santa Rosa Vein 281.30 283.55 2.25 0.60 69.8 108.7
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(incl)
282.65 283.55 0.90 1.03 54.0 121.0
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Marcos de Oro
Vein 293.05 294.25 1.20 0.93 19.3 79.8
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1) Drill holes were planned to cut the mineralization as close to
perpendicular as possible, however, true widths have not been calculated
2) Silver equivalent has been calculated using $1,300/oz gold and $20/oz
silver (or a ratio of 65:1) and assumes recovery and NSR to be 100%
"We are extremely pleased with the results of the first two drill holes.The intersections reported show that gold and silver mineralization canbe traced approximately 300 meters down dip and we are now ever moreconfident that there is considerable down-dip potential below thatlevel," commented Mr. Johannes Petersen, Gold American's CEO. "If weconsider that the largest operator in the area is currently drillingwell below the 1,200 meter mark, we believe that further drilling alongstrike and at deeper levels is warranted," added Mr. Petersen.
Please note that at this stage of the exploration, the measurementsprovided on this press release don't represent true thicknessmeasurements, which still need to be calculated and will be announcedonce the drilling program is completed and all data is analyzed. Weencourage you to visit our website at www.gold-american.com for further information on our drilling program and for recent photographs of the operations.