TSX Venture Exchange (TSX-V): GRG
Frankfurt Stock Exchange (FSE): G6A
OTCQB Venture Market (OTCQB): GARWF
VANCOUVER, BC, May 18, 2023
/CNW/ - Golden Arrow Resources Corporation (TSXV: GRG)
(FSE: G6A) (OTCQB: GARWF) ("Golden Arrow" or the
"Company") is pleased to announce that it has increased the
size of its first diamond drilling program at the Company's
flagship San Pietro Iron-Copper-Gold-Cobalt Project in Chile from 2,650-metre in 7 holes, to
approximately 3,500 metres in 10 holes. Drilling is now anticipated
to be completed by the end of May, which is approximately when the
first assays from the program are expected to be reported.
Brian McEwen, VP Exploration and
Development for Golden Arrow,
commented, "This small test program is shaping up to be a great
success. While we are still awaiting assays, in many
instances the drill core logging alone has confirmed the
interpretations that we were testing. In particular, logging
of the first two holes at the Rincones target validated our new
geological model for that zone, which was a major achievement in
understanding the controls on mineralization. We decided to put the
new model to the test by putting holes into several priority areas
for expanding the known mineralization which we hadn't planned in
this phase. In the meantime, we expect results for the two
holes into the exciting Colla cobalt exploration target located two
kilometres from Rincones, followed by those for the other
targets."
The location of Phase 1 drill holes are shown in Figure 1. The
additional drill holes are all at Rincones, which is a near-term
resource target and the focus of most of the work to date at the
project. In total, six holes were selected for Rincones in this
phase. Structures and geology typical for these types of
mineralized targets were encountered throughout these holes. This
includes andesite-hosted specularite breccias with a NW-SE strike
and vertical dip, as well as zones of magnetite replacement
concordant with the andesites units in the form of mantos dipping
40 to 60° to the SW and andesites with disseminated sulphides and
actinolite-magnetite. These mineralized units range from 1 to 60
metres in downhole width. Visible mineralization included copper
oxides in approximately the first 80 metres followed by
chalcopyrite and pyrite (see Figure 2 for examples).
Additional Project & Drill
Program Details
The San Pietro Project is hosted by andesite units in a
Cretaceous volcano-sedimentary sequence associated with intrusive
rocks including granodiorites and diorites of similar age. The
Project is located east of the Atacama Fault system, a major
north-south regional structure, which was instrumental in
controlling the emplacement of the ore deposits in the area.
Mineralization at San Pietro is typical of an IOCG system, with
the addition of cobalt, and occurs in breccias, veins and mantos
within a zone of K-feldspar-chlorite alteration. These structures
are rich in magnetite and specularite and in some cases calcite and
are mainly developed along NW-SE lineaments.
A summary of the main targets and the holes completed is
provided below. Additional details, interpretations and sections
will be provided when assays are reported.
Rincones Target
The Rincones target was the focus of historic work, with 46
widely-spaced holes drilled in an area of approximately 2.6 x 1.6
km. The drilling returned numerous intervals with significant
copper, gold and cobalt, such as 1.20% Cu, 0.21g/t Au, and 579ppm
Co over 34 m starting at 370 m downhole in RADDH-02*. Table 1 below
summarized some of the best intervals from historic drilling,
calculated and selected for when the copper grade multiplied by the
width of the interval results in a grade-thickness value of more
than 10. [This drilling was carried out by previous operators
and has not yet been independently verified by the Company's
Qualified Person. Reported intervals are core lengths and true
thickness has not been estimated at this time.]
Table 1. Highlights of Historic Drill Intervals with Cu Grade
x Thickness > 10%m.
Hole
|
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Cu
(%)
|
Au
(g/t)
|
Co
(g/t)
|
Fe
(%)
|
RARC-09
|
|
270
|
300
|
30
|
0.36
|
0.08
|
0
|
0
|
RARC-14
|
|
84
|
116
|
32
|
0.58
|
0.06
|
90
|
12.3
|
RARC-15
|
|
94
|
100
|
6
|
2
|
0.19
|
397
|
18.9
|
|
150
|
178
|
28
|
0.49
|
0.05
|
107
|
12.4
|
RARC-17
|
|
18
|
54
|
36
|
1.25
|
0.32
|
70
|
11.9
|
RA11DH-002
|
|
391
|
442
|
51
|
0.58
|
0.14
|
82
|
25.6
|
RA11DH-003
|
|
345
|
368
|
23
|
0.66
|
0.23
|
118
|
17
|
RA11DH-005
|
|
286
|
348
|
62
|
0.32
|
0.08
|
144
|
34.77
|
Including
|
302
|
325
|
23
|
0.45
|
0.11
|
142
|
38.3
|
RA12DH-001
|
|
283
|
322
|
39
|
0.35
|
0.05
|
156
|
15.6
|
RA12DH-002
|
|
250
|
299
|
49
|
0.40
|
0.07
|
191
|
36.3
|
Including
|
250
|
270
|
20
|
0.76
|
0.13
|
146
|
35.3
|
RA12DH-003
|
|
105
|
120
|
15
|
1.16
|
0.37
|
377
|
23.4
|
|
190
|
224
|
34
|
0.46
|
0.05
|
48
|
13.3
|
|
236
|
264
|
28
|
1.14
|
0.12
|
335
|
23.5
|
RA12DH-004
|
|
82
|
94
|
12
|
0.9
|
0.18
|
160
|
20.3
|
RA12DH-006
|
|
206
|
214
|
8
|
1.87
|
0.88
|
390
|
24.6
|
|
317
|
341
|
24
|
0.62
|
0.06
|
175
|
15.7
|
RA12DH-013
|
|
78
|
111
|
33
|
0.33
|
0.06
|
94
|
10.9
|
|
158
|
164
|
6
|
1.7
|
0.12
|
112
|
17.2
|
RADDH-02
|
|
112
|
174
|
62
|
0.41
|
0.06
|
162
|
31.7
|
|
370
|
404
|
34
|
1.2
|
0.21
|
579
|
18.2
|
There was limited historic surface sampling due to extensive
cover, and mapping was only completed at a property scale. In 2022
Golden Arrow completed detailed mapping and additional surface
sampling at Rincones, as well as re-logging of a significant
quantity of the historic drill core and reinterpretation of
geophysics. The 17 rock chip samples collected in this target
included specularite breccias and veins, massive magnetite mantos
and outcrop of andesite and diorite. All show strong copper
anomalies, often with strong gold and or cobalt as well (see Table
2, below, and Figure 3). New geologic modeling work based on the
data collected suggested that some of the magnetite mantos are
dipping moderately to the southwest, opposite to the general
historic model.
The first two drill holes at Rincones (SP-DDH-05 and SP-DDH-06)
tested and confirmed the new geological model for the magnetite
mantos and copper mineralization in the area of the best historic
copper intercepts in the southern part of the target. The third
hole (SP-DDH-07) applied the new model in the northern part of the
target area, while also testing for continuity of mineralization in
a large gap between previous holes. Hole SP-DDH-11 further
tested the continuity of mineralized intervals in the southern
target area. Hole SP-DDH-12 drilled into a previously untested area
to assess the depth extent of a large outcrop of magnetite mantos.
This outcrop was unmapped and unsampled prior to Golden Arrow's 2022 work, when a grab sample
returned assays of 0.46 % Cu. 0.18 Au g/t and 111 Co g/t on samples
CD001469. The final hole of the program is (SP-DDH-13) planned to
test for an eastern extension of mineralization in the north part
of the Rincones target.
This work will fill in the knowledge-base and database prior to
moving on to detailed drilling, deposit modeling and resource
estimation.
Table 2. Summary of 2022 Program Rock Chip Sample Results,
Rincones Target Area.
Sample
|
East
|
North
|
Cu
(%)
|
Au
(g/t)
|
Co
(ppm)
|
Fe
(%)
|
CD001323
|
390393
|
7072226
|
1.00
|
0.18
|
128
|
44.1
|
CD001324
|
390400
|
7072223
|
0.17
|
0.15
|
86
|
50.0
|
CD001325
|
390503
|
7072250
|
2.63
|
0.74
|
60
|
36.1
|
CD001328
|
390593
|
7071650
|
3.44
|
0.16
|
137
|
18.4
|
CD001329
|
390359
|
7071876
|
1.62
|
0.26
|
87
|
14.5
|
CD001330
|
390660
|
7071820
|
4.82
|
2.42
|
76
|
24.8
|
CD001331
|
391151
|
7071898
|
1.73
|
0.16
|
101
|
25.7
|
CD001332
|
391238
|
7071965
|
2.02
|
0.11
|
48
|
29.3
|
CD001334
|
391190
|
7071820
|
2.36
|
0.33
|
1325
|
47.8
|
CD001335
|
390993
|
7071891
|
1.50
|
0.26
|
122
|
48.8
|
CD001336
|
390927
|
7071949
|
2.29
|
0.31
|
74
|
22.6
|
CD001462
|
391354
|
7072108
|
0.38
|
0.09
|
141
|
54.3
|
CD001463
|
391375
|
7072054
|
0.43
|
0.23
|
277
|
31.4
|
CD001465
|
391134
|
7071822
|
0.06
|
0.01
|
30
|
9.4
|
CD001466
|
391330
|
7071894
|
1.67
|
0.11
|
231
|
46.7
|
CD001469
|
390945
|
7071807
|
0.46
|
0.18
|
111
|
28.5
|
CD001470
|
391316
|
7072113
|
0.37
|
0.04
|
53
|
57.5
|
Colla Target
The Colla target is located just over 2 km southwest of Rincones.
Four historic holes were drilled here, at wide spacing over a
strike length of 2.2 kilometres. These holes returned high
grades of iron and cobalt over significant widths, including the
best interval of cobalt on the property: 414 ppm Co over
32 m starting at 116 m downhole in CO11DH-002*.
The first successfully completed hole in the current drilling
program was SP-DDH-02 which tested a high chargeability anomaly
(more than 30 mv/v) obtained from a recent 3D IP/Resistivity
survey. The second hole SP-DDH-09 in this target tested the
extension of specularite breccias and magnetite mantos delineated
at surface by the new detailed mapping. The specularite breccias
were partially tested in the past by hole CO11DH-002. Several
holes drilled at the start of the current program in this area were
abandoned due to issues with drilling and recovery.
Other Targets
The Rodeo target area is located 7.5 km northwest of
Rincones. The current area of this target has one historic
hole, RO12DH-005*, which intersected 34 metres averaging 1.03% Cu,
334ppm Co starting at 120 m downhole.
This intercept appears to correlate with the same
northwest-trending structure that is currently being mined by
small-scale local miners on adjacent tenements. A single drill hole
tested the lateral continuity of the Cu-Co mineralization in this
area.
The Mariposa target, at the northeast corner of the project,
hosts a series of specularite veins outcropping in an area of
200m by 80m with copper oxide mineralization. One hole
tested the extent of this surface mineralization. There has been no
previous drilling in this area.
Golden Arrow has postponed one
planned hole at the Radiss Norte target, in lieu of completing an
additional hole at Rincones.
*See Golden Arrow News Release dated March 17, 2022 for additional details and
highlights of historic drill results. This drilling was carried out
by previous operators and has not yet been independently verified
by the Company's Qualified Person. Reported intervals are core
lengths and true thickness has not been estimated at this
time.
Methodology and QA/QC
At the San Pietro project, all samples were shipped for
preparation and analysis at ALS Laboratory, an internationally
recognized assay service provider. Samples were prepared and
assayed at their facility in La Serena, Chile and assayed for gold by Fire
Assay/Atomic Absorption finish and analyzed for a multi-element
package by ICP-OES following a four-acid digestion. The Company
follows industry standard procedures for the work carried out on
the San Pietro Project, with a quality assurance/quality control
(QA/QC) program. Blank and standard samples were inserted in each
batch of samples sent to the laboratory for analysis. Golden Arrow detected no significant QA/QC
issues during review of the data.
About the San Pietro
Project
The 100% held San Pietro Project includes 18,448 hectares of
exploration and exploitation concessions in the Atacama region of
Chile, approximately 100
kilometres north of Copiapo in an active mining district that is
home to all the major Iron-oxide copper-gold ("IOCG") deposits in
Chile. There is excellent mining
infrastructure in the area, and the property is situated between
and adjacent to Capstone Copper's Santo Domingo IOCG mine
development project and Mantoverde IOCG mine property, and just
south of Alxar's Sierra Norte copper
deposit. [Proximity to other mining projects in the area does
not provide any assurances with respect to the prospects at the San
Pietro Project.]
The project hosts multiple advanced targets with significant
IOGG mineralization, and historic drilling encountered high grades
of the strategic metals copper and cobalt in numerous holes (see
News Release dated March 17,
2022). The potential for new mineralization, combined with a
central location in a new copper-cobalt district, makes San Pietro
the flagship project for value creation in Golden Arrow's portfolio.
Qualified Persons
The exploration programs are designed by the Company's
geological staff and results are reviewed, verified (including
sampling, analytical and test data) and compiled under the
supervision of Brian McEwen,
P.Geol., VP Exploration and Development to the Company. Mr.
McEwen is a Qualified Person as defined in National Instrument
43-101 and has reviewed and approved the contents of the news
release.
About Golden Arrow:
Golden Arrow Resources Corporation is a mining exploration
company with a successful track record of creating value by making
precious and base metal discoveries and advancing them into
exceptional deposits. The Company is well leveraged to the price of
gold, having monetized its Chinchillas silver discovery into a
significant holding in precious metals producer SSR Mining Inc.
Golden Arrow is actively
exploring the advanced San Pietro Cu-Au-Co project in Chile, and a portfolio that includes more than
180,000 hectares of prospective properties in
Argentina.
The Company is a member of the Grosso Group, a resource
management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
"Joseph Grosso"
_______________________________
Mr. Joseph Grosso,
Executive Chairman, President and CEO
www.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.
This news release may contain forward-looking statements.
Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
All statements, other than statements of historical fact, that
address activities, events or developments the Company believes,
expects or anticipates will or may occur in the future, including,
without limitation, statements about the Company's plans for its
mineral properties; the Company's business strategy, plans and
outlooks; the future financial or operating performance of the
Company; and future exploration and operating plans are
forward-looking statements.
Forward-looking statements are subject to a number of risks
and uncertainties that may cause the actual results of the Company
to differ materially from those discussed in the forward-looking
statements and, even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on, the Company.
Factors that could cause actual results or events to differ
materially from current expectations include, among other things:
the impact of COVID-19; risks and uncertainties related to the
ability to obtain, amend, or maintain licenses, permits, or surface
rights; risks associated with technical difficulties in connection
with mining activities; and the possibility that future
exploration, development or mining results will not be consistent
with the Company's expectations. Actual results may
differ materially from those currently anticipated in such
statements. Readers are encouraged to refer to the Company's public
disclosure documents for a more detailed discussion of factors that
may impact expected future results. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, unless required pursuant to applicable laws.
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