Golden Arrow Commences Drill Program at Indiana Gold- Copper Project
Golden Arrow Commences Drill Program at Indiana Gold-
Copper Project
TSX Venture Exchange (TSX-V):
GRG
Frankfurt Stock Exchange (FSE):
G6A
OTCQB Venture Market (OTCQB):
GARWF
VANCOUVER
,
Feb. 19, 2020
/CNW/ -
Golden Arrow Resources Corporation (TSX-V: GRG, FSE: G6A, OTCQB: GARWF),
("Golden Arrow" or the "Company")
is pleased to announce that the Company has commenced a diamond drilling program at
the
Indiana
gold-copper project in
Chile
("Indiana" or the "Project"). The Indiana Project represents a near-term production target
with upside potential, and includes a permit for mining in the area of a historic resource (Table 1 below).
"
The
Indiana
project is particularly exciting for us because in addition to its potential to host significant gold resources, it has
permits in place and nearby processing infrastructure that significantly contributes to the production viability of the project,
"
stated
Brian McEwen
, VP of Exploration and Development for
Golden Arrow
.
"The area has many additional excellent project
opportunities and
Indiana
can become the driver and supporter of our acquisition program."
The drill program will include a minimum initial 2,500 metres in twelve holes to confirm grades and widths of high-grade mineralized
shoots. If successful, an additional 2,500 metres is budgeted to test the broader potential of the system.
Project and Program Details
The 2,300 hectare, road-accessible Indiana Project is located approximately 40 kilometres north of the city of Copiapó in the 3rd
Region of
Chile
at 1470 metres above sea level.
Indiana
is situated within an Iron-oxide-copper-gold (IOCG) belt that includes
deposits such as Manto Verde,
Candelaria and Cerro Negro Norte
. The property hosts historic mineral resources in a high-grade
gold-copper vein system, with a permit for mining over the area of the historic resource.
The historical resource estimate for the veins averaging over 4 g/t gold-equivalent is summarized in Table 1:
Table 1. Historical Inferred Resource Estimate @ 4g/t AuEq cut-off (Magri, 2013)
Vein
Tonnage
(KT)
Au
(g/t)
Cu
(%)
Mo
(%)
AuEq
(g/t)
AuEq
ounces
('000)
Bondadosa
910,400
3.4
1.0
0.019
5.5
160,900
Rucas
750,200
2.1
1.7
0.006
5.6
133,800
Flor de Espino
638,100
3.5
1.3
0.002
6.3
128,300
Indian III
351,400
1.9
1.4
0.009
4.9
55,200
Rosario
443,600
2.7
3.1
0.010
9.0
128,00
Total
3,093,700
2.8
1.6
0.010
6.1
607,000
Notes: The following parameters were used in the calculation of equivalent grade: Gold equivalency based on the following prices: gold -US$1,100/oz, copper -US$2.80/lb, molybdenum -US$12/lb, and adjusted for the following
recovery rates: gold –75%, copper –88%, molybdenum –60% (e.g. 1 lbCu = (1 x $2.80) / $1,100 x (88% / 75%) Au Eq.) Areas, tonnages and metal content are rounded to the nearest hundred square meters, tonnes and ounces
respectively; vein thickness is rounded to the nearest centimeter, grades are rounded to two decimal places. Rounding may result in apparent differences between tonnes, grade and metal content.
Readers are cautioned that
Golden Arrow's
QP has reviewed the NI 43-101 for this historical resource estimate and believes it to
have been a reliable estimate of Inferred resources at the time of its publication, however a Qualified Person has not done
sufficient work to classify this estimate a current mineral resource, and
Golden Arrow
is not treating this as a current mineral
resource estimate. The drilling program announced here is the first step towards delineating current mineral resources, which
would be estimated by an independent Qualified Person, using CIM best practices and current long-term pricing.
The Company has contracted Chilean company Superex S.A. to provide drilling services using a track-mounted drill rig to recover
HQ core. The program has commenced with heavy equipment mobilization, pad construction and other logistics, and the drill is
expected to be turning prior to the end of February. The initial program includes a minimum of 2,500 metres in a total of twelve
holes, to test the Bondadosa,
Flor de Espino
and Rucas veins.
Qualified Persons
The technical contents of this 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 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. The Company is well-leveraged to the price of
gold, having recently monetized its Chinchillas silver discovery into a significant holding in precious metals producer SSR Mining
Inc.
Golden Arrow
is actively exploring a portfolio that includes advanced projects in
Chile
, a district-scale frontier opportunity in
Paraguay
, and more than 185,000 hectares of 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 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.
This news release may contain forward-looking statements. 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.
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For further information:
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CO: Golden Arrow Resources Corporation
CNW 09:30e 19-FEB-20