VANCOUVER,
BC, June 13, 2023 TSX Venture Exchange
(TSX-V): GRG
Frankfurt Stock Exchange (FSE): G6A
OTCQB Venture Market (OTCQB): GARWF
/CNW/ - Golden Arrow Resources Corporation
(TSXV: GRG) (FSE: G6A) (OTCQB: GARWF), ("Golden Arrow"
or the "Company") is pleased to report the first results
from the Phase 1 diamond drilling program at the Company's flagship
San Pietro Iron-Copper-Gold-Cobalt Project in Chile. These first results from two completed
holes are from the Colla target, an early-stage exploration
prospect with high cobalt and iron in limited historic drilling,
located approximately two kilometres southwest from the main
Rincones target (see Figure 1).
Hole SP-DDH-02 was collared nearly 500m from the historic holes, testing an IP
geophysical anomaly. The hole returned multiple intervals of
copper, gold, cobalt and iron, highlighted by:
- 34m averaging 0.41% Cu, 0.07
g/t Au, 466 g/t Co and 18.0% Fe at 257m depth
-
- including 11m averaging 0.98% Cu, 896 g/t Co and 30.9%
Fe
- 8.60m averaging 0.83% Cu, 0.04
g/t Au and 1156 g/t Co at 472.4m depth
- 2.90m averaging 7.39 g/t Au
and 119 g/t Co at 354.85m
depth.
Of note, the final interval noted above was highest gold results
ever reported at the project. A full list of mineralized intervals
is shown in Table 1, below. The results of hole SP-DDH-02 opens a
new prospective area that appears parallel to the main Colla
specularite breccia, and is open for lateral extension to the north
and south as well as in the undrilled area between holes
(see Figure 2).
Brian McEwen, VP Exploration and
Development for Golden Arrow, commented, "Based on the historic
drilling we expected to mainly hit high cobalt in this area, which
is what makes Colla such an interesting sweetener to our main
Rincones target, just two kilometres to the northeast. But to make
this large step-out and hit these grades of copper, cobalt and gold
in hole 2 is fantastic and could be a future game changer for the
project. With hole 9, we hit the expected Co-rich specularite
breccia body, confirming the central area of this 1.5km long
structure carries strong mineralization. The team is very excited
for the upcoming results from Rincones and the other exploration
targets, based on the core from Phase 1. These will allow us to
finalize plans for the next round of work."
Drill hole SP-DDH-09 tested the continuity of mineralization in
specularite breccias where limited historic drilling had returned
multiple high cobalt results, including the best cobalt interval at
the project: 414 ppm Co over 32 m
starting at 116 m downhole in
historic hole CO11DH-002*. Hole SP-DDH-09 intercepted what is
believed to be the same breccia body as historical hole CO11DH-002,
located 485 metres to the south, and historic hole CO11DH-003,
located 286 metres to the north (see Figure 3). The new hole
returned multiple shallow intervals with highly elevated cobalt
(see Table 1), including a best of intercept of 11.25m averaging 483 g/t Co starting at
130.55m depth.
Additional Project & Phase 1 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.
Within the 180km2 land package, the Company is
focused on the Rincones advanced exploration target for completing
the first resource estimation (see Figure 1). This target formed
the core of the historic work, with 46 widely-spaced holes drilled
in an area of approximately 2.6 x 1.6 km, resulting in numerous
intervals with significant copper, gold and cobalt*. Golden Arrow
completed six diamond drill holes at Rincones in Phase 1 drilling
to test new geologic interpretations and is awaiting final results
prior to continuing on with more detailed drilling and deposit
modeling.
Three other targets were tested in the Phase 1 program. These
targets are considered early-stage exploration and provide
excellent potential for adding significant zones of mineralization
to the project. Results from Colla are the first to be received.
The location of Phase 1 drill holes are shown in Figure 1.
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 cobalt and iron 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
that covered an area of 700 x 1000 metres. The aim of the
geophysical survey was to detect pyrite concentrations that
correlate with chargeability anomalies, as cobalt is commonly found
within pyrite at the prospect. The hole succeeded in detecting
packages of magnetite replacement bodies from 74.15 to 76 m depth and from 280 to 291 m (see Table 1). These intercepts may
correspond to small magnetite bodies outcropping in the area with
copper and cobalt anomalies of up to 0.27 % Cu and 91 Co g/t from
rock chip samples. The hole also intercepted specularite veinlets
and breccias with pyrite (cobalt) and chalcopyrite as from 257 to
267 m deep. Additionally, the
high-grade gold interval of 2.90 m
averaging 7.39 Au g/t corresponds to a hydrothermal crackle breccia
with magnetite in the matrix (See Figure 2).
The second area to be tested at Colla was the main specularite
breccia body which had been partially tested by 4 historic holes
(see Golden Arrow news release dated March
17, 2022). Holes SP-DDH-03 and 04 attempted to drill this
area but failed to pass through a fault system at the contact of
the breccia. Hole SP-DDH-09 was therefore drilled 84 metres SW of
these holes and closer to the main breccia target to avoid the
fault (see Figure 2). This hole confirmed the continuity of the
specularite breccias and the extension of magnetite mantos
delineated at surface by the new detailed mapping, with several
high-grade cobalt intercepts as shown in Table 1. Together with the
surface rock chip channel samples collected by Golden Arrow (Figure
2) the Longitudinal Section C-D (Figure 3) demonstrates the
continuity of the cobalt mineralization from surface to at least
250 metres vertical depth. Core from hole SP-DDH-03 was assayed but
did not return any significant intervals. Core from hole SP-DDH-04
was not assayed.
Hole SP-DDH-09 was collared over 500
m from SP-DDH-02; the horizontal distance from the end of
SP-DDH-02 to the collar of SP-DDH-09 is ~250m (See Figure 2).
Table 1. Highlights of Drill
Intervals
[Cu Grade >0.20 % or Co Grade >200 g/t
or Au Grade >0.2 g/t]
Hole
|
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Cu
(%)
|
Au
(g/t)
|
Co
(g/t)
|
Fe
(%)
|
SP-DDH-02
|
|
74.15
|
76.00
|
1.85
|
0.96
|
0.37
|
332
|
27.68
|
|
118.00
|
133.00
|
15.00
|
|
|
256
|
|
|
228.00
|
230.00
|
2.00
|
0.11
|
|
473
|
|
|
257.00
|
291.00
|
34.00
|
0.41
|
0.07
|
466
|
18.02
|
includes
|
257.00
|
267.00
|
10.00
|
0.22
|
0.09
|
86
|
|
includes
|
267.00
|
277.00
|
10.00
|
0.08
|
|
495
|
|
includes
|
280.00
|
291.00
|
11.00
|
0.98
|
|
896
|
30.87
|
|
354.85
|
357.75
|
2.90
|
|
7.39
|
119
|
|
|
374.00
|
378.80
|
4.80
|
|
0.05
|
323
|
|
|
401.00
|
408.00
|
7.00
|
0.07
|
|
524
|
|
|
472.40
|
481.00
|
8.60
|
0.83
|
0.04
|
1156
|
|
|
487.00
|
489.80
|
2.80
|
0.24
|
|
|
|
SP-DDH-09
|
|
102.86
|
109.00
|
6.14
|
0.01
|
0.02
|
229
|
17.36
|
|
130.55
|
141.80
|
11.25
|
0.04
|
0.04
|
483
|
19.90
|
|
166.00
|
177.00
|
11.00
|
0.02
|
0.02
|
320
|
14.43
|
|
185.45
|
189.73
|
4.28
|
0.03
|
0.05
|
454
|
21.03
|
Intervals are downhole
length; true width to be confirmed with geologic
modelling.
|
Table 2. Drill Hole Collar Information
[PSAD 56 / UTM Zone
19 S]
Hole
|
Easting
|
Northing
|
Elevation
(m)
|
Azimuth
(˚)
|
Dip
(˚)
|
Final
Depth (m )
|
SP-DDH-02
|
7069900
|
390694
|
1102
|
235
|
-69
|
568.65
|
SP-DDH-03
|
7069736
|
390256
|
1136
|
245
|
-60
|
132.95
|
SP-DDH-04
|
7069732
|
390255
|
1136
|
245
|
-60
|
130.55
|
SP-DDH-09
|
7069673
|
390194
|
1133
|
270
|
-65
|
271.5
|
*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
This drilling campaign was
completed by Superex SA of Santiago,
Chile, using diamond drill producing HQ-sized core of 63.5
mm in diameter. The Golden Arrow field team, supervised by senior
geologists, photographed and logged the entire length of core for
each drillhole, as well as measured it for recovery and marked it
for sampling. Additionally, pieces of whole core approximately 10
to 15 cm long were selected and measured for specific gravity on
average every 20 metres and targeting all different lithologies.
Subsequently, the core was cut in half with an electric saw. One
half was labelled, bagged and sent for analysis and the other half
retained onsite. After completing the sampling of each hole, the
samples were shipped to ALS Laboratory in La Serena, Chile by a contract truck service. Sample
preparation and gold analysis by Fire Assay and reading by atomic
absorption on 30 gm sample by method Au-AA23 was completed at their
facility in La Serena. Multi-element package by ICP-OES reading
following a four-acid digestion by method ME-ICP61 was performed at
ALS facilities in Lima, Peru.
Samples with overlimit in copper (+ 10,000 g/t) were re-assayed by
ore grade method Cu-OG62 that includes four acid digestion and
ICP-OES reading. 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 Corp's Santo Domingo IOCG mine
development project and Mantoverde IOCG mine property, and just
south of Minera 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 targets with significant IOCG
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 zones of 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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