Vancouver, BC / TNW-Accesswire /July 9, 2015 / Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce the results from ten drill holes in the Phase IV drilling campaign at the Chinchillas silver-lead-zinc deposit in Jujuy Province, Argentina. Nine of the ten holes include numerous significant mineralized intersections that are expected to contribute to new resources. High grade highlights of the holes include:
- 7 metres @ 466 g/t silver, 5.8% lead in CGA-173, including 2 metres @ 1306 g/t silver, 9.8% lead; and,
- 7 metres @ 266 g/t silver in CGA-179 including 1 metre @ 1109 g/t silver.
"These results complete the data from more than 11,000 metres of new drilling that we will use to update the resource estimate for Chinchillas this summer. We expected our step-out drilling to define the limits of the deposit, but in fact we have hit new mineralization in most of our holes. This should translate not only to an increase in resources now, but a strong likelihood of continued expansion of the Chinchillas deposit in the future." commented Golden Arrow VP Exploration and Development, Brian McEwen.
Table 1 below includes the results from nine complete drill holes, plus the final 246 metres of hole CGA-181 (the first 253 metres of this hole was reported in the release dated June 25th, 2015). A map of the drill hole locations will be posted to the Chinchillas map page on the Golden Arrow website at: http://www.goldenarrowresources.com/assets/news/2015-07-09_DPIVD.pdf. Interactive 3-D models of the drill holes are also available on the Golden Arrow website and at www.corebox.net.
Drill Hole Details
Mineralized intercepts are reported in Table 1. The western portion of the Chinchillas deposit includes the upper Silver Mantos zone and lower Mantos Basement zone. The eastern portion of the deposit includes the upper Socavon del Diablo ("Socavon") zone, and the lower Socavon Basement zone. The zones are all part of a volcanic vent system in which explosive volcanic activity produced diatreme breccias and tuffs in the central part of the vent (Silver Mantos and Socavon zones) and brecciated the underlying Ordovician basement schists (Mantos Basement and Socavon Basement zones). Silver-lead-zinc mineralization in the upper zones is disseminated within thick mantos (layers), and in the lower zone is mainly within the fractures of the breccias. The zones are described in detail in the most recent NI 43-101 Technical Report, filed on SEDAR on February 15th, 2015. Drill core from these holes was subject to visual inspection and qualitative analysis using a hand-held X-ray fluorescence (XRF) spectrometer for silver, lead and zinc. Based on these results, intervals deemed to have low or no mineralization had pulps composited by the laboratory prior to analysis, using equal masses, with the resulting composite samples representing 2 to 6 metre intervals.
Socavon del Diablo Mantos Target
To expand the known mineralization in the upper (tuff) units of the Socavon del Diablo, hole CGA-178 was drilled in the south-east limit of the planned Socavon pit, and encountered limited zinc mineralization.
Socavon Basement Targets
Four holes were drilled to test the expansion of the mineralized basement rocks in the Socavon Basement. Two of them (CGA-179 and CGA-181) were drilled into the basement rocks east of the Socavon del Diablo and the other two holes (CGA-180 and CGA-182) were drilled north of the Socavon del Diablo.
Hole CGA-179 was drilled from the Socavon del Diablo towards the north-east starting in the tuff units and intercepted an intrusive dike of dacite from 156 to 205 metres, and then continued into the basement rocks from 238 metres until the end of the hole. Brecciated zones in the dacite were filled with sulphides with up to three metres averaging 654 g/t silver and 6.2% lead. In the basement rocks other brecciated zones host high grade intervals, such as seven metres averaging 266 g/t silver, including one metre with 1109 g/t silver, and from there until the end of the hole at 400 metres continuous low grade zinc mineralization was reported.
The news release dated June 25, 2015 included results from the top half of hole CGA-181, to 253 metres. The remainder of the intercepts (to 499 metres total depth) are reported here, and overall the hole was mineralized nearly continuously from 102 to 421 metres, averaging 21 g/t silver and 0.6% zinc over those 321 metres.
These holes, together with the previously mineralized reported intervals in holes CGA-160, CGA-166 and CGA-170 are expected to increase the existing resource.
Hole CGA-180 drilled through the basement and hole CGA-182 drilled through a dacite body, both starting at 100 metres north of the previously planned Socavon pit, and drilled towards the north. Both encountered several mineralized intervals as shown in Table 1.
Silver Mantos Target
Three holes targeted the Silver Mantos: holes CGA-171, CGA-175 and CGA-176. Hole CGA-171 is located in the northern part of the Silver Mantos and it encountered surface mineralization in the first 20 metres with best intercept of eight metres averaging 135 g/t silver.
As previously reported in News Release of March 17, 2015, hole CGA-148 had several intervals without recovery from 26 to 44 metres depth. A twin hole, CGA-175, was drilled to 56 metres depth and confirms a thick mineralized layer of 13 metres averaging 57 g/t silver, 1.1% lead and 1% zinc starting at 24 metres depth.
Hole CGA-176 was located in the south part of the Silver Mantos to test the extension of both near-surface mineralization and the deep mantos mineralization previously found in holes CGA-152, CGA-126 and CGA-143, among others. Several near surface mineralized layers were encountered with a best intercept of 21 metres averaging 66 g/t silver, 1.1% lead and 1% zinc starting at 14 metres deep, and including three metres with 191 g/t silver, 2.5% lead and 1.8% zinc. The deep mantos mineralization corresponds to several mineralized intervals between 169 and 202 metres deep as shown in Table 1.
All three holes are expected to contribute to expanding the resource.
Mantos Basement Target
In order to expand the resource area of the Mantos Basement, holes CGA-174 and CGA-177 were drilled in the south part of the target.
Hole CGA-174 reported a high grade zone of brecciated basement rocks averaging seven metres of 466 g/t silver and 5.8% lead starting at 54 metres depth, including two metres with 1306 g/t silver and 9.8% lead. This hole is located 40 metres south-east of holes CGA-87 and CGA-79 and shows higher silver grades than these holes. As a result, in addition to contributing to an expansion of resources in this area, results from this hole indicate that the target remains open to the south where the Mantos Basement is closer to surface.
| TARGET | HOLE | Note | From (metres) | To (metres) | Length (metres) | Ag (g/t) | Pb (%) | Zn (%) | Ag Eq (g/t) |
|---|---|---|---|---|---|---|---|---|---|
| Silver Mantos | CGA-171 | 7 | 15 | 8 | 135 | 135 | |||
| 17 | 20 | 3 | 94 | 94 | |||||
| 97 | 104 | 7 | 76 | 1.2 | 115 | ||||
| Mantos Basement | CGA-174 | 54 | 61 | 7 | 466 | 5.8 | 653 | ||
| includes | 59 | 61 | 2 | 1306 | 9.8 | 1,622 | |||
| 88 | 92 | 4 | 36 | 36 | |||||
| Silver Mantos | CGA-175 | 24 | 37 | 13 | 57 | 1.1 | 1 | 125 | |
| 37 | 43 | 6 | 1.4 | 45 | |||||
| 49 | 55 | 6 | 33 | 0.5 | 1.4 | 94 | |||
| Silver Mantos | CGA-176 | 14 | 35 | 21 | 66 | 1.1 | 1 | 134 | |
| includes | 29 | 32 | 3 | 191 | 2.5 | 1.8 | 330 | ||
| 37 | 46 | 9 | 23 | 1.7 | 78 | ||||
| 53 | 62 | 9 | 41 | 0.8 | 3.5 | 180 | |||
| 62 | 63 | 1 | 1 | 32 | |||||
| 118 | 119 | 1 | 26 | 0.6 | 45 | ||||
| 156 | 159 | 3 | 30 | 0.7 | 0.8 | 78 | |||
| 168 | 169 | 1 | 1.6 | 52 | |||||
| 169 | 170 | 1 | 30 | 0.8 | 0.6 | 75 | |||
| 180 | 185 | 5 | 44 | 1 | 1.7 | 131 | |||
| 185 | 202 | 17 | 1.1 | 35 | |||||
| 209 | 210 | 1 | 22 | 22 | |||||
| 210 | 211 | 1 | 1.2 | 39 | |||||
| Mantos Basement | CGA-177 | no significant mineralization | |||||||
| Socavon del Diablo | CGA-178 | 14 | 22 | 8 | 1.5 | 48 | |||
| 61 | 88 | 27 | 0.5 | 16 | |||||
| includes | 76 | 78 | 2 | 23 | 1.7 | 78 | |||
| Socavon Basement | CGA-179 | 24 | 46 | 22 | 0.7 | 23 | |||
| 62 | 66 | 4 | 0.7 | 23 | |||||
| 116 | 117 | 1 | 29 | 1.1 | 64 | ||||
| 127 | 128 | 1 | 20 | 1.6 | 72 | ||||
| 131 | 137 | 6 | 34 | 0.6 | 1 | 86 | |||
| 141 | 142 | 1 | 38 | 0.8 | 0.7 | 86 | |||
| 148 | 152 | 4 | 1.2 | 39 | |||||
| 152 | 157 | 5 | 43 | 1.1 | 1.9 | 140 | |||
| 160 | 164 | 4 | 1.3 | 42 | |||||
| 185 | 189 | 4 | 44 | 1 | 76 | ||||
| 191 | 194 | 3 | 654 | 6.2 | 854 | ||||
| 195 | 196 | 1 | 92 | 1 | 124 | ||||
| 208 | 209 | 1 | 143 | 2.6 | 227 | ||||
| 237 | 242 | 5 | 44 | 44 | |||||
| 243 | 257 | 14 | 57 | 0.8 | 83 | ||||
| 259 | 266 | 7 | 266 | 266 | |||||
| includes | 263 | 264 | 1 | 1109 | 0.6 | 1,128 | |||
| 268 | 273 | 5 | 142 | 142 | |||||
| 276 | 281 | 5 | 114 | 0.8 | 140 | ||||
| 282 | 286 | 4 | 0.7 | 23 | |||||
| 290 | 293 | 3 | 0.6 | 19 | |||||
| 298 | 305 | 7 | 0.8 | 26 | |||||
| 305 | 307 | 2 | 55 | 1.1 | 90 | ||||
| 310 | 322 | 12 | 82 | 1.1 | 117 | ||||
| 322 | 332 | 10 | 0.8 | 26 | |||||
| 335 | 349 | 14 | 0.5 | 16 | |||||
| 349 | 351 | 2 | 26 | 0.5 | 1.3 | 84 | |||
| 351 | 372 | 21 | 0.9 | 29 | |||||
| includes | 362 | 363 | 1 | 28 | 0.6 | 0.9 | 76 | ||
| includes | 369 | 370 | 1 | 21 | 1.7 | 76 | |||
| 372 | 377 | 5 | 113 | 1 | 3.3 | 252 | |||
| 380 | 388 | 8 | 37 | 0.5 | 1.5 | 101 | |||
| 390 | 398 | 8 | 0.8 | 26 | |||||
| Socavon Basement | CGA-180 | 23 | 25 | 2 | 80 | 0.9 | 109 | ||
| 26 | 27 | 1 | 28 | 28 | |||||
| 34 | 38 | 4 | 25 | 25 | |||||
| 52 | 58 | 6 | 0.7 | 23 | |||||
| 82 | 86 | 4 | 28 | 0.8 | 0.6 | 73 | |||
| 96 | 100 | 4 | 20 | 20 | |||||
| 107 | 110 | 3 | 94 | 1 | 0.8 | 152 | |||
| 118 | 120 | 2 | 31 | 0.8 | 0.6 | 76 | |||
| 137 | 138 | 1 | 58 | 1.9 | 119 | ||||
| Socavon Basement | CGA-181 | Intercepts from 0 to 253 metres reported in previous release 06/25/15 | 257 | 258 | 1 | 42 | 42 | ||
| 263 | 268 | 5 | 34 | 0.5 | 50 | ||||
| 272 | 275 | 3 | 0.8 | 26 | |||||
| 275 | 276 | 1 | 25 | 0.6 | 44 | ||||
| 278 | 287 | 9 | 30 | 0.5 | 46 | ||||
| 288 | 290 | 2 | 99 | 0.9 | 1.3 | 170 | |||
| 290 | 301 | 11 | 0.5 | 16 | |||||
| 301 | 307 | 6 | 30 | 30 | |||||
| 307 | 309 | 2 | 0.9 | 29 | |||||
| 309 | 315 | 6 | 32 | 0.5 | 0.5 | 64 | |||
| 316 | 324 | 8 | 0.5 | 16 | |||||
| 324 | 325 | 1 | 42 | 0.6 | 1.9 | 123 | |||
| 325 | 329 | 4 | 0.8 | 26 | |||||
| 329 | 332 | 3 | 33 | 0.6 | 0.6 | 72 | |||
| 333 | 336 | 3 | 20 | 0.6 | 39 | ||||
| 342 | 343 | 1 | 48 | 1.2 | 1.1 | 122 | |||
| 344 | 352 | 8 | 0.7 | 23 | |||||
| 355 | 360 | 5 | 0.5 | 16 | |||||
| 361 | 368 | 7 | 22 | 0.5 | 1.5 | 86 | |||
| 369 | 383 | 14 | 33 | 0.8 | 2.4 | 136 | |||
| 383 | 421 | 38 | 0.9 | 29 | |||||
| Socavon Basement | CGA-182 | 64 | 65 | 1 | 26 | 0.5 | 42 | ||
| 77 | 78 | 1 | 22 | 0.7 | 45 | ||||
| 80 | 81 | 1 | 0.6 | 19 | |||||
| 86 | 88 | 2 | 22 | 0.5 | 38 | ||||
| 115 | 116 | 1 | 44 | 1.3 | 86 | ||||
| The reported intervals are believed to approximate true width and will be confirmed with geologic modeling. Silver equivalent grades (Ag Eq) were calculated using US$22/oz for silver, US$1.00/lb for lead and US$1.00/lb for zinc. | |||||||||
Methodology and QA/QC
Analyses of the drill core were performed by Alex Stewart Assayers, in Mendoza, Argentina, an internationally recognized assay service provider. All samples were analyzed by method ICP-MA-39 that consists of a four acid digestion followed by ICP-OES detection. Silver results >200 Ag g/t were re-analyzed by fire assay with a gravimetric finish on 50-gram samples. Lead and zinc results >10,000 ppm were re-analyzed by a 3 acids and ICP-OES detection. The Company follows industry standard procedures for the work carried out on the Chinchillas Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate and standard samples were inserted into the drill core sample sequence sent to the laboratory for analysis. Golden Arrow detected no significant QA/QC issues during review of the data.
| Hole | Easting | Northing | Elevation (m) | Azimuth (deg) | Inclination (deg) | Final depth (m) |
|---|---|---|---|---|---|---|
| CGA-171 | 3472750 | 7512597 | 4111.17 | 270 | -75 | 225 |
| CGA-174 | 3472511 | 7512141 | 4156.97 | 287 | -65 | 133 |
| CGA-175 | 3472902 | 7512200 | 4117.37 | 0 | -90 | 56 |
| CGA-176 | 3472836 | 7512250 | 4119.32 | 0 | -90 | 271 |
| CGA-177 | 3472350 | 7512181 | 4174.84 | 315 | -70 | 134 |
| CGA-178 | 3473699 | 7512100 | 4100.62 | 0 | -90 | 121 |
| CGA-179 | 3473635 | 7512088 | 4096.88 | 43 | -60 | 400 |
| CGA-180 | 3473673 | 7512392 | 4068.64 | 0 | -60 | 202 |
| CGA-181 | 3473861 | 7512151 | 4090.74 | 270 | -70 | 499 |
| CGA-182 | 3473613 | 7512425 | 4087.94 | 163 | -65 | 160 |
Qualified Persons
The contents of the 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 is a Vancouver-based explorer focused on identifying, acquiring and advancing precious and base metal projects in Argentina with the goal of achieving a world class discovery. The main focus is on advancing the flagship Chinchillas Silver Project located in Jujuy, Argentina. Golden Arrow is a member of Grosso Group, a management company specialized in resource exploration, and working in Argentina where it is highly regarded and trusted since 1993.
ON BEHALF OF THE BOARD
"Joseph Grosso"
_______________________________
Mr. Joseph Grosso
Executive Chairman, President, CEO and Director
For further information please contact:
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@goldenarrowresources.com
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.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of the Chinchillas project, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance as outlined in the PEA, including silver, lead and zinc production and planned work programs at Chinchillas. Statements concerning reserves and mineral resource estimates may also constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the Chinchillas property is developed and, in the case of mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation: risks related to precious and base metal price fluctuations; risks related to fluctuations in the currency markets (particularly the Argentinean peso, Canadian dollar and United States dollar); risks related to the inherently dangerous activity of mining, including conditions or events beyond our control, and operating or technical difficulties in mineral exploration, development and mining activities; uncertainty in the Company's ability to raise financing and fund the development of the Chinchillas project pursuant to the PEA; uncertainty as to actual capital costs, operating costs, production and economic returns, and uncertainty that development activities will result in a profitable mining operation at Chinchillas; risks related to mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently estimated and to diminishing quantities or grades of mineral resources as properties are mined; risks related to governmental regulations and obtaining necessary licenses and permits; risks related to the business being subject to environmental laws and regulations which may increase costs of doing business and restrict our operations; risks related to the Chinchillas property being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to inadequate insurance or inability to obtain insurance; risks related to potential litigation; risks related to the global economy; risks related to the Chinchillas property being located in Argentina, including political, economic, social and regulatory instability. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
The information provided in this news release addresses the Chinchillas PEA and is not intended to be a comprehensive review of all matters and developments concerning the Company. It should be read in conjunction with all other disclosure documents of the Company. The information contained herein is not a substitute for detailed investigation or analysis. No securities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
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.