VANCOUVER, BC, March 24,
2022 /CNW/ - Golden Arrow Resources
Corporation (TSXV: GRG) (FSE: G6A)
(OTCQB: GARWF) ("Golden Arrow" or the
"Company") is pleased to announce that it has initiated its
first diamond drilling program at the Libanesa Silver-Gold project
in Santa Cruz province,
Argentina. The program will drill
up to 2,000 metres in holes ranging from 75 to 250 metres in depth,
testing the Cerro Redondo, Lagunita and Lagunita West prospects.
Drills arrived at site and began drilling on March 16th. The initial program should
take about six weeks to complete.
"Our team has made excellent progress in the last few months
confirming the previous prospects and delineating new targets at
Libanesa. We are pleased to now move into the first drill phase at
this highly prospective project," commented Brian McEwen, VP Exploration and Development for
Golden Arrow.
Golden Arrow entered into an
option to acquire a 75% interest in Libanesa in the fourth quarter
of last year (see October 12,
2021 News Release.) Libanesa is a 14,500-hectare
silver-gold (lead) project located at the northeastern margin of
the Deseado Massif Gold-Silver metallogenic province, approximately
40 km northwest of the Cerro Moro Mine operated by Yamana Gold and
100 km northeast of the Don Nicolas mine operated by Cerrado Gold.
Libanesa hosts several diversified geological, geochemical and
geophysical supported targets. Since entering into the definitive
agreement for the project, Golden
Arrow has been conducting a detailed surface program to
refine the previously defined targets and evaluate more of the
property. To date, the technical team has collected 274 channel and
rock chip samples by opening 20 trenches. See Figure 1 for the
location of the main prospects and the planned drill hole
locations.
Libanesa Project Target Highlights
The Cerro Redondo prospect area includes a sub-circular feature,
approximately one kilometre in diameter, that hosts multiple
gold-silver-lead in rock anomalies inside and at its margins, plus
additional targets within approximately 500 metres. Cerro Plomo is
the principal target and is characterized by a well-mineralized
gold-silver hydrothermal breccia that is exposed at surface and
supported by both chargeability and resistivity geophysical
anomalies at depth. The hydrothermal breccia is approximately 50
metres in diameter and is hosted in lapilli and crystal tuffs and
pyroclastic breccias. Mineralization is mainly hosted in the matrix
of the breccia with chip samples from the previous operator of up
to 2.55 g/t Au and 2802 g/t Ag and channel samples of 11 metres @
1.21 g/t Au and 13 g/t Ag. The recent detailed channel sampling by
Golden Arrow also confirmed
disseminated mineralization in the crystal tuffs with up to 0.32
g/t Au and 15 g/t Ag outside the main hydrothermal breccia.
Thirteen drill holes from a total of eighteen are planned in the
area of Cerro Redondo.
Approximately 5.5 kilometres north of Cerro Redondo, the
Lagunita target includes typical low sulfidation type epithermal
veins and breccias. Intermittent vein occurrences,
outcropping/subcropping through post mineral cover, were mapped by
previous operators over a strike length of at least 2.3 kilometres.
Golden Arrow's surface program has
identified a second target, Lagunita West, where silicified tuffs
with quartz veinlets and disseminated pyrite define a different
epithermal system that includes high gold and low silver. The
program included twelve rock chip samples collected over 400 metres
at Lagunita West that returned 4 anomalous values of 2.4 g/t Au,
0.31 g/t Au, 0.17 g/t Au and 0.15 g/t Au, coincident with a
northwest striking magnetic low. Five drill holes are planned to
test these two targets.
Methodology and QA/QC
At the Libanesa project, trenches were dug perpendicular to the
main trend of the structures and continued into the host rock
on either side. Channel samples were cut along the trench
walls with an electric saw and sampled based on geology. Samples
were shipped for preparation and analysis at Alex Stewart
Laboratories, an internationally recognized assay
service provider at Perito Moreno in Santa Cruz province, where they were prepared
and assayed for gold
by Fire Assay/Atomic Absorption/gravimetry for gold
and silver. Multi-element package
by ICP-OES following a four-acid digestion was
done in their laboratory in Mendoza.
The Company follows industry standard procedures for the
work carried out on all its projects, with a quality
assurance/quality control (QA/QC) program. Blank, duplicate
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.
Exploration Update
Golden Arrow continually acquires
and explores a series of projects in order to identify the best
opportunities to identify potentially economic resources and build
value. The following is a summary of recent work at the core
projects.
On March 17, 2022, Golden Arrow announced the purchase of the San
Pietro IOCG project in Chile. The
project has seen a significant amount of work that indicates
near-term resource potential in addition to multiple areas with
significant exploration upside, highlighted by drill results such
as 28 metres averaging 1.14% Cu, 0.12g/t Au, and 335ppm Co, in
RA-12-DH-003. The Company is commencing an exploration program that
will work toward resource delineation at the Rincones zone, while
continuing to evaluate and advance the four additional known
targets and other areas of the property.
Golden Arrow recently completed a
diamond drilling program at its Tierra Dorada gold project in
Paraguay. The Phase II program
included 46 drill holes totaling 1791.80 metres testing the Alvaro
and Itayuru prospects. Samples have been dispatched to the
laboratory but complete assays are not expected until late
April.
At the Rosales Copper project in Chile, the first program of drilling concluded
late in 2021. The program tested near-surface and deep conductive
targets which were interpreted to exhibit the hallmarks of
high-grade, stratabound or mantos-style copper deposits. Results
from the program did not confirm the interpretation. Next steps for
the project are being reviewed; there are no work commitments as
all properties are 100% held or under application.
Finally, after completing detailed surface exploration,
trenching and geophysical programs, Golden
Arrow has relinquished its option for the Puzzle and
Esperanza properties of the Flecha de Oro project in Rio
Negro, Argentina. The
Company determined that the results did not justify continued work,
under the option agreement. Golden
Arrow retains its option for the 2,000-hectare Maquinchao
property, for which work permits and surface agreements were
recently approved. The Company is evaluating next steps for the
property; there are no minimum work commitments.
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 a portfolio that includes an 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