GRG.V · 2023-05-18 12:00:00

Golden Arrow Expands First Drill Program at San Pietro Iron-Copper- Gold-Cobalt Project, Chile

Exploration Programs

Golden Arrow Expands First Drill Program at 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

May 18, 2023

/CNW/ -

Golden Arrow Resources Corporation

(TSXV: GRG) (FSE: G6A) (OTCQB: GARWF)

("Golden Arrow"

or the

"Company")

is pleased to announce that it has increased the size of its first diamond drilling program at the Company's flagship San Pietro Iron-

Copper-Gold-Cobalt Project in

Chile

from 2,650-metre in 7 holes, to approximately 3,500 metres in 10 holes. Drilling is now anticipated to be completed

by the end of May, which is approximately when the first assays from the program are expected to be reported.

Brian McEwen

, VP Exploration and Development for

Golden Arrow

, commented,

"This small test program is shaping up to be a great success. While

we are still awaiting assays, in many instances the drill core logging alone has confirmed the interpretations that we were testing. In particular,

logging of the first two holes at the Rincones target validated our new geological model for that zone, which was a major achievement in

understanding the controls on mineralization. We decided to put the new model to the test by putting holes into several priority areas for expanding

the known mineralization which we hadn't planned in this phase. In the meantime, we expect results for the two holes into the exciting Colla cobalt

exploration target located two kilometres from Rincones, followed by those for the other targets."

The location of Phase 1 drill holes are shown in

Figure 1

. The additional drill holes are all at Rincones, which is a near-term resource target and the

focus of most of the work to date at the project. In total, six holes were selected for Rincones in this phase. Structures and geology typical for these

types of mineralized targets were encountered throughout these holes. This includes andesite-hosted specularite breccias with a NW-SE strike and

vertical dip, as well as zones of magnetite replacement concordant with the andesites units in the form of mantos dipping 40 to 60° to the SW and

andesites with disseminated sulphides and actinolite-magnetite. These mineralized units range from 1 to 60 metres in downhole width. Visible

mineralization included copper oxides in approximately the first 80 metres followed by chalcopyrite and pyrite (see

Figure 2

for examples).

Additional Project & Drill Program Details

The San Pietro Project is hosted by andesite units in a Cretaceous volcano-sedimentary sequence associated with intrusive rocks including 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

controlling the emplacement of the ore deposits in the area.

Mineralization at San Pietro is typical of an IOCG system, with the addition of cobalt, and occurs 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 calcite and are mainly developed along NW-SE

lineaments.

A summary of the main targets and the holes completed is provided below. Additional details, interpretations and sections will be provided when assays

are reported.

Rincones Target

The Rincones target was the focus of historic work, with 46 widely-spaced holes drilled in an area of approximately 2.6 x 1.6 km. The drilling returned

numerous intervals with significant copper, gold and cobalt, such as 1.20% Cu, 0.21g/t Au, and 579ppm Co over

34 m

starting at

370 m

downhole in

RADDH-02*. Table 1 below summarized some of the best intervals from historic drilling, calculated and selected for when the copper grade multiplied by

the width of the interval results in a grade-thickness value of more than 10.

[This drilling was carried out by previous operators and has not yet been

independently verified by the Company's Qualified Person. Reported intervals are core lengths and true thickness has not been estimated at this

time.]

Table 1. Highlights of Historic Drill Intervals with Cu Grade x Thickness > 10%m.

Hole

From (m)

(m)

Interval

(m)

(%)

(g/t)

(%)

RARC-09

270

300

0.36

0.08

RARC-14

116

0.58

0.06

12.3

RARC-15

100

0.19

397

18.9

150

178

0.49

0.05

107

12.4

RARC-17

1.25

0.32

11.9

RA11DH-002

391

442

0.58

0.14

25.6

RA11DH-003

345

368

0.66

0.23

118

RA11DH-005

286

348

0.32

0.08

144

34.77

Including

302

325

0.45

0.11

142

38.3

RA12DH-001

283

322

0.35

0.05

156

15.6

RA12DH-002

250

299

0.40

0.07

191

36.3

Including

250

270

0.76

0.13

146

35.3

RA12DH-003

105

120

1.16

0.37

377

23.4

190

224

0.46

0.05

13.3

236

264

1.14

0.12

335

23.5

RA12DH-004

0.9

0.18

160

20.3

RA12DH-006

206

214

1.87

0.88

390

24.6

317

341

0.62

0.06

175

15.7

RA12DH-013

111

0.33

0.06

10.9

158

164

1.7

0.12

112

17.2

RADDH-02

112

174

0.41

0.06

162

31.7

370

404

1.2

0.21

579

18.2

There was limited historic surface sampling due to extensive cover, and mapping was only completed at a property scale. In 2022 Golden Arrow

completed detailed mapping and additional surface sampling at Rincones, as well as re-logging of a significant quantity of the historic drill core and

reinterpretation of geophysics. The 17 rock chip samples collected in this target included specularite breccias and veins, massive magnetite mantos and

outcrop of andesite and diorite. All show strong copper anomalies, often with strong gold and or cobalt as well (see Table 2, below, and

Figure 3

). New

geologic modeling work based on the data collected suggested that some of the magnetite mantos are dipping moderately to the southwest, opposite to

the general historic model.

The first two drill holes at Rincones (SP-DDH-05 and SP-DDH-06) tested and confirmed the new geological model for the magnetite mantos and copper

mineralization in the area of the best historic copper intercepts in the southern part of the target. The third hole (SP-DDH-07) applied the new model in

the northern part of the target area, while also testing for continuity of mineralization in a large gap between previous holes. Hole SP-DDH-11 further

tested the continuity of mineralized intervals in the southern target area. Hole SP-DDH-12 drilled into a previously untested area to assess the depth

extent of a large outcrop of magnetite mantos. This outcrop was unmapped and unsampled prior to

Golden Arrow's

2022 work, when a grab sample

returned assays of 0.46 % Cu. 0.18 Au g/t and 111 Co g/t on samples CD001469. The final hole of the program is (SP-DDH-13) planned to test for an

eastern extension of mineralization in the north part of the Rincones target.

This work will fill in the knowledge-base and database prior to moving on to detailed drilling, deposit modeling and resource estimation.

Table 2. Summary of 2022 Program Rock Chip Sample Results, Rincones Target Area.

Sample

East

North

(%)

(g/t)

Co (ppm)

(%)

CD001323

390393

7072226

1.00

0.18

128

44.1

CD001324

390400

7072223

0.17

0.15

50.0

CD001325

390503

7072250

2.63

0.74

36.1

CD001328

390593

7071650

3.44

0.16

137

18.4

CD001329

390359

7071876

1.62

0.26

14.5

CD001330

390660

7071820

4.82

2.42

24.8

CD001331

391151

7071898

1.73

0.16

101

25.7

CD001332

391238

7071965

2.02

0.11

29.3

CD001334

391190

7071820

2.36

0.33

1325

47.8

CD001335

390993

7071891

1.50

0.26

122

48.8

CD001336

390927

7071949

2.29

0.31

22.6

CD001462

391354

7072108

0.38

0.09

141

54.3

CD001463

391375

7072054

0.43

0.23

277

31.4

CD001465

391134

7071822

0.06

0.01

9.4

CD001466

391330

7071894

1.67

0.11

231

46.7

CD001469

390945

7071807

0.46

0.18

111

28.5

CD001470

391316

7072113

0.37

0.04

57.5

Colla Target

The Colla target is located just over 2 km southwest of Rincones. Four historic holes were drilled here, at wide spacing over a strike length of 2.2

kilometres. These holes returned high grades of iron and cobalt over significant widths, including the best interval of cobalt on the property: 414 ppm

Co over

32 m

starting at

116 m

downhole in CO11DH-002*.

The first successfully completed hole in the current drilling program was SP-DDH-02 which tested a high chargeability anomaly (more than 30 mv/v)

obtained from a recent 3D IP/Resistivity survey. The second hole SP-DDH-09 in this target tested the extension of specularite breccias and magnetite

mantos delineated at surface by the new detailed mapping. The specularite breccias were partially tested in the past by hole CO11DH-002. Several

holes drilled at the start of the current program in this area were abandoned due to issues with drilling and recovery.

Other Targets

The Rodeo target area is located 7.5 km northwest of Rincones. The current area of this target has one historic hole, RO12DH-005*, which intersected

34 metres averaging 1.03% Cu, 334ppm Co starting at

120 m

downhole. This intercept appears to correlate with the same northwest-trending structure

that is currently being mined by small-scale local miners on adjacent tenements. A single drill hole tested the lateral continuity of the Cu-Co mineralization

in this area.

The Mariposa target, at the northeast corner of the project, hosts a series of specularite veins outcropping in an area of

200m

80m

with copper oxide

mineralization. One hole tested the extent of this surface mineralization. There has been no previous drilling in this area.

Golden Arrow

has postponed one planned hole at the Radiss Norte target, in lieu of completing an additional hole at Rincones.

*See Golden Arrow News Release dated

March 17, 2022

for additional details and highlights of historic drill results. This drilling was carried out by

previous operators and has not yet been independently verified by the Company's Qualified Person. Reported intervals are core lengths and true

thickness has not been estimated at this time.

Methodology and QA/QC

At the San Pietro project, all samples were shipped for preparation and analysis at ALS Laboratory, an internationally recognized assay service

provider. Samples were prepared and assayed at their facility in La Serena,

Chile

and assayed for gold by Fire Assay/Atomic Absorption finish and

analyzed for a multi-element package by ICP-OES following a four-acid digestion. The Company follows industry standard procedures for the work

carried out on the San Pietro Project, with a quality assurance/quality control (QA/QC) program. Blank and standard samples were inserted in each

batch of samples sent to the laboratory for analysis.

Golden Arrow

detected no significant QA/QC issues during review of the data.

About the San Pietro Project

The 100% held San Pietro Project includes 18,448 hectares of exploration and exploitation concessions in the Atacama region of

Chile

, approximately

100 kilometres north of Copiapo in an active mining district that is home to all the major Iron-oxide copper-gold ("IOCG") deposits in

Chile

. There is

excellent mining infrastructure in the area, and the property is situated between and adjacent to Capstone Copper's Santo Domingo IOCG mine

development project and Mantoverde IOCG mine property, and just south of Alxar's

Sierra Norte

copper deposit.

[Proximity to other mining projects in

the area does not provide any assurances with respect to the prospects at the San Pietro Project.]

The project hosts multiple advanced targets with significant IOGG mineralization, and historic drilling encountered high grades of the strategic metals

copper and cobalt in numerous holes (see News Release dated

March 17

, 2022). The potential for new mineralization, combined with a central location

in a new copper-cobalt district, makes San Pietro the flagship project for value creation in

Golden Arrow's

portfolio.

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. 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 the advanced San Pietro Cu-Au-Co project in

Chile

, and a portfolio that includes more than 180,000 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

www.goldenarrowresources.com

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.

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SOURCE

Golden Arrow Resources Corporation

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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 18-MAY-23

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