TSX Venture Exchange (TSX-V): GRG
Frankfurt
Stock Exchange (FSE): G6A
OTCQB Venture Market (OTCQB): GARWF
VANCOUVER, BC, Sept. 14, 2020 /CNW/ - Golden Arrow
Resources Corporation (TSX-V: GRG) (FSE: G6A) (OTCQB: GARWF),
("Golden Arrow" or the "Company") is pleased to
announce the start of the first field program at the Rosales Copper
Project in Chile, as well as
provide an update on the exploration programs for its projects in
Argentina and Paraguay.
Rosales Copper Project, Chile
The first detailed field work is now underway at Golden Arrow's
recently staked Rosales Copper Project in Region III, Chile ("Rosales") including a soil sampling
and geological mapping program. Several hundred soil samples
will be taken, as well as 1:5,000 scale mapping of the Margarita
Trend and the NW targets.
"It's very exciting to have boots on the ground for the first
time at our new Rosales Project, particularly as we see the price
of copper continuing its upward trend over the $3.00 mark. Golden Arrow remains primarily focused on
precious metals, but this project was too good an opportunity to
pass up, providing 100% ownership at a very low entry cost, with
excellent exploration, and market, upside. We
look forward to advancing this project, while our team continues to
look throughout Chile for
additional precious and base metal opportunities," commented
Brian McEwen, Golden Arrow's VP Exploration and
Development.
The 100% held Rosales Copper Project covers 1,450-hectares, is
road-accessible, and is situated less than 90 kilometres from the
mining centre of Copiapo, with world-class exploration and mining
infrastructure readily available. Rosales has several priority
target areas characterized by zones of near-surface copper
stockwork mineralization, including the Margarita Trend target and
the NW target. The Margarita Trend is a structural trend that
continues from the adjacent operating Margarita mine southwest onto
the Rosales Project where mineralized occurrences were sampled and
returned values between 0.37% and 4.37% Cu from five rock chip
samples in a target area of 100 x 200 metres. [Golden Arrow cautions that proximity to a mining
operation does not indicate that mineralization will occur in
sufficient quantity or grade on Golden
Arrow's property that would result in an economic extraction
scenario.] In an area approximately three kilometres to the
northwest, ("the NW target") samples returned up to 5.74% Cu.
(See the News Release dated July 20,
2020 for additional details.)
Tierra Dorada Gold Project, Paraguay
The 500 metre shallow-hole diamond drilling program initiated in
late August at the Alvaro target is proceeding, with approximately
13 holes (180 metres) completed as of September 8th. The drilling is
expected to continue until approximately the end of the month, with
assay results of sampling to follow. (See News Release dated
August 28th, 2020 for
additional program details.)
The Tierra Dorada gold project covers an area of Pre-Cambrian
shield in southern Paraguay
prospective for orogenic gold deposits. The project includes two
property blocks totaling 64,000 hectares: the Paraguari property to
the north, and the Misiones property to the south. Golden Arrow has mainly focused its activities
to date at one of four previously-identified target areas known as
Alvaro in the southern property block, but also has a team working
on geological reconnaissance and stream sediment sampling in both
the northern and southern block concessions to evaluate as much of
the property as possible for additional targets.
Flecha de Oro Gold Project, Argentina
The Flecha de Oro gold project
in Rio Negro Province, Argentina, consists of three separate property
packages, Puzzle (1,952 hectares), Esperanza (9,968 hectares) and
Maquinchao (2,000 hectares) for a total tenure position covering
13,920 hectares in an area that is prospective for large epithermal
precious metal deposits. To date the Company has mainly
focused on the Esperanza property, to define high-grade gold
mineralized zones within the 16 kilometers of identified quartz and
chalcedony veins that display banded, colloform and crustiform
epithermal textures.
Field work at Flecha de
Oro has been suspended since the
spring due to COVID-19 travel and work restrictions. In
anticipation of a possible prolonged suspension, Golden Arrow has negotiated amendments to the
option agreements for the Esperanza and Puzzle properties that
delay 50% of the upcoming September payment to July of next year,
and extend the subsequent payment to July 2022. Over
the last few months, the technical team has undertaken data
processing of results received in the early summer to refine
targets for follow-up when field work resumes. In addition,
the team will soon be submitting an Environmental Impact Report
(EIR) for the new Maquinchao property, a required step in the
permitting process for exploration. (See News Release dated
June 8, 2020 for recent results and
details of the Maquinchao property option.)
Qualified Persons
The results of the Company's exploration program have been
reviewed, verified (including sampling, analytical and test data)
and compiled by the Company's geological staff 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 this 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 recently monetized its Chinchillas silver discovery
into a significant holding in precious metals producer SSR Mining
Inc.
Golden Arrow is actively
exploring a portfolio that includes a new epithermal gold project
in Argentina, a district-scale
frontier gold opportunity in Paraguay, a base-metal project in the heart of
a leading mining district in Chile
and more than 180,000 hectares of 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
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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SOURCE Golden Arrow Resources Corporation