Golden Arrow Resources Corporation (TSX-V: GRG, FSE: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce it has staked a new license, Ritsuko (3,237 hectares), bringing the Company's total land holdings in the prospective Caballos district to 25,195 hectares. The Company has defined a high grade porphyry copper gold target at the Caballos project that includes 12m averaging 2.4% copper within an 18m chip sample (see press release dated Dec 5th, 2011) and has recently bulldozed roads in preparation for an IP/Resistivity geophysical survey that is to commence in February. Golden Arrow has received drill permits for its 100% owned Caballos Porphyry Copper-Gold project, which will allow for a more rapid exploration activity.
"We are very excited by the Caballos discovery. With the addition of the new Ritsuko property, we are positioned as one of the largest land holders in this new emerging gold, silver and porphyry copper district that hosts several very large mines and discoveries. We are eager to see Caballos advance to drill stage" stated, Mr. Joseph Grosso, President & CEO
The Caballos and Ritsuko properties are located in a developing porphyry district between the Maricunga Copper-Gold Belt and the northern extent of the El Indio Gold-Silver Belt. Advanced projects in the area include El Moro (65 km SW with proven and probable reserves of 8.17 million ounces of gold and 6.1 billion pounds of copper1), Los Helados (22 km to SW with intercepts including Hole LH 16 with 701 metres of 0.67% copper and 0.30 g/t gold2) and Caserones (21 km to the NW with 1.3 billion tonnes copper-molybdenum3) on the Chilean side of the border and Josemaria (25 km SW with an inferred resource of 4.4 million ounces of contained gold and 3.9 billion pounds of contained copper2) and Filo del Sol in Argentina (38 km to SW with intercepts including VRC 28 with 222 m of 0.66% copper2). Anglo-American PLC is currently drilling a copper porphyry target at its Cerro Verde project 5 km from Caballos and 3 km from Ritsuko. Within the district NGEx Resources Inc recently commenced a combined 60,000 meter drill program at Los Helados (22km SW), Jose Maria and Filo del Sol (25km S).
Field teams are currently mapping and sampling at Caballos where the bulldozer roads have exposed outcrop. Exposures of potassic altered volcanics with quartz-magnetite veinlet stockworks have been mapped in the vicinity of the original high grade copper discovery outcrops. Golden Arrow has now defined a series of outcrops which contain copper mineralization and porphyry style alteration that occur sporadically across 1 km. These occurrences are considered strong evidence for the presence of a buried porphyry copper system. The objective of the surface sampling and IP/Resistivity program is to define drill targets.
The nearby Ritsuko property covers epithermal gold-silver targets related to numerous zones of intense argillic alteration within the 4 km diameter Ritsuko caldera. The principal target is an intensely argillic altered, partially silicified zone with a stockwork of iron oxide sealed fractures and veinlets within the western margin of the caldera. Several companies have worked in the past in this area, including Barrick, Eldorado and Vale. Golden Arrow is working on compiling all available historic data for the project and obtaining the environmental permits required for prospecting and exploration.
The technical information contained in this release has been prepared by Bruce Smith, MAusIMM (Chartered Professional) Geologist, Golden Arrow's Exploration Manager, and has been reviewed by Dr. Gerald G. Carlson, Ph.D., P.Eng., Director of Exploration for Golden Arrow, both Qualified Persons as defined in National Instrument 43-101.
About Golden Arrow:
Golden Arrow is a Vancouver-based explorer and prospect generator focused on identifying, acquiring and advancing precious and base metal projects in Argentina with the goal of achieving a world class discovery. The Company is well positioned for growth of shareholder value with a royalty income from its 1% NSR on Yamana Gold Corp.'s Gualcamayo Gold mine in San Juan, Argentina, a joint-venture with Vale on two properties, an attractive portfolio of highly prospective exploration projects and a pipeline of new opportunities under review. Golden Arrow will continue to execute its strategy to leverage the Company's exploration exposure by attracting partners to fund work on its portfolio of high quality mineral projects. Golden Arrow is a member of Grosso Group, a management company specialized in resource exploration, and working in South America since 1993.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso, President & CEO
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This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. 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. 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.