Golden Arrow Begins Drilling to Advance Chinchillas Silver Project Towards Production
Vancouver, BC / TNW-Accesswire / October 27, 2015 / Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce that the Phase 5 drill program is currently underway at the Chinchillas Silver Project in Jujuy Province Argentina. The program was jointly developed by Golden Arrow and Silver Standard Inc., (TSX-SSO; NASDAQ-SSRI, "Silver Standard") as part of the pre-development activity period of Golden Arrow's business combination agreement with Silver Standard as announced on October 1st, 2015. The purpose of this activity is to advance the Chinchillas project and evaluate a business arrangement that will see Silver Standard's Pirquitas Mine and the Chinchillas project combined into a 75% (Silver Standard) 25% (Golden Arrow) jointly owned mining operation.
"We are excited to continue to advance Chinchillas towards production. This drill program will allow the companies to evaluate the synergies of a combined Chinchillas / Pirquitas mining operation, maximizing the value of existing infrastructure at Pirquitas with the resources at Chinchillas." commented Brian McEwen, Golden Arrow's Vice President of Exploration and Development.
Two diamond drills are operating at site and a third drill will be mobilized to site this week. The priority drilling is infill to upgrade mineral resources and geotechnical holes to define high wall angles in the pit and is expected to be complete by the end of November. The program will also include drilling holes for hydrogeology, metallurgy, condemnation and exploration which is expected to be complete by Q1 2016. The drilling will bring the project to a pre-feasibility level in order to complete the proper engineering studies for optimal potential development. The estimated budget for the pre-development activities is US$12.6 million.
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
Mr. Joseph Grosso, Executive Chairman, President and CEO
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