VANCOUVER, BC, Jan. 11,
2023 /CNW/ - Golden Arrow Resources
Corporation (TSX-V: GRG) (FSE: G6A) (OTCQB: GARWF),
("Golden Arrow" or the "Company") is pleased to
announce that it has initiated an IP-resistivity geophysical survey
at its new flagship San Pietro Copper-Gold-Cobalt (IOCG) Project in
Chile (see News Release dated
March 17, 2022). The IP survey will
be completed this month and is the final drill-targeting work prior
to the commencement of the Company's first diamond drilling program
in February.
Brian McEwen, VP Exploration and
Development for Golden Arrow,
commented, "It's been a very busy six months at San Pietro and
the work done by the team so far has highlighted the copper and
cobalt potential at multiple targets and expanded the areas of
interest. Against the backdrop of the exciting regional plans
announced by Capstone Copper to integrate their IOCG mining and
development projects that surround San Pietro, the team is ready to
make big strides at the project in 2023. The first drilling
campaign will test several targets, but it will be just the tip of
the iceberg for this year's full drill program. Concurrent
with this phase of drilling we will be continuing the field
evaluation and refinement of additional targets throughout the
large property area."
The focus of the exploration program in the last six months has
been to build and confirm the already extensive database and
modernize interpretations at the main prospects, to refine targets
for drilling. Mapping and sampling was undertaken throughout
the more than 18,000 hectares of property, detailed 1:2000 scale
mapping was completed at the first two of the four most advanced
targets, and additional work on the other targets is
on-going.
Contracted geophysical consultants with broad experience in IOCG
systems have nearly completed the review and reinterpretation of
historic geophysical data from throughout the project area.
The new Induced Polarization (IP) resistivity geophysical survey at
the Colla target will provide the final set of data to focus the
first Golden Arrow drill
program. The Colla target hosts the best cobalt
intervals from historic drilling, including a 32-metre interval in
hole CO-11-DH-002 that averaged 414 g/t Co and included a single
intercept of 1,040 g/t Co. [This drilling was carried out
by previous operators and has not been independently verified by
the Company's Qualified Person. Reported intervals are core lengths
and true thickness has not been estimated at this time.] The IP
survey, performed by GEO-3 consultants, will cover an area of 700 x
1000 metres, and provide a 3D model with a depth of up to 500
metres. The aim of the program is to detect chargeability anomalies
that correlate with pyrite concentrations, as cobalt is commonly
found within pyrite at the prospect.
A drill contractor has been secured and the initial program will
include approximately 2,500 metres of diamond drilling, with up to
20,000 metres currently planned for the year. Further details
will be announced prior to the commencement of the program.
About the San Pietro
Project
The 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's Santo Domingo IOCG mine
development project and Mantoverde IOCG mine property.
[Proximity to other mining projects in the area does not provide
any assurances with respect to the prospects at the San Pietro
Project.]
Prior to 2013, under previous ownership, the Project saw over
34,000 metres of drilling in 83 holes, over 1,000 surface samples
and multiple geophysical surveys. Extensive hydrothermal alteration
and mineralization was identified, and four main targets
delineated: Rincones, Radiss Norte, Colla and Rodeo. A resurgence
in commodity prices and interest in the cobalt market, combined
with a central location in a new copper-cobalt district, makes San
Pietro a flagship project for value creation in Golden Arrow's portfolio.
Other Updates
Golden Arrow announces that it
has terminated its final property option in the Flecha de Oro
Project in Argentina. Per the
option agreement announced on June 8,
2020, there were no minimum work commitments. Having
completed field mapping, sampling and ground geophysics,
Golden Arrow has determined that it
will not be proceeding with the option and has informed the
vendor.
Qualified Persons
The technical portions of this news release have been reviewed
and approved by Brian McEwen,
P.Geol., VP Exploration and Development to the Company and a
Qualified Person as defined in National Instrument
43-101.
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