TSX Venture Exchange (TSX-V): GRG
Frankfurt Stock Exchange (FSE): G6A
OTCQB Venture Market (OTCQB): GARWF
VANCOUVER, BC, Feb. 28,
2025 /CNW/ - Golden Arrow Resources
Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF),
("Golden Arrow" or
the "Company") is pleased to announce the results
of the first mineral resource estimate ("MRE") for the San Pietro
Copper-Gold-Iron-Cobalt Project in Chile ("San Pietro" or the "Project").
MRE Highlights (see Table 1 for details):
- 492 million tonnes at an average grade of 0.23% Cu, 0.05 g/t
Au, 14.43% Fe & 99 ppm Co in the Inferred category,
including
- 2.5 Billion pounds of copper, and
- 770,000 ounces of gold.
The pit-constrained MRE is supported by 32,733 metres of
drilling, mostly from the Rincones target which has been the main
focus of work to date, but with contributions from the adjacent
Colla high cobalt-iron target. (see Figure 1).
Brian McEwen, VP Exploration and
Development for Golden Arrow,
commented, "We are thrilled to report this initial resource
estimate and demonstrate our commitment to building value for our
shareholders. In just three years we have turned a US$3.35M property purchase into an asset with
substantial copper and gold resources that have the potential to
rival other deposits in the region. As designed, our programs to
date were successful in expanding and better defining the
property's main target, Rincones, resulting in the initial current
Inferred mineral resource estimate being announced today. The next
phase of drilling will focus on delineating higher grade breccias
and mantos within the resource area as measured and indicated
resources. We also plan an extensive metallurgical sampling program
to gain a better understanding of the recoverable magnetic iron and
cobalt recovery options. In addition, we ended our last program on
a high note, with long mineralized intervals in large step-out
holes at Rincones that support drilling further to the south and
east to expand the resource. We are eager to continue our work as
we are confident that there is plenty of potential remaining to
increase the size and grades of these resources, as well as
identify others within our vast property holdings."
Table 1. Estimate of Inferred Mineral Resources Reported
using 0.30% CuEq Cutoff
|
|
Grade
|
Contained
Metal
|
|
CuEq%
Cutoff
|
Tonnes
Mt
|
CuEq
%
|
Cu
%
|
Au
g/t
|
Co
ppm
|
Fe
%
|
CuEq
Mlb
|
Cu
Mlb
|
Au
Oz
|
Co
Mlb
|
Fe
Blb
|
|
0.30
|
492
|
0.41
|
0.23
|
0.05
|
99
|
14.43
|
4,444
|
2,470
|
770,000
|
107
|
157
|
|
Notes to Table
1:
|
|
1.
|
In-Situ Mineral
resources are reported within a pit shell using metal prices of
US$4.80/lb Cu, US$2,300/oz Au, US$15.00/lb Co and US$120.00/lb Fe,
mining costs of US$2.50/t, processing and G&A costs of
US$9.50/t, 90% recovery for Cu, 65% recovery for Au, 80% recovery
for Co and 40% recovery for Fe and an average pit slope of 45
degrees. Additional pitshells were built to demonstrate sensitivity
to copper and iron prices using all the same inputs with three
different Cu and Fe prices: Cu$3.80/lb and Fe$100/lb, Cu$4.30 and
Fe$120/lb, Cu$5.30/lb and Fe$130/lb.
|
|
2.
|
CuEq values are based
on copper, gold, cobalt and iron values using metal prices of
US$4.10/lb Cu, US$2,500/oz Au, US$15/lb Co and US$105/lb Fe and
metallurgical recovery values of 90% for Cu, 65% for Au, 80% for Co
and 40% for Fe. The resulting formula is CuEq=Cu%+(Aug/t
*0.705)+(Co%*3.252)+(Fe%*0.008), The cut-off grade for reporting
the mineral resources within the pitshell is 0.30% CuEq using total
costs of US$18/t.
|
|
3.
|
The block model was
classed into Inferred Mineral Resources for blocks with two
drillholes within 400 m.
|
|
4.
|
Mineral Resources are
not Mineral Reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the
Mineral Resources will be converted into Mineral
Reserves.
|
|
5.
|
Mineral resources in
the Inferred category have a lower level of confidence than that
applied to Indicated mineral resources, and, although there is
sufficient evidence to imply geologic grade and continuity, these
characteristics cannot be verified based on the current data. It is
reasonably expected that the majority of Inferred mineral resources
could be upgraded to Indicated mineral resources with continued
exploration.
|
The sensitivity of the in-situ mineral resources to varying
copper and iron prices is demonstrated by listing mineral resources
contained within pit shells generated at each defined metal price,
and at variable cut-off grades. The results are summarized in Table
2.
Table 2. Sensitivity of Mineral Resources
|
Pitshell
|
CuEq
Cutoff
|
Tonnes
Mt
|
CUEQ
%
|
Cu
%
|
Au
g/t
|
Co
ppm
|
Fe
%
|
CuEq
Mlb
|
Cu
Mlb
|
Au
Oz
|
Co
Mlb
|
Fe
Blb
|
|
Cu $3.80
|
0.10
|
1,746
|
0.26
|
0.12
|
0.03
|
68
|
11.65
|
9,877
|
4,697
|
1,530,000
|
261
|
449
|
|
Cu $4.30
|
0.10
|
1,935
|
0.25
|
0.12
|
0.03
|
68
|
11.59
|
10,768
|
5,065
|
1,670,000
|
290
|
494
|
|
Cu $4.80
|
0.10
|
2,266
|
0.25
|
0.11
|
0.03
|
68
|
11.53
|
12,313
|
5,672
|
1,900,000
|
342
|
576
|
|
Cu $5.30
|
0.10
|
2,701
|
0.24
|
0.11
|
0.02
|
69
|
11.44
|
14,098
|
6,274
|
2,150,000
|
409
|
681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cu $3.80
|
0.15
|
1,548
|
0.27
|
0.13
|
0.03
|
71
|
12.02
|
9,305
|
4,519
|
1,470,000
|
244
|
410
|
|
Cu $4.30
|
0.15
|
1,699
|
0.27
|
0.13
|
0.03
|
72
|
11.98
|
10,091
|
4,857
|
1,590,000
|
269
|
448
|
|
Cu $4.80
|
0.15
|
1,964
|
0.26
|
0.13
|
0.03
|
73
|
11.94
|
11,451
|
5,416
|
1,800,000
|
315
|
517
|
|
Cu $5.30
|
0.15
|
2,247
|
0.26
|
0.12
|
0.03
|
74
|
11.92
|
12,813
|
5,919
|
2,010,000
|
367
|
591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cu $3.80
|
0.20
|
1,121
|
0.31
|
0.16
|
0.03
|
79
|
12.77
|
7,656
|
3,891
|
1,240,000
|
196
|
316
|
|
Cu $4.30
|
0.20
|
1,214
|
0.31
|
0.16
|
0.03
|
80
|
12.73
|
8,215
|
4,151
|
1,330,000
|
214
|
341
|
|
Cu $4.80
|
0.20
|
1,369
|
0.30
|
0.15
|
0.03
|
81
|
12.71
|
9,148
|
4,570
|
1,480,000
|
244
|
384
|
|
Cu $5.30
|
0.20
|
1,496
|
0.30
|
0.15
|
0.03
|
83
|
12.72
|
9,918
|
4,901
|
1,600,000
|
272
|
420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cu $3.80
|
0.25
|
732
|
0.36
|
0.19
|
0.04
|
88
|
13.67
|
5,743
|
3,051
|
960,000
|
142
|
221
|
|
Cu $4.30
|
0.25
|
778
|
0.35
|
0.19
|
0.04
|
88
|
13.61
|
6,074
|
3,222
|
1,010,000
|
151
|
234
|
|
Cu $4.80
|
0.25
|
854
|
0.35
|
0.19
|
0.04
|
89
|
13.58
|
6,618
|
3,496
|
1,100,000
|
167
|
256
|
|
Cu $5.30
|
0.25
|
913
|
0.35
|
0.18
|
0.04
|
91
|
13.57
|
7,058
|
3,712
|
1,170,000
|
182
|
273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cu $3.80
|
0.30
|
431
|
0.41
|
0.23
|
0.05
|
98
|
14.59
|
3,931
|
2,186
|
690,000
|
93
|
139
|
|
Cu $4.30
|
0.30
|
455
|
0.41
|
0.23
|
0.05
|
98
|
14.51
|
4,128
|
2,297
|
720,000
|
98
|
145
|
|
Cu
$4.80
|
0.30
|
492
|
0.41
|
0.23
|
0.05
|
99
|
14.43
|
4,444
|
2,470
|
770,000
|
107
|
157
|
|
Cu $5.30
|
0.30
|
524
|
0.41
|
0.23
|
0.05
|
101
|
14.40
|
4,721
|
2,618
|
820,000
|
116
|
166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cu $3.80
|
0.35
|
271
|
0.47
|
0.27
|
0.06
|
104
|
15.19
|
2,796
|
1,623
|
500,000
|
62
|
91
|
|
Cu $4.30
|
0.35
|
284
|
0.47
|
0.27
|
0.06
|
104
|
15.12
|
2,916
|
1,694
|
520,000
|
65
|
95
|
|
Cu $4.80
|
0.35
|
304
|
0.46
|
0.27
|
0.06
|
105
|
15.03
|
3,104
|
1,802
|
560,000
|
70
|
101
|
|
Cu $5.30
|
0.35
|
322
|
0.46
|
0.27
|
0.06
|
107
|
14.99
|
3,289
|
1,906
|
590,000
|
76
|
106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cu $3.80
|
0.40
|
173
|
0.52
|
0.31
|
0.07
|
107
|
15.60
|
1,991
|
1,201
|
370,000
|
41
|
60
|
|
Cu $4.30
|
0.40
|
181
|
0.52
|
0.31
|
0.07
|
107
|
15.52
|
2,067
|
1,247
|
390,000
|
43
|
62
|
|
Cu $4.80
|
0.40
|
192
|
0.52
|
0.31
|
0.07
|
109
|
15.45
|
2,184
|
1,316
|
410,000
|
46
|
65
|
|
Cu $5.30
|
0.40
|
204
|
0.52
|
0.31
|
0.07
|
112
|
15.42
|
2,315
|
1,391
|
430,000
|
50
|
69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cu $3.80
|
0.50
|
74
|
0.62
|
0.40
|
0.09
|
115
|
16.02
|
1,021
|
650
|
210,000
|
19
|
26
|
|
Cu $4.30
|
0.50
|
76
|
0.62
|
0.40
|
0.09
|
115
|
15.97
|
1,048
|
667
|
210,000
|
19
|
27
|
|
Cu $4.80
|
0.50
|
79
|
0.62
|
0.40
|
0.09
|
117
|
15.89
|
1,089
|
693
|
220,000
|
20
|
28
|
|
Cu $5.30
|
0.50
|
84
|
0.62
|
0.39
|
0.09
|
123
|
15.83
|
1,146
|
726
|
230,000
|
23
|
29
|
|
Notes to Table
2:
|
|
1.
|
The estimates in this
table are constrained within individual pit shells generated using
the variable copper and iron metal prices and fixed gold
(US$2,300/oz) and cobalt (US$15/lb).
|
|
2.
|
Copper and iron grades
used were:
|
|
Cu $3.80 Pitshell
US$3.80/lb Cu and US$100/lb Fe
|
|
Cu $4.30 Pitshell
US$4.30/lb Cu and US$110/lb Fe
|
|
Cu $4.80 Pitshell
US$4.80/lb Cu and US$120/lb Fe
|
|
Cu $5.30 Pitshell
US$5.30/lb Cu and US$130/lb Fe
|
|
3.
|
Pitshell generation
used mining costs of US$2.50/t, processing and G&A costs of
US$9.50/t, 90% recovery for Cu, 65% recovery for Au, 80% recovery
for Co and 40% recovery for Fe and an average pit slope of 45
degrees.
|
The effective date of the Mineral Resource estimate is
January 24, 2025. Supporting
information for the Mineral Resource estimate will be detailed in
an independent technical report prepared in accordance with
National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101") which will be filed on SEDAR+ under the
Company's profile within 45 days of the date of this news
release.
Approach to Estimation of the Mineral Resources at San
Pietro's Rincones and Colla Deposits
The database comprises a total of 39 drill holes for 12,532
metres of drilling completed by Golden
Arrow between 2023 and 2024 and 47 drill holes for 20,200
metres of drilling completed by previous operators (2008 to 2011)
for a total of 83 drill holes for 32,733 metres.
The mineral resource estimate was restricted within an indicator
shell built using ordinary kriging to estimate the probability the
CuEq grade item exceeded 0.10 % CuEq. Copper, gold, cobalt,
iron, molybdenum and silver composited data were estimated into
20m x 20m x 10m blocks
within the indicator shell using 1.0 metre composites with the
search domain restricted for high grade samples. To generate
grade within the blocks, the ordinary kriging interpolation method
was used with variograms for each metal along with inverse distance
and nearest neighbour methods.
An average density value of 2.94 t/m3 was assigned to
the block model based on 10,100 density determinations in drillhole
intersections within the indicator shell.
High-grade composite values were restricted using an outlier
strategy for Cu at 4.0%, Au at 1.2 g/t, Ag at 6.3 g/t, and Mo at
3500 ppm. No restrictions were necessary for the Fe% or Co
values.
Cautionary Statement Regarding Mineral Resources
The mineral resources disclosed in this press release conform to
NI 43-101 standards and guidelines and were prepared by independent
qualified persons. The above-mentioned mineral resources are not
mineral reserves as they do not have demonstrated economic
viability. The quantity and grade of the reported Inferred Mineral
Resources are conceptual in nature and are estimated based on
limited geological evidence and sampling. Geological data is
sufficient to imply but not verify geological grade and/or quality
of continuity. An Inferred Mineral Resource has a lower level of
confidence relative to a Measured or Indicated Mineral Resource and
constitutes an insufficient level of confidence to allow conversion
to a Mineral Reserve. It is reasonably expected, but not
guaranteed, that the majority of Inferred Mineral Resources could
be upgraded to Measured or Indicated Mineral Resources with
additional drilling. The National Instrument 43-101 Technical
Report supporting the mineral resources for the San Pietro Project
contained in this news release, will be filed on SEDAR+ by
Golden Arrow within 45 days of the
date of this news release.
Opportunities
Categories and Grades
The current MRE relied on a
drilling density of approximately 200 metre hole spacing.
Infill drilling will provide more detail on the geology and
mineralization of the deposits, upgrading portions of the resource
to the Indicated or Measured category. Furthermore, tighter spaced
drilling will provide more detail resulting in better delineation
of the higher-grade mineralogy that has been encountered in various
drill holes, including massive sulphide-copper, thick mantos
of magnetite (magnetic iron oxide), and cobalt-rich zones.
Metal Recoveries
For the purposes of this Inferred
resource the Company did not undertake a metallurgical testing
program, instead relying on information from nearby deposits with
similar geology, in order to estimate recoveries. Future
metallurgical work is expected to provide better information
specific to the Rincones and Colla deposits and improve upon the
reported metals in the MRE, including:
- Davis Tube testing for the determination of recoverable
magnetic iron. Magnetic susceptibility testing estimates the
amount of magnetic iron in drill core, while the more involved
Davis tube metallurgical testing method estimates the recovery of
magnetic iron. For the purposes of completing an Inferred
resource, the Company completed magnetic susceptibility
measurements for all samples included in the resource estimate as
well as limited Davis Tube tests and correlated the two methods via
algorithm to estimate recoverable magnetic iron. While this
procedure is sometimes used at peer deposits, upon advice of the
QP's and other third-party experts on iron ore, the Company chose
not to rely on the magnetic susceptibility measurements and the
resulting correlation for the resource estimate and plans to
complete the industry standard Davis Tube tests in order to report
recoverable iron in future mineral resource estimates and
studies.
- Sulphide-oxide metallurgy. Oxide minerals dominate some upper
sections of the deposits and assay work to determine the quantity
of oxide versus sulphide hosted copper, gold and cobalt could prove
valuable. This will also include several other targets within
the project area known to contain near surface oxide.
Resource Expansion
The Rincones deposit remains open
for expansion in several directions, and the Colla area has seen
very limited drilling. Of immediate interest is the remaining
~500 metre gap between Rincones and Colla where no drilling has
taken place. This gap narrowed with the drilling of several
large step-out holes at the end of the Phase 2 program, which
continued to intersect wide intervals of mineralization. This
includes SP-DDH-29 - a 400 metre step out from Rincones in the
direction of Colla that reported 310m
averaging 0.19% Cu (see news release dated October 31, 2024.)
Additional Resources
The Company has identified no
less than five other drill-ready targets with the potential for
resources at San Pietro. Three of these (Radiss N, Rodeo, Mariposa)
have seen reconnaissance drilling which support continued work (see
June 27, 2023 news release for
example). Two of the targets (Noemi, Lolita N) were new
in 2024 and have seen no drilling at all; final compilation of the
recent program results will be completed in the coming weeks. These
five targets are spread throughout the 20,000 hectare property
area, but approximately 50% of the property has seen very limited
exploration and sampling.
Qualified Persons and QA/QC
The Mineral Resource Estimate and technical data in this news
release were prepared under the direction of Susan Lomas, P.Geo., of Lions Gate Geological
Consulting Inc. and Bruce Davis Ph.D., F.AusIMM, Consultant. Both
Ms. Lomas and Dr. Davis are independent Qualified Persons as
defined in NI 43-101. The QP's have reviewed and approved the
technical content of this news release.
Dr. Davis (the "QP") reviewed drill sample collection,
handling, and security practices for all drill campaigns. All
conform to industry best practice. QA/QC samples, standard
reference material, blanks, and coarse reject duplicates, were also
inserted into the assay streams of each of the drill campaigns.
Results were reviewed by the QP. QC failure rates were acceptably
low (less than 5%), and it is the opinion of the QP assays are
sufficiently well controlled to be used in the estimation of
Inferred Resources.
Brian McEwen, P.Geol. VP
Exploration and Development to the Company and a Qualified Person
as defined in National Instrument 43-101 has reviewed and approved
the contents of the news release.
About the San Pietro IOCG Project
The San Pietro Project covers approximately 20,000 hectares, 100
kilometres north of Copiapo within an active, well-developed mining
region that is home to all the major iron oxide-copper-gold
("IOCG") deposits in Chile. San Pietro is centrally located
in a potential new IOCG+Co district, between and adjacent to
Capstone Copper's Mantoverde copper mine property and Santo Domingo copper-iron project, as well as
other IOCG exploration and development properties.
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.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/golden-arrow-reports-initial-mineral-resource-estimate-for-san-pietro-copper-gold-iron-cobalt-project-chile-302388188.html
SOURCE Golden Arrow Resources Corporation
