Vancouver, BC / ACCESSWIRE /
June 23 2014 / Golden Arrow
Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden
Arrow" or the "Company") is pleased to announce
additional results from the 9000 metre Phase III drill program at
the Chinchillas Silver Project in Jujuy province, Argentina. Seven
of the eight reported drill holes encountered significant
mineralization, highlighting that the existing resource has
substantial potential to grow. The holes targeted both step-outs to
the existing resource and exploration of new areas.
"We are pleased with these latest results, and
with the success of the drill program to date,"
commented Golden Arrow VP Exploration and Development Brian
McEwen. "We are confident
that we will increase resources at the project and position the
Chinchillas deposit for a feasibility program."
Seven of the eight holes
reported here encountered mineralization, including:
-
- 43
metres averaging 269 g/t silver and 2.8% lead at 98
metres depth in CGA-121,
including 4 metres averaging 1218 g/t silver and 6.4%
lead.
- 9
metres averaging 185 g/t silver and 2% lead at 59
metres depth in CGA-122, including 1 metre averaging 761 g/t silver
and 6.3% lead.
- 14
metres averaging 187 g/t silver and 1.2% lead at 108
metres depth in CGA-122, including 3 metres at 594 g/t silver and 3%
lead.
- 7
metres averaging 147 g/t silver and 3.8% lead at 182
metres depth in CGA-122, including 1 metre @ 577 g/t silver and 15.7%
lead.
"Argentina continues to be an attractive
mining destination. The recent $470 million investment by First
Quantum Minerals to acquire a project in northern Argentina
underlines the great potential of the country,"
commented Golden Arrow President and C.E.O., Joseph
Grosso. "We believe this is
another indication that Argentina's resource sector is set to grow,
and the Chinchillas Project is positioned to grow along with
it."
The Phase
III drill program is designed to increase the existing resources at
the Chinchillas deposit through exploration proximal to the deposit
and in new areas of the properties. The program initially included
a minimum of 6000 metres of diamond drilling, and this has been
twice increased based on the positive results, for a new total of
approximately 9000 metres. Drilling is now complete,
for a total of 8985 metres. Table 1 below includes the results of
1682 metres of the completed drilling. Results for seven holes are
still outstanding. Following a successful drill
program, the Company plans to initiate an infill drilling program,
followed by a feasibility study on the Chinchillas project by the
end of 2014.
Corebox(R) interactive 3-D models of the deposit and drill holes
can also be found on the website, here
and will be updated with these new
intercepts. A map of the drill hole locations will also be posted
to the Chinchillas map page on the Golden Arrow website at
http://www.goldenarrowresources.com/i/maps/Phase-III-NR4.jpg.
Click Image To View Full Size
Drilling Details
Mineralized intercepts for
nine drill holes are reported in Table 1. The Silver Mantos zone
comprises the western portion of the deposit, while the Socavon del
Diablo comprises the eastern portion. The Mantos Basement Zone is
situated approximately below the Silver Mantos Zone. These zones
were described in detail as part of the NI 43-101 Technical Report
and resource estimate1. The North Slope
is a newer target area along the slope of the basin to the north of
both the Silver Mantos and Socavon Zones.
CGA-115 is located on the east
side of the North Slope area, approximately 420 metres north of the
main Socavon del Diablo resource zone. Some mineralized intervals
were intersected in the basement; however, these are not expected
to add to resources at this time.
Drill holes CGA-116, -117 and
-119 are in the North Slope area, northeast of the Silver Mantos
resource zone. CGA-118 and CGA-120 are on the northern margin of
the Silver Mantos resource area, just below the North Slope. With
the exception of the shallow hole CGA-118, all holes successfully
encountered mineralization. Hole CGA-116 was mineralized in the
upper mantos-style tuffs, in the basement, and most strongly in
interspersed dacite units, which may be an indication of
mineralized structures that suggest additional work. Mineralization
in all other holes was in the upper tuff units similar to the
existing Silver Mantos resource. These results are expected to
allow the expansion of resources from the previous Silver Mantos
zone up the North Slope through to the previously
reported hole CGA-105, a lateral distance of approximately 300
metres to the northeast.
CGA-121 and CGA-122 are
located approximately 50 metres to the west of the Silver Mantos
resource zone. Both holes were well mineralized, particularly in
the Mantos Basement unit, and the results obtained will expand the
Silver Mantos and Mantos Basement resource units to the
west.
Table
1. Drill Intercepts >20g/t for Ag and >0.5% for Pb and
Zn
------------------------------------------------------------------------------------------------------------------
|TARGET / ZONE |HOLE ID|NOTES |FROM (metres)|TO (metres)|Interval (metres)|Ag (g/t)|Pb |Zn |Ag Eq. (g/t)|
| | | | | | | |(%) |(%) | |
|----------------------------------------------------------------------------------------------------------------|
|NORTH SLOPE |CGA-115| |20.75 |25 |4.3 |51 | | |51 |
| | |----------------------------------------------------------------------------------------|
| | | |93.1 |95 |1.9 |39 | |0.7 |62 |
| | |----------------------------------------------------------------------------------------|
| | | |110 |114 |4.0 |176 | |4.8 |331 |
|----------------------------------------------------------------------------------------------------------------|
|NORTH SLOPE |CGA-116| |11 |13 |2.0 |91 | | |91 |
| | |----------------------------------------------------------------------------------------|
| | | |18 |19 |1.0 |64 | | |64 |
| | |----------------------------------------------------------------------------------------|
| | | |28 |32 |4.0 |53 | | |53 |
| | |----------------------------------------------------------------------------------------|
| | | |143 |145 |2.0 |49 |1.5 | |97 |
| | |----------------------------------------------------------------------------------------|
| | | |162 |163 |1.0 |47 |1.3 |1 |121 |
| | |----------------------------------------------------------------------------------------|
| | | |165 |167 |2.0 | | |0.7 |23 |
| | |----------------------------------------------------------------------------------------|
| | | |185 |187 |2.0 |82 |2.4 | |159 |
| | |----------------------------------------------------------------------------------------|
| | | |194 |195 |1.0 |83 |2.5 | |164 |
| | |----------------------------------------------------------------------------------------|
| | | |206 |210 |4.0 |137 |2.7 |0.6 |243 |
| | |----------------------------------------------------------------------------------------|
| | | |221 |222 |1.0 |62 | | |62 |
| | |----------------------------------------------------------------------------------------|
| | | |228 |233 |5.0 |21 | | |21 |
| | |----------------------------------------------------------------------------------------|
| | | |253 |254 |1.0 |193 | | |193 |
| | |----------------------------------------------------------------------------------------|
| | | |263 |264 |1.0 |119 |2.6 | |203 |
| | |----------------------------------------------------------------------------------------|
| | | |267 |268 |1.0 |25 |0.6 | |44 |
| | |----------------------------------------------------------------------------------------|
| | | |280 |281.8 |1.8 |92 |1.4 | |137 |
| | |----------------------------------------------------------------------------------------|
| | | |289 |291 |2.0 |46 | | |46 |
| | |----------------------------------------------------------------------------------------|
| | | |295 |297 |2.0 | | |0.9 |29 |
|----------------------------------------------------------------------------------------------------------------|
|NORTH SLOPE |CGA-117| |6 |7 |1.0 |24 | | |24 |
| | |----------------------------------------------------------------------------------------|
| | | |10 |12 |2.0 |20 | | |20 |
| | |----------------------------------------------------------------------------------------|
| | | |29 |30 |1.0 |32 | | |32 |
| | |----------------------------------------------------------------------------------------|
| | | |82 |84 |2.0 |32 | | |32 |
| | |----------------------------------------------------------------------------------------|
| | | |112 |113 |1.0 |29 |1.1 | |64 |
|----------------------------------------------------------------------------------------------------------------|
|SILVER MANTOS |CGA-118|no significant mineralization |
|----------------------------------------------------------------------------------------------------------------|
|NORTH SLOPE |CGA-119| |15 |28 |13.0 |58 |1.4 | |103 |
| | |----------------------------------------------------------------------------------------|
| | | |37.4 |41 |3.6 | | |2 |64 |
| | |----------------------------------------------------------------------------------------|
| | | |41 |53 |12.0 |79 |1.5 |1.8 |185 |
| | |----------------------------------------------------------------------------------------|
| | | |53 |75 |22.0 | | |3.3 |106 |
| | |----------------------------------------------------------------------------------------|
| | | |75 |86 |11.0 |73 |1.6 | |125 |
| | |----------------------------------------------------------------------------------------|
| | | |86 |100 |14.0 | | |1.1 |35 |
| | |----------------------------------------------------------------------------------------|
| | |includes|92 |93 |1.0 |47 | |3.3 |153 |
| | |----------------------------------------------------------------------------------------|
| | |and |96 |100 |4.0 |36 | |1 |68 |
| | |----------------------------------------------------------------------------------------|
| | | |138 |155 |17.0 | | |1.6 |52 |
| | |----------------------------------------------------------------------------------------|
| | |includes|146 |148 |2.0 |178 | |1.1 |213 |
| | |----------------------------------------------------------------------------------------|
| | | |159 |160 |1.0 |29 | |0.7 |52 |
| | |----------------------------------------------------------------------------------------|
| | | |166 |167 |1.0 |30 | | |30 |
|----------------------------------------------------------------------------------------------------------------|
|SILVER MANTOS |CGA-120| |17 |18.35|1.35 |96 | | |96 |
| | |----------------------------------------------------------------------------------------|
| | | |48 |59 |11.0 |43 |0.8 |0.5 |85 |
| | |----------------------------------------------------------------------------------------|
| | | |65 |71 |6.0 |47 |0.7 |0.7 |92 |
| | |----------------------------------------------------------------------------------------|
| | | |73 |98 |25.0 |46 |0.7 | |69 |
| | |----------------------------------------------------------------------------------------|
| | | |111 |112 |1.0 |78 |1.4 |1.1 |159 |
|----------------------------------------------------------------------------------------------------------------|
|SILVER MANTOS |CGA-121| |87 |93 |6.0 |52 | | |52 |
|----------------------------------------------------------------------------------------------------------------|
|MANTOS BASEMENT|CGA-121| |98 |141 |43.0 |269 |2.8 | |359 |
| | |----------------------------------------------------------------------------------------|
| | |includes|100 |104 |4.0 |1218 |6.4 | |1,424 |
| | |----------------------------------------------------------------------------------------|
| | |and |137 |138 |1.0 |621 |9 | |911 |
| | |----------------------------------------------------------------------------------------|
| | | |142 |143 |1.0 |25 |0.6 |0.6 |64 |
| | |----------------------------------------------------------------------------------------|
| | | |147 |148 |1.0 |47 |1.2 | |86 |
| | |----------------------------------------------------------------------------------------|
| | | |151 |167 |16.0 |123 |1 | |155 |
| | |----------------------------------------------------------------------------------------|
| | | |176 |185 |9.0 |47 | | |47 |
| | |----------------------------------------------------------------------------------------|
| | | |187 |189 |2.0 |24 |0.8 | |50 |
|----------------------------------------------------------------------------------------------------------------|
|SILVER MANTOS |CGA-122| |36 |37 |1.0 |45 | | |45 |
| | |----------------------------------------------------------------------------------------|
| | | |45 |47 |2.0 |235 |0.8 | |261 |
|----------------------------------------------------------------------------------------------------------------|
|MANTOS BASEMENT|CGA-122| |59 |68 |9.0 |185 |2 | |249 |
| | |----------------------------------------------------------------------------------------|
| | |includes|63 |64 |1.0 |761 |6.3 | |964 |
| | |----------------------------------------------------------------------------------------|
| | | |85 |91 |6.0 |28 | | |28 |
| | |----------------------------------------------------------------------------------------|
| | | |93 |95 |2.0 |260 |1.5 | |308 |
| | |----------------------------------------------------------------------------------------|
| | | |97 |100 |3.0 |56 |0.6 | |75 |
| | |----------------------------------------------------------------------------------------|
| | | |102 |105 |3.0 |34 | | |34 |
| | |----------------------------------------------------------------------------------------|
| | | |108 |122 |14.0 |187 |1.2 | |226 |
| | |----------------------------------------------------------------------------------------|
| | |includes|115 |118 |3.0 |594 |3 | |691 |
| | |----------------------------------------------------------------------------------------|
| | | |124 |125 |1.0 |49 | | |49 |
| | |----------------------------------------------------------------------------------------|
| | | |127 |140 |13.0 |51 |1.6 | |103 |
| | |----------------------------------------------------------------------------------------|
| | | |151 |158 |7.0 |71 |0.8 | |97 |
| | |----------------------------------------------------------------------------------------|
| | | |161 |164 |3.0 |30 |0.6 | |49 |
| | |----------------------------------------------------------------------------------------|
| | | |182 |189 |7.0 |147 |3.8 | |269 |
| | |----------------------------------------------------------------------------------------|
| | |includes|187 |188 |1.0 |577 |15.7| |1,083 |
|----------------------------------------------------------------------------------------------------------------|
|The |
|reported |
|intervals |
|are |
|believed |
|to |
|approximate |
|true |
|width |
|and will |
|be |
|confirmed |
|with |
|geologic |
|modeling. |
|Silver |
|Equivalent |
|grades |
|(AgEQ) |
|were |
|calculated |
|using |
|US$20/oz. |
|for |
|silver, |
|US$0.94/lb. |
|for lead |
|and |
|US$0.94/lb. |
|for |
|zinc. |
------------------------------------------------------------------------------------------------------------------
Methodology and QA/QC
Analyses of the drill core
were performed by Alex Stewart Assayers, in Mendoza, Argentina, an
internationally recognized assay service provider. All samples were
analyzed by method ICP-MA-39 that consists of a four acid digestion
followed by ICP-OES detection. Silver results >200 Ag g/t were
re-analyzed by fire assay with a gravimetric finish on 50-gram
samples. Lead and zinc results >10,000 ppm were re-analyzed by a
3 acids and ICP-OES detection. The Company followed industry
standard procedures for the work carried out on the Chinchillas
Project, with a quality assurance/quality control (QA/QC) program.
Blank, duplicate and standard samples were inserted into the drill
core sample sequence sent to the laboratory for analysis. Golden
Arrow detected no significant QA/QC issues during review of the
data.
Table
2. Drill hole location and orientation data
-------------------------------------------------------------------
|Hole | Easting| Northing| Elevation|Azimuth|Inclination| Length|
|ID | | |(m) | | |(m) |
|-----------------------------------------------------------------|
|CGA-115|3473395 |7512665 |4136 |0 |-90 |320 |
|-----------------------------------------------------------------|
|CGA-116|3473127 |7512624 |4102 |20 |-70 |320 |
|-----------------------------------------------------------------|
|CGA-117|3473028 |7512683 |4107 |314 |-70 |150 |
|-----------------------------------------------------------------|
|CGA-118|3472899 |7512684 |4097 |0 |-90 |80 |
|-----------------------------------------------------------------|
|CGA-119|3472962 |7512614 |4091 |0 |-90 |191 |
|-----------------------------------------------------------------|
|CGA-120|3472847 |7512608 |4093 |0 |-90 |149 |
|-----------------------------------------------------------------|
|CGA-121|3472559 |7512514 |4115 |0 |-90 |221 |
|-----------------------------------------------------------------|
|CGA-122|3472523 |7512467 |4120 |0 |-90 |251 |
-------------------------------------------------------------------
About the Chinchillas Silver Project
Golden Arrow is earning a 100%
interest in the Chinchillas Silver Project. After less than two
years exploration, the Company announced a NI 43-101 resource
estimate1 in 2013, including:
-
- 27.4
Moz silver / 32.6 Moz silver equivalent in Indicated
Resources (7.2 Mt @ 119g/t silver, 0.57% lead, 0.48% zinc : 141g/t
silver equivalent )
- 53
Moz silver / 72.2 Moz silver equivalent in Inferred
Resources (21 Mt @ 78.5 g/t silver, 0.69% lead, 0.62% zinc : 107g/t
silver equivalent)
The first NI 43-101
preliminary economic assessment2 returned
an after-tax NPV 8% of US$98.5M, highlighting the
benefits of the project's near-surface mineralization, conventional
metallurgy and access to infrastructure. The deposit is open to
expansion and Golden Arrow is now drilling to increase
resources.
1
"Mineral Resource
Estimate for the Chinchillas Silver-Lead-Zinc Project, Jujuy
Province, Argentina" filed on SEDAR dated June
20th, 2013.
2
"Preliminary Economic
Assessment for the Chinchillas Silver-Lead-Zinc Project, Jujuy
Province, Argentina" filed on SEDAR dated January
20th, 2014.
Qualified Persons
The
contents of the news release have been reviewed and approved by
Brian McEwen, P.Geol., VP Exploration and Development to the
Company, and a Qualified Person as defined in National Instrument
43-101.
About Golden Arrow:
Golden Arrow is a
Vancouver-based explorer focused on identifying, acquiring and
advancing precious and base metal projects in Argentina with the
goal of achieving a world class discovery. The main focus is on
advancing the flagship Chinchillas Silver Project located in Jujuy,
Argentina. Golden Arrow has a strong treasury which will allow the
company to advance its Chinchillas Silver Project. Golden Arrow
will continue to execute its strategy to leverage the Company's
exploration exposure by attracting partners to fund work on its
other high quality mineral projects. Golden Arrow is a member of
Grosso Group, a management company specialized in resource
exploration, and working in Argentina where it is highly regarded
and trusted since 1993.
ON BEHALF OF THE
BOARD
"Joseph Grosso"
_______________________________
Mr. Joseph Grosso
Executive Chairman, President, CEO and Director
For further information please contact:
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email:
info@goldenarrowresources.com
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking
statements" within the meaning of Canadian securities legislation.
Such forward-looking statements concern the Company's anticipated
results and developments in the Company's operations in future
periods, planned exploration and development of the Chinchillas
project, plans related to its business and other matters that may
occur in the future. These statements relate to analyses and other
information that are based on expectations of future performance as
outlined in the PEA, including silver, lead and zinc production and
planned work programs at Chinchillas. Statements concerning
reserves and mineral resource estimates may also constitute
forward-looking statements to the extent that they involve
estimates of the mineralization that will be encountered if the
Chinchillas property is developed and, in the case of mineral
reserves, such statements reflect the conclusion based on certain
assumptions that the mineral deposit can be economically
exploited.
Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors
which could cause actual events or results to differ from those
expressed or implied by the forward-looking statements, including,
without limitation: risks related to precious and base metal price
fluctuations; risks related to fluctuations in the currency markets
(particularly the Argentinean peso, Canadian dollar and United
States dollar); risks related to the inherently dangerous activity
of mining, including conditions or events beyond our control, and
operating or technical difficulties in mineral exploration,
development and mining activities; uncertainty in the Company's
ability to raise financing and fund the development of the
Chinchillas project pursuant to the PEA; uncertainty as to actual
capital costs, operating costs, production and economic returns,
and uncertainty that development activities will result in a
profitable mining operation at Chinchillas; risks related to
mineral resource figures being estimates based on interpretations
and assumptions which may result in less mineral production under
actual conditions than is currently estimated and to diminishing
quantities or grades of mineral resources as properties are mined;
risks related to governmental regulations and obtaining necessary
licenses and permits; risks related to the business being subject
to environmental laws and regulations which may increase costs of
doing business and restrict our operations; risks related to the
Chinchillas property being subject to prior unregistered
agreements, transfers, or claims and other defects in title; risks
relating to inadequate insurance or inability to obtain insurance;
risks related to potential litigation; risks related to the global
economy; risks related to the Chinchillas property being located in
Argentina, including political, economic, social and regulatory
instability. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in the
forward-looking statements. The Company's forward-looking
statements are based on beliefs, expectations and opinions of
management on the date the statements are made. For the reasons set
forth above, investors should not place undue reliance on
forward-looking statements.
The
information provided in this news release addresses the Chinchillas
PEA and is not intended to be a comprehensive review of all matters
and developments concerning the Company. It should be read in
conjunction with all other disclosure documents of the Company. The
information contained herein is not a substitute for detailed
investigation or analysis. No securities commission or regulatory
authority has reviewed the accuracy or adequacy of the information
presented. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements.
We
advise U.S. investors that the SEC's mining guidelines strictly
prohibit information of this type in documents filed with the SEC.
U.S. investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties.
SOURCE: Golden Arrow Resources Corporation
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