PROPERTY, INFRASTRUCTURE AND NEIGHBOURS
The San Pietro Project includes approximately 18,500 hectares of exploration and exploitation concessions at modest altitude in the Atacama region of Chile, approximately 100 kilometres north of Copiapo in an active mining district that is home to all the major IOCG deposits in Chile. There is excellent mining infrastructure in the area, and the project benefits from highway access, two powerlines on the property and a mining support town just 8km away.
In January 2024, Golden Arrow granted a 25% earn-in option to Sociedad de Servicios Andinos SpA (“SSA”) for US$5M in cash and services to support the resource delineation program (see news release dated 1/12/24).
The San Pietro property is situated between two Capstone Copper IOCG projects: immediately adjacent to the east is the Santo Domingo mine development project, and 10 km southwest is the Mantoverde IOCG mine. These projects are undergoing a feasibility study for an integration plan with the potential to result in “200,000 tonnes per year of low-cost copper production with the option to also develop one of the largest and lowest cost battery-grade cobalt producers in the world, outside of the Democratic Republic of Congo” (www.capstonecopper.com 8/18/23). A third mine development project, Sierra Norte (owned by Alxar Mineria) is directly north of San Pietro [Proximity to a mineral resource, deposit, or mine does not indicate that mineralization will occur on Golden Arrow’s property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario.]
GEOLOGY & EXPLORATION SUMMARY
The San Pietro Project is hosted in different andesites units as part of the Cretaceous-aged volcano-sedimentary sequence associated with intrusive rocks such as 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 the emplacement of the ore deposits in the area.
Mineralization at San Pietro is typical of an IOCG system with copper-gold-iron-cobalt minerals in breccias, veins and mantos within a zone of K-feldspar-chlorite alteration. These structures are rich in magnetite and specularite and in some cases associated with calcite and were mainly developed along NW-SE lineaments.
The San Pietro Project has an extensive historic database that includes results from over 34,000 metres of drilling plus over 1,000 surface samples and geophysical surveys all of which had identified multiple targets. Golden Arrow’s first phase of work including detailed geological mapping of the existing targets, new surface sampling, additional geophysics, and relogging of the historic core. This work generated new interpretations and additional questions about the main target areas, and the company embarked on a Phase 1 drill program of approximately 4,000 m through Q2 and Q3 of 2023.
The Company is focused on the Rincones advanced exploration target for completing an initial mineral resource estimate. This target formed the core of the historic work, with 46 widely spaced holes drilled in an area of approximately 2.6 by 1.6 kilometres, resulting in numerous intervals with significant copper, gold and cobalt*. The historic drill holes were roughly split into a north and south grouping, with a central area that had seen minimal drilling.
Golden Arrow drilled an additional six holes in Rincones during its first drill program, successfully validated a new geological model and in all cases they encountered Cu-Co-Au-Fe mineralization. Based on the Company’s work and interpretation it appears that mineralization is open in all directions. A new 3D geological model is being constructed which will help to define priority targets for the next drilling phase.
Several targets host significant cobalt, with the highest results in the Colla target area located 2.3 km SW of Rincones. There were four historic holes* drilled over a strike length of 2.2 kilometres, with intervals including:
- 626 ppm Co over 10 m, including 1m @ 1250ppm Co, starting at 211 m downhole in CO11DH-001
- 414 ppm Co over 32 m, including 1m @ 1040ppm Co, starting at 116 m downhole in CO11DH-002
Golden Arrow’s Phase 1 drilling at Colla demonstrated the continuity of the copper-cobalt mineralization in the centre of the +1.2km-long structure hosting the historic holes. In addition, a 500-m step out hole hit 34m @ 0.41% Cu and 466 g/t Co, including 11m @ 0.98% Cu and 896g/t Co, starting at 257m depth.
Additional targets include Rodeo, located 7.5 km NW of Rincones and Mariposa, located ~ 10km to the NE, both of which encountered near-surface copper oxide mineralization in recent drilling, with continued exploration potential.
And the Radiss Norte target, located at 2.7 km north of Rincones, has near surface mineralization in historic drilling, with depth potential that has not yet been tested by Golden Arrow.
For additional information and the latest results please refer to the Company’s News Releases and Presentations.
[*Note: Drilling carried out by previous operators 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.]