TSX Venture Exchange (TSX-V): GRG
Frankfurt Stock Exchange (FSE): G6A
OTCQB Venture
Market (OTCQB): GARWF
VANCOUVER, BC, April 24,
2024 /CNW/ - Golden Arrow Resources
Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF),
("Golden Arrow" or
the "Company") is pleased to report that it is now
drilling the first hole of an approximate 10,000-metre diamond
drilling campaign at the San Pietro Iron-Copper-Gold-Cobalt Project
in Chile ("San Pietro" or
the "Project"). The goal of the 2024 campaign is to
provide additional drill data to facilitate the first Mineral
Resource estimate for the Project.
The focus of the program will be the advanced Rincones target
where the 2023 drill program hit significant new intercepts that
extended the mineralized zone, including 64.2m averaging 0.86% copper, 0.20 g/t gold, 196
g/t cobalt and 26.9% iron, starting at 42.8m depth in hole SP-DDH-12 (see News Release
dated July 12, 2023). The first
several holes of this new campaign will complete a grid pattern to
verify the spacing sufficient for classifying resources, as
suggested by the modeling work completed to date. This will be
followed by additional infill holes as required based on
continued modeling. Following the infill holes at Rincones, up
to 3,000 metres of drilling will be used to test for new
mineralization at other high-potential target areas throughout the
Project.
Brian McEwen, VP Exploration and
Development for Golden Arrow,
commented, "We are excited to have the drills turning at San
Pietro. Recent surface mapping and relogging of existing drill core
has allowed us to fine tune the program as well as identify new
targets. It is all coming together in a very positive way. We have
already established strong iron oxide-copper-gold ("IOCG")
mineralization in a location that benefits from being situated in
an active IOCG-producing district, within a leading copper-gold
mining jurisdiction. We are completely funded and underway on a
resource delineation drill program, at a time when copper and gold
prices are reaching exciting highs supported by strong long-term
forecasts. This could translate to intense interest in San
Pietro moving forward."
The program is being funded through the option granted to
Sociedad de Servicios Andinos SpA ("SSA") in respect to the
San Pietro Project (the "Transaction") as announced on
January 12, 2024 (the "Initial Press
Release"). SSA procured a new drill rig, which is now drilling the
first hole, and supplied other equipment, supplies and drill
personnel to service the program.
San Pietro IOCG Project
The Project covers nearly 18,500 hectares, approximately 100
kilometres north of Copiapo. Situated between and adjacent to
Capstone Copper's Manto Verde Mine property and Santo Domingo
Project, San Pietro is in the centre of a potential new
copper-cobalt region within an active, well developed mining
district that is home to all the major iron oxide-copper-gold
("IOCG") deposits in Chile.
The San Pietro Project hosts multiple targets with strong
IOCG+cobalt mineralization. In 2023 the company completed
approximately 4000 metres of diamond drilling in 13 holes to add to
the database of ~34,000 metres of historic drilling at San Pietro.
All targets tested reported strongly mineralized intervals as
reported in company news releases on June
13, June 27 and July 12, 2023.
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.
Golden Arrow is actively
exploring its flagship property, the advanced San Pietro iron
oxide-copper-gold-cobalt project in Chile, and a portfolio that includes nearly
125,000 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
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
This news release contains forward-looking statements.
Generally, forward-looking statements can be identified by
the use of terminology such as "anticipate", "will", "expect",
"may", "continue", "could", "estimate", "forecast", "plan",
"potential" and similar expressions. 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
management of 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.
Accordingly, readers should not place undue reliance on the
forward-looking statements. Factors that could cause actual results
or events to differ materially from current expectations include,
among other things: 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
exploration activities; the possibility that future exploration.
There may be other factors that cause results or events to not be
as anticipated. Actual results may differ materially from those
currently anticipated in such statements. Readers are encouraged to
refer to the Company's Management's Discussion and Analysis for a
more detailed discussion of factors that may impact expected future
results. The forward-looking statements contained in this press
release are made as of the date hereof or the dates specifically
referenced in this press release, where applicable. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, unless required pursuant to applicable
laws. All forward-looking statements contained in this press
release are expressly qualified by this cautionary
statement.
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.
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SOURCE Golden Arrow Resources Corporation