VANCOUVER, BC, June 27,
2023 /CNW/ - Golden Arrow Resources
Corporation (TSXV: GRG) (FSE: G6A) (OTCQB:
GARWF) ("Golden Arrow" or the "Company") is
pleased to report additional results from the Phase 1 diamond
drilling program at the Company's flagship San Pietro
Iron-Copper-Gold-Cobalt Project in Chile, including one hole from each of the
Mariposa and Rodeo exploration prospects.
Brian McEwen, VP Exploration and
Development for Golden Arrow, commented, "With these results and
the ones from the Colla target announced earlier in June we have
confirmed our new interpretations for all three of the early-stage
exploration targets we tested. Up next will be the drill results
for our more advanced Rincones target, where we expect to
confirm that the new interpreted geometry led us to significant
mineralization that will increase the resource potential. As we
wait for the remaining Phase 1 data for Rincones, we are finalizing
the engagement of several consulting geoscientists, including a
structural geologist, all of whom will contribute to the drill
planning and detailed modeling required for a future resource
estimate. We have been methodical in our approach thus far, which
will allow us to move forward quickly and efficiently in Phase 2
and beyond, and we are very excited about what lies
ahead."
The Mariposa target includes several occurrences of specularite
veins with visible copper oxide mineralization as well as historic
small mine workings, in the northeast corner of the property
package. Phase 1 drill hole SP-DDH-08 tested one such occurrence
located approximately six kilometres from San Pietro's main
Rincones target and approximately 3.5 kilometres from Capstone
Copper's Santo Domingo Project resource area (see Figure 1).
[Proximity to other mining projects in the area does not provide
any assurances with respect to the prospects at the San Pietro
Project.] The occurrence had seen significant trench sampling
by previous operators but was previously undrilled. SP-DDH-08
successfully confirmed mineralization at depth, in a structure
believed to be the main feeder for mineralization in the immediate
area. Several shallow well-mineralized intervals were intersected,
including:
- 19.86m averaging 0.49% Cu,
0.19g/t Au, 575g/t Co and 17.26% Fe at 64.14m depth
-
- Including 6m
averaging 1.47% Cu, 0.34g/t Au, 517g/t Co and 15.42% Fe
The Rodeo target is in the northern part of the project, located
7.5 km northwest of Rincones (see Figure 1). This target has one
historic hole, RO12DH-005*, which intersected 34 metres averaging
1.03% Cu, 334ppm Co starting at 120 m downhole. Phase 1 drill
hole SP-DDH-10 successfully confirmed the lateral continuity of the
Cu-Co mineralization from the historic hole, cutting a long shallow
mineralized interval:
- 24m averaging 0.34% Cu,
0.04g/t Au, 234 g/t Co and 13.14% Fe
The current and historic holes at Rodeo appear to have
intersected the same northwest-trending structure that is currently
being mined by small-scale local miners on adjacent tenements.
[Proximity to other mining projects in the area does not provide
any assurances with respect to the prospects at the San Pietro
Project.]
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
an initial resource estimation. 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.
Mariposa Target
This target covers an area of approximately 1.5 km by 1 km where
there are several historic small mine workings in specularite veins
hosting copper mineralization. At one of these areas, the previous
operator of the project excavated seven N-S striking trenches and
sampled the oxide zone across a series of E-W striking specularite
veins and veinlets. Most of the trenches returned significant
intervals of copper, cobalt and gold mineralization (see Table
1) including a best interval of 38m
averaging 0.29 % Cu, 225 Co g/t and 0.12 Au g/t. Golden Arrow
completed new detailed geological mapping in this area, as well as
a reinterpretation of the historic maps and trenches. This work
identified a NW-SE striking structure interpreted to be the main
feeder to the E-W veins (see Figure 2a).
Table 1. Summary of Historic Trenches 1-7, Mariposa
Target
[Cu Grade >0.20 % or Co Grade >200 g/t or Au
Grade >0.2 g/t]
Trench
|
Interval
(m)
|
Cu
(%)
|
Au
(g/t)
|
Co
(g/t)
|
1
|
38
|
0.29
|
0.12
|
225
|
3
|
18
|
0.10
|
0.26
|
338
|
4
|
14
|
0.43
|
0.11
|
298
|
5
|
12
|
0.11
|
0.12
|
159
|
6
|
4
|
0.47
|
0.10
|
102
|
7
|
4
|
0.15
|
0.12
|
30
|
This data is from
previous operators and has not yet
been independently verified by the Company's
Qualified Person.
|
Phase 1 drill hole SP-DDH-08 targeted the NW-SE structure, and
intercepted it at the transition zone between the oxide and
hypogene zone at 70 metres from surface (Figure 2b). Table 2 summarizes the significant
intervals, including a highest-grade interval of 6 metres averaging
1.47% Cu, 517 g/t Co and 0.34 Au g/t within an interval of
19.86 metres averaging 0.49% Cu, 575 g/t Co and 0.19 g/t
Au.
This zone within the Mariposa target has structural similarities
with the Estrellita resource zone in Capstone Copper´s Santo Domingo project located approximately
3.5 km to the southeast. Estrellita is an east-west striking,
flat-lying tabular body that appears to have formed at the
intersection of a flat-lying and a steeply-dipping set of
specularite structures (see Capstone Copper NI 43-101 Report for
the Santo Domingo Project by Maycock et. al, dated Feb 19, 2020, filed on SEDAR).
Future exploration at the Mariposa target will include a
detailed geological and structural study of the entire target with
emphasis on the zones with demonstrated high-grade mineralization
at surface. This includes a second area of old workings
approximately 900 metres south of hole SP-DDH-08 where trench
sampling by the previous operator returned 18 metres averaging
0.79% Cu, 116 Co g/t and 0.15 Au g/t.
Table 2. Highlights of Drill Intervals, Mariposa
Target
[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-08
|
|
26.00
|
43.00
|
17.00
|
0.13
|
0.05
|
296
|
11.09
|
includes
|
36.00
|
41.00
|
5.00
|
0.28
|
0.08
|
386
|
13.04
|
|
64.14
|
84.00
|
19.86
|
0.49
|
0.19
|
575
|
17.26
|
includes
|
74.00
|
80.00
|
6.00
|
1.47
|
0.34
|
517
|
15.42
|
Intervals are downhole
length; true width to be confirmed with geologic
modelling.
|
Rodeo Target
The Rodeo target area is crossed by the Paraiso structure, a
1,200 metre-long northwest-striking structure dipping 55° to the
northeast (see Figure 3). Historic hole RO12DH-005* was collared in
a flat, alluvium-covered area of Golden Arrow's concession that
covers approximately 320 metres of the Paraiso structure. The
hole intersected 34 metres averaging 1.03% Cu and 334ppm Co
starting at 120 m downhole. Phase 1 drill hole SP-DDH-10 was
collared approximately 116 metres to the west of RO12DH-005, closer
to the structure. The new drill hole successfully confirmed the
lateral continuity of the Cu-Co mineralization from the
historic hole, cutting a long shallow mineralized interval of
24m averaging 0.34% Cu and 234 g/t Co
(see Table 3). This intercept consists of specularite breccias and
veins in an oxide zone and at the contact between andesitic tuffs
and porphyritic andesites.
Local third-party operators are conducting small-scale mining of
the Paraiso structure, targeting copper oxides, approximately
500m to the southeast of SP-DDH-10
and there are historic workings approximately 170m to the southwest. Golden Arrow has
identified structural features indicating that the Paraiso
structure continues further to the southeast, through the adjacent
third-party concession and back into Golden Arrow's concession (see
Figure 3). In addition, approximately 2,000 metres southeast of
hole SP-DDH-10 and along the inferred trend of the structure there
is an historic rock chip channel sample of 5 metres width with an
average grade of 0.96% Cu and 0.40 g/t Au (note: this is off the
map in Figure 3) Detailed geological work will be undertaken to
confirm the continuity of this structure and delineate future drill
targets.
Table 3. Highlights of Drill Intervals, Rodeo
Target
[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-10
|
|
60.00
|
84.00
|
24.00
|
0.34
|
0.04
|
234
|
13.14
|
Intervals are downhole
length; true width to be confirmed with geologic
modelling.
|
Table 4. Drill Hole Collar Information, Mariposa and Rodeo
Targets
[PSAD 56 / UTM Zone 19 S]
Hole
|
Easting
|
Northing
|
Elevation
(m)
|
Azimuth
(˚)
|
Dip
(˚)
|
Final
Depth
(m )
|
SP-DDH-08
|
7077236
|
392500
|
855
|
235
|
65
|
148.55
|
SP-DDH-10
|
7076730
|
385674
|
637
|
220
|
60
|
136.55
|
*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
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