TSX Venture Exchange (TSX-V): GRG
Frankfurt Stock Exchange (FSE): G6A
OTCQB Venture Market (OTCQB): GARWF
VANCOUVER, BC, Jan. 21,
2025 /CNW/ - Golden Arrow Resources
Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF),
("Golden Arrow" or the "Company") is
pleased to report the latest results from the San Pietro Project in
Chile, where drilling of the
southern extension of the Rincones target returned the best copper
interval to date: 283 metres averaging 0.23% Cu, 0.04 g/t Au,
101 g/t Co and 15.5% Fe from 83 metres depth in
SP-DDH-38. This includes two intervals with notably higher
grades of copper (75 metres averaging 0.33% Cu and 11.55
metres averaging 0.51% Cu) and a 9.35 metre interval
averaging 0.74% Cu, 0.43 g/t Au, 254 g/t Co and 38.6% Fe.

SP-DDH-29 was the first hole to test for a southern extension of
the Rincones target. It stepped out nearly 400 metres from
previously drill-defined mineralization and intersected
310.85 m averaging 0.19% Cu, 0.06 g/t
Au, 127 g/t Co and 12.2% Fe starting at 186.4m depth, as reported on October 31, 2024. Excited by these results and
the potential to continue to expand Rincones to the south towards
the Colla target, the team designated the final three holes of the
Phase 2 drill program to further test the area and provide data
that could potentially be included in the upcoming Mineral Resource
Estimate ("MRE"). As seen in Figure 1, this new hole
SP-DDH-38 was collared approximately 250 metres south of the main
Rincones target area, in the untested area centered 420 metres
northwest of SP-DDH-29. New drill hole SP-DDH-39 was drilled
another 250 metres south from SP-DDH-38, and along the NW-SE trend
of mineralization intersected in hole 29. SP-DDH-40 was drilled to
infill between SP-DDH-38 and the main Rincones mineralization
(Figure 2). Final assays for holes -39 and -40 are the last
results pending from the program.
Brian McEwen, VP Exploration and
Development for Golden Arrow, commented, "Hole 38 is helping
define the so far sparsely-tested and yet significant southern
extension that adds to the central area of thick continuous
mineralization at Rincones. Phase 2 has now drilled nine
holes with intervals of more than 100 metres of significant copper,
including the two that are over 280 metres, and four that grade
over 0.4% copper, and we still have two high-potential holes left
to report. The Company remains on-track to complete our first
MRE for the project in the coming weeks and I strongly believe it
will just be scratching the surface of what this project has to
offer."
Two additional holes reported here returned intervals with over
100 metres of mineralization. SP-DDH-37 was an infill hole in the
centre of Rincones, and returned 130 metres averaging 0.23% Cu,
0.05 g/t Au, 69g/t Co and 13.4% Fe from 250 m depth, including 15.30 metres averaging
0.96% Cu, 0.31 g/t Au, 179 g/t Co and 28.5% Fe.
Mineralization at the western side of the target was also expanded,
where hole SP-DDH-35 stepped out 135 metres and intercepted 102
metres averaging 0.25% Cu, 0.04 g/t Au, 185 g/t Co and 14.7% Fe
from 186 metres depth in hole SP-DDH-35, including 10.30
metres averaging 0.51% Cu, 0.05 g/t Au,137 g/t Co and 13.4%
Fe.
The new holes reported in Table 1 are part of the now-complete
Phase 2 diamond drilling campaign at the San Pietro Iron
Oxide-Copper-Gold-Cobalt ("IOCG") Project in Chile ("San Pietro" or the
"Project") announced on April 24,
2024. Final assays from the last two holes are
pending.
Table 1. Summary of New Intervals, Phase 2
Drilling
[Cu Grade >0.20% or Co Grade >200 g/t or Au
Grade >0.2 g/t or Fe Grade
>30%]
Hole
|
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Cu
(%)
|
Au
(g/t)
|
Co
(g/t)
|
Fe
(%)
|
Rincones
Target
|
|
|
138.00
|
141.85
|
3.85
|
0.38
|
0.22
|
154
|
11.6
|
|
|
186.00
|
288.00
|
102.00
|
0.25
|
0.04
|
185
|
14.7
|
SP-DDH-35
|
includes
|
230.00
|
240.30
|
10.30
|
0.51
|
0.05
|
137
|
13.4
|
|
|
317.83
|
336.65
|
18.82
|
0.06
|
0.03
|
202
|
13.6
|
SP-DDH-36
|
|
6.00
|
12.00
|
6.00
|
0.17
|
0.06
|
221
|
23.3
|
|
54.00
|
74.00
|
20.00
|
0.20
|
0.02
|
57
|
8.3
|
|
128.00
|
134.00
|
6.00
|
0.45
|
0.07
|
602
|
23.5
|
SP-DDH-37
|
|
23.00
|
57.00
|
34.00
|
0.55
|
0.24
|
163
|
51.0
|
|
127.00
|
139.00
|
12.00
|
0.23
|
0.02
|
40
|
11.5
|
|
146.50
|
150.00
|
3.50
|
0.25
|
0.03
|
33
|
15.4
|
|
250.00
|
380.00
|
130.00
|
0.23
|
0.05
|
69
|
13.4
|
includes
|
250.00
|
265.30
|
15.30
|
0.96
|
0.31
|
179
|
28.5
|
SP-DDH-38
|
|
83.00
|
366.00
|
283.00
|
0.23
|
0.04
|
101
|
15.5
|
includes
|
110.65
|
120.00
|
9.35
|
0.74
|
0.43
|
254
|
38.6
|
&
includes
|
138.00
|
149.55
|
11.55
|
0.51
|
0.05
|
80
|
12.5
|
&
includes
|
280.00
|
355.00
|
75.00
|
0.33
|
0.05
|
183
|
21.5
|
Note: Intervals are
downhole length. See hole descriptions in text for additional
details.
|
San Pietro Phase 2 Drill Program Details
The San Pietro Project hosts multiple targets with strong Iron
oxide-Copper-Gold and Cobalt mineralization (see Figure 1). This
mineralization is typically found within a pile of fine to
porphyritic andesites that exhibit widespread potassic feldspar
alteration. The mineralization is often associated with areas where
a superimposed quartz-scapolite alteration is more intense and
there is a development of brecciation and massive replacement of
magnetite.
In 2023, the Company completed a Phase 1 drill program of
approximately 4000 metres of diamond drilling in 13 holes to add to
the database of ~34,000 metres of historic drilling at San Pietro.
Strongly mineralized intervals were intercepted at all targets
tested as reported in company news releases on June 13, June 27
and July 12, 2023.
The Company focused this Phase 2 drill program mainly on the
Rincones advanced exploration target with the goal of completing an
initial Mineral Resource Estimate. In addition, 2 holes (SP-DDH-25
and SP-DDH-34) with a total of 607 metres were drilled at the
nearby Colla target.
SP-DDH-35 stepped out 135 metres west of historic
reverse circulation ("RC") hole RARC-015, which included a
142-metre interval averaging 0.32% Cu, 92 g/t Co, 0.05 g/t Au and
10.5% Fe starting at 54 metres downhole (azimuth 0˚ &
dip -65˚). A similar long, well-mineralized interval in
SP-DDH-35 (see Table 1) was hosted in a series of subvertical
crackle breccias and veinlets plus several 1-to-3-metre-wide,
east-west trending subvertical breccias filled with
specularite-chalcopyrite-pyrite. These structures were also
intercepted in the holes east and west of SP-DDH-35.
SP-DDH-36 was drilled in the north-central part of
Rincones where it intercepted east-west trending crackle breccias
with specularite-chalcopyrite-pyrite, dipping 70° to 89° the north.
Mineralization was modest, similar to an adjacent historic RC
hole.
SP-DDH-37 tested a gap in the central part of
Rincones approximately 145 metres southeast of SP-DDH-12, which
returned the best overall interval of the Phase 1 program:
64.2 m averaging 0.86% Cu, 0.20 g/t
Au, 196 g/t Co and 25.9% Fe starting at 42.8 metres depth (see News
Release from July 12, 2023). A second
interval of 75.0 metres averaging 0.23% Cu, 0.03 g/t Au and 67 g/t
Co starting at 243 metres depth was also reported. SP-DDH-37
successfully identified similar mineralized zones in the gap
tested. Immediately below 23 metres of gravels, SP-DDH-37 started
with a series of magnetite replacement mantos striking northwest
and dipping 66° to the southwest. These hosted copper and iron
oxides in veinlets in a fine porphyritic andesite, with a 34 metre
interval averaging 0.55% Cu, 0.24 g/t Au, 163 g/t Co and 51% Fe.
These mantos correlate with those intercepted in hole SP-DDH-12.
Starting at 250 metres depth, SP-DDH-37 intercepted another series
of magnetite mantos, 3 to 5 metres wide, with veinlets and
disseminations of chalcopyrite and pyrite plus zones of breccias
filled with specularite and chalcopyrite. This lower zone
returned a long (130 metres) well-mineralized interval, including
over 15 metres with nearly a percent copper and 0.3 g/t Au as well
as significant cobalt and iron (see Table 1).
SP-DDH-38 expanded the southern extension of the Rincones
mineralization, as first identified in hole SP-DDH-29 that returned
310.85 metres averaging 0.19% Cu, 0.06 g/t Au, 127 g/t Co and 12.2%
Fe starting at 186.4 metres depth (see News Release dated
October 31, 2024). Mineralization was
pervasive throughout nearly 300 metres of downhole depth, (see
Table 1) hosted in porphyritic andesites with crackle breccias. In
the first half of the 283-metre reported interval, the crackle
breccias are filled with magnetite-chalcopyrite-pyrite and in the
second half with specularite-chalcopyrite-pyrite. Additionally, 3
magnetite mantos were intercepted downhole. These were
approximately 10 metres in width with east-west strike, dipping to
the south and hosted disseminated and fracture-controlled
chalcopyrite-pyrite mineralization.
Table 2. Drill Hole Collar
Information
[PSAD 56 / UTM Zone 19 S]
Hole
|
Easting
|
Northing
|
Elevation
(m)
|
Azimuth
(˚)
|
Dip
(˚)
|
Final Depth
(m)
|
SP-DDH-35
|
390561
|
7071720
|
1003
|
20
|
-60
|
368
|
SP-DDH-36
|
391283
|
7071902
|
940
|
0
|
-60
|
200
|
SP-DDH-37
|
391036
|
7071653
|
952
|
20
|
-60
|
389
|
SP-DDH-38
|
390598
|
7071282
|
1000
|
20
|
-60
|
374
|
Methodology & QA/QC
This drilling campaign was completed by Sociedad de Servicios
Andinos SpA of Copiapó, Chile,
using diamond drill producing HQ-sized core. 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. 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 Copiapo, 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 the ALS facility in Santiago de Chile. 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 over limits in copper (+ 10,000 ppm) 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 with material effect on the data.
The trajectory of all the holes drilled at San Pietro during this
Phase 2 were measured using the gyroscope equipment "Champ
Navigator" that assures no interference from the magnetite in the
ground. Additionally, all the core was orientated using the "Champ
Ori" core orientator to measure the azimuth and dip of
structures.
About the San Pietro IOCG Project
The San Pietro Project covers approximately 20,000 hectares, 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-iron-cobalt district within an active, well-developed mining
region that is home to all the major iron oxide-copper-gold
("IOCG") deposits in Chile.
The Project is hosted by andesite units in a Cretaceous-aged
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 mantos, breccias and veins
within a zone of alteration characterized by an association of
actinolite, epidote, chlorite and scapolite. The mantos are
replacement of andesite by magnetite and sulphides, with a roughly
southeast strike and a gentle dip to the SW. Breccias and veins
crosscut the mantos, are often subvertical, and filled with
specularite and sulphides.
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