Golden Arrow Drills Tierra Dorada Gold Project, Paraguay
Golden Arrow Drills Tierra Dorada Gold Project,
Paraguay
VANCOUVER, BC
,
Sept. 28, 2021
/CNW/ -
Golden Arrow Resources Corporation
(TSXV: GRG) (FSE: G6A)
(OTCQB: GARWF),
("Golden Arrow"
or the
"Company")
is pleased to report that it has started a diamond drilling
program of up to approximately 2,000 metres at the Tierra Dorada gold project in
Paraguay
. The program is mainly
focused on follow-up drilling to better define the high-grade Alvaro target, in addition to several initial holes to test the
Itayuru target, located approximately ten kilometres southwest of Alvaro, for the first time.
The first drill campaign at Alvaro hit near-surface high-grade gold, including (see
January 19, 2021
News Release
):
143.5 g/t gold over
0.5m
, within
6m
averaging 14.5 g/t gold at 3-
9m
depth and
11.8 g/t gold over
3.16m
, within
7.75m
averaging 6.1 g/t gold at 1.70-
9.35m
depth
"We are very pleased to have this second, fully-funded drill program underway, concurrent with our drilling at the
Rosales Copper Project in
Chile
. Our reinterpreted geophysics has delineated the complex structural setting below
the extensive cover at Alvaro so that we can now move to more advanced drill testing. And we prioritized Itayuru
as the second drill target within the district-scale project after our surface program returned remarkable gold values
of well over a gram-per-tonne in stream sediments,"
stated
Brian McEwen
, VP Exploration and Development for
Golden Arrow
.
The Tierra Dorada drill program plan has been designed with flexibility in how the targets are tested, and in stages
to allow for modifications based on results. The program will start with shallow drilling of up to 1,000 metres in 50
holes, in compliance with the Company's current prospecting permit. However, all application requirements for the full
exploration permit are complete and
Golden Arrow
is anticipating the granting of that permit imminently, which will
enable the program to transition to include deeper holes. The alternative deep program includes up to 1,536 metres
in 12 holes as a first priority, with up to 17 holes or 2,096 metres in total. The program is expected to continue
through the fourth quarter of the year.
Tierra Dorada Drill Program Target Details
The district-scale Tierra Dorada project is targeting high-grade quartz vein-hosted gold following an orogenic deposit
model. The Alvaro target spans approximately four square kilometres that is mostly covered by two to six metres
of soil and saprolite. There are four main showings of sub-outcropping quartz vein boulders and structures that host
gold, with only approximately three square metres of outcrop exposed at each showing. In late 2020 Golden Arrow
completed a 4.2 square kilometre IP and resistivity survey with both Gradient and Pole-Dipole ("P-DP") arrays over
the Alvaro target to detect and delineate veins, hydrothermal alteration, faults and lithologic contacts below the
cover. The program successfully identified chargeable and resistive trends around the known showings, and several
areas were earmarked for follow-up (see the
January 19, 2021
News Release
for details). A more recent
interpretation of the survey data has added a more detailed interpretation of subsurface structures and veins
throughout the survey area that has helped focus the targets for the Phase 2 drill program.
The Itayuru target is situated approximately ten kilometres southwest of Alvaro, and historic surface sampling
reportedly included samples of 7.04 g/t gold and 5.96 g/t gold in altered quartzite samples. As only approximate
locations were available for the historic samples, a detailed stream sediment and soil sampling program was initiated
in 2021 to delineate anomalies throughout the area. Stream sediment samples from creeks draining the area of the
historic 7.04 g/t gold sample confirmed the presence of anomalous gold, including 1.58 g/t gold approximately 600
metres downstream, and a high of 3.82 g/t gold approximately 1.5 kilometres downstream. Additional drainages had
sediment samples with visible gold flakes, but assays are pending. A detailed geological review of the area around
the 5.96 g/t gold historic sample focused on an outcrop of quartzite with argillic and hematitic alteration, partially
brecciated and with quartz veinlets. Samples of the outcrop returned 3.49 g/t gold. This target will be tested with a
drill hole in this campaign, while more detailed work is in progress. Additionally, 475 soil samples were collected over
the entire Itayuru target, but most assay results remain pending.
Quality Assurance
Golden Arrow
has contracted Master Gold S.A. to provide drilling services for the Tierra Dorada program. The
program will use a single FDH-3000 drill rig drilling HQ sized core. Samples will be sent to
Alex Stewart
laboratories
in Mendoza,
Argentina
for preparation and analysis.
The samples here reported were shipped to Alex Stewart International in Mendoza,
Argentina
, an internationally
recognized assay service. Stream sediment and soil samples were sieved at 80 mesh with the fine fraction assayed
by gold by Fire Assay with an atomic absorption finish on 50g aliquots. A 39 element analysis was performed by a
four-acid digestion and detection by ICP-OES.
The technical information in this news release has 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 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 an epithermal gold project in
Argentina
, a district–scale
frontier gold opportunity in
Paraguay
, a base-metal project in the heart of a leading mining district in
Chile
and more
than 180,000 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. All statements, other than statements of
historical fact, that address activities, events or developments 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. Factors that could cause actual results or events to differ materially
from current expectations include, among other things: the impact of COVID-19; 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 mining activities; and the possibility that future exploration, development or mining
results will not be consistent with the Company's expectations.
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, unless required pursuant to
applicable laws.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/golden-arrow-drills-tierra-dorada-gold-project-paraguay-301386409.html
SOURCE
Golden Arrow Resources Corporation
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/September2021/28/c5521.html
%SEDAR: 00042897E
For further information:
please contact: Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-
0058, Email: [email protected]
CO: Golden Arrow Resources Corporation
CNW 07:00e 28-SEP-21