Golden Arrow Commences Major Drill Campaign at the San Pietro Iron- Copper-Gold-Cobalt Project, Chile
Golden Arrow Commences Major Drill Campaign at the San Pietro Iron-
Copper-Gold-Cobalt Project, Chile
TSX Venture Exchange (TSX-V):
GRG
Frankfurt Stock Exchange (FSE):
G6A
OTCQB Venture Market (OTCQB)
: GARWF
VANCOUVER, BC
,
April 24, 2024
/CNW/ -
Golden Arrow Resources Corporation
(TSXV: GRG) (FSE: G6A) (OTCQB: GARWF)
,
("
Golden Arrow
" or
the "
Company
") is pleased to report that it is now drilling the first hole of an approximate 10,000-metre diamond drilling campaign at the San Pietro Iron-Copper-
Gold-Cobalt Project in
Chile
("
San Pietro
" or the "
Project
"). The goal of the 2024 campaign is to provide additional drill data to facilitate the first Mineral
Resource estimate for the Project.
The focus of the program will be the advanced
Rincones target
where the 2023 drill program hit significant new intercepts that extended the mineralized zone,
including
64.2m
averaging 0.86% copper, 0.20 g/t gold, 196 g/t cobalt and 26.9% iron, starting at
42.8m
depth in hole SP-DDH-12 (see News Release dated
July 12, 2023
). The first several holes of this new campaign will complete a grid pattern to verify the spacing sufficient for classifying resources, as suggested by
the modeling work completed to date. This will be followed by additional infill holes as required based on continued modeling. Following the infill holes at Rincones,
up to 3,000 metres of drilling will be used to test for new mineralization at other high-potential
target areas
throughout the Project.
Brian McEwen
, VP Exploration and Development for
Golden Arrow
, commented,
"We are excited to have the drills turning at San Pietro. Recent surface
mapping and relogging of existing drill core has allowed us to fine tune the program as well as identify new targets. It is all coming together in a very positive
way. We have already established strong iron oxide-copper-gold ("
IOCG
") mineralization in a location that benefits from being situated in an active IOCG-
producing district, within a leading copper-gold mining jurisdiction. We are completely funded and underway on a resource delineation drill program, at a time
when copper and gold prices are reaching exciting highs supported by strong long-term forecasts. This could translate to intense interest in San Pietro moving
forward."
The program is being funded through the option granted to Sociedad de Servicios Andinos SpA ("
SSA
") in respect to the San Pietro Project (the "
Transaction
")
as announced on
January 12, 2024
(the "Initial Press Release"). SSA procured a new drill rig, which is now drilling the first hole, and supplied other equipment,
supplies and drill personnel to service the program.
San Pietro IOCG Project
The Project covers nearly 18,500 hectares, approximately 100 kilometres north of Copiapo. Situated between and adjacent to Capstone Copper's Manto Verde
Mine property and Santo Domingo Project, San Pietro is in the centre of a potential new copper-cobalt region within an active, well developed mining district that
is home to all the major iron oxide-copper-gold ("IOCG") deposits in
Chile
.
The San Pietro Project hosts multiple targets with strong IOCG+cobalt mineralization. In 2023 the company completed approximately 4000 metres of diamond
drilling in 13 holes to add to the database of ~34,000 metres of historic drilling at San Pietro. All targets tested reported strongly mineralized intervals as reported
in company news releases on
June 13
,
June 27
and
July 12
, 2023.
Qualified Persons
The exploration programs are designed by the Company's geological staff and results are reviewed, verified (including sampling, analytical and test data) and
compiled under the supervision of
Brian McEwen
, P.Geol., VP Exploration and Development to the Company. Mr. McEwen is a Qualified Person as defined in
National Instrument 43-101 and has reviewed and approved the contents of the news release.
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.
Golden Arrow
is actively exploring its flagship property, the advanced San Pietro iron oxide-copper-gold-cobalt project in
Chile
, and a portfolio that includes nearly
125,000 hectares of prospective 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 the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "anticipate",
"will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements address future events
and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or
developments management of the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the
Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the
Company; and future exploration and operating plans are forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those
discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on, the Company. Accordingly, readers should not place undue reliance on the forward-looking statements. Factors
that could cause actual results or events to differ materially from current expectations include, among other things: risks and uncertainties related to the ability
to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with exploration activities; the
possibility that future exploration. There may be other factors that cause results or events to not be as anticipated. Actual results may differ materially from
those currently anticipated in such statements. Readers are encouraged to refer to the Company's Management's Discussion and Analysis for a more detailed
discussion of factors that may impact expected future results. The forward-looking statements contained in this press release are made as of the date hereof or
the dates specifically referenced in this press release, where applicable. The Company undertakes no obligation to publicly update or revise any forward-
looking statements, unless required pursuant to applicable laws. All forward-looking statements contained in this press release are expressly qualified by this
cautionary statement.
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.
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For further information:
Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email: [email protected]
CO: Golden Arrow Resources Corporation
CNW 07:00e 24-APR-24