Golden Arrow Options Espota Project, Argentina and hits 28m averaging 1.6g/t Gold in Initial Sampling
Golden Arrow Options Espota Project, Argentina and hits 28m averaging
1.6g/t Gold in Initial Sampling
TSX Venture Exchange (TSX-V): GRG
Frankfurt Stock Exchange (FSE): G6A
OTCQB Venture Market (OTCQB): GARWF
VANCOUVER, BC
,
April 18, 2023
/CNW/ -
Golden Arrow Resources Corporation
(TSXV: GRG) (FSE: G6A) (OTCQB: GARWF)
, ("Golden Arrow"
or the
"Company)
is pleased to report that it recently entered into an option agreement to acquire a 100% interest in the Espota Gold Project ("Espota" or "the
Project") covering nearly 30km
2
in San Juan Province,
Argentina
(see
Figure 1
).
Golden Arrow
has commenced a reconnaissance surface exploration program
throughout the property and has already identified a 1km
2
area hosting multiple targets of shear zone-hosted breccias and veins with quartz-tourmaline-hematite
alteration and gold-silver mineralization (see
Figure 2
). Initial channel samples across breccia bodies in this area returned a best interval averaging
27.7m
at 1.57
g/t Au, including individual samples of 9.64 g/t Au over
0.80m
and 33.06 g/t Au over
0.95m
.
Brian McEwen
, VP Exploration & Development commented,
"Our robust project review and acquisition program in
Argentina
resulted in us securing the
grassroots Espota project. It fits well with our strategy as it is a large under-explored land package situated near other discoveries and deposits. We were
quickly able to identify some very promising structures and mineralization in just a small portion of the property so we are moving forward with a program to
determine the overall potential of the project."
Golden Arrow
is continuing a detailed program of mapping and sampling in the area of the targets identified to date and plans to complete a ground magnetics
survey there later this quarter. A second team will continue reconnaissance exploration work over the remainder of the property.
Project & Program Details
The Espota project consists of 2 exploration concessions ("Cateos") that cover 2,887.3 hectares in the Eastern border of the Andean Cordillera Frontal (Front
Range) of San Juan Province. The Project is situated at an altitude of 2,700 to
3,200 m
.a.s.l. which allows for exploration work most of the year. Access is from
the town of Bella Vista, via 25 kilometres of provincial highway, followed by 13 kilometres of second order gravel road (
Figure 1
).
Golden Arrow
has entered into an option agreement to earn 100% of the Project by making payments that total
US$360,000
over 2 years to the local owners.
An initial
US$25,000
payment has been made.
The Espota project is situated in between active exploration projects Chita and
San Francisco
. The Chita project is a Cu-Au-Mo porphyry system located 6
kilometres north of Espota and owned by Minsud Resources Corp. under Joint Venture with South32 Ltd. At Chita, a recent hole CHDH22-62 was reported with
86 metres with 0.94% Cu and 0.38 g/t Au included in a wider interval of 518 metres with 0.34% Cu and 0.13 g/t Au (from News Release
www.minsud.com
on
March 21, 2023
). Turmalina Metals Corp. is actively exploring the San Francisco Project for Cu-Au-Ag tourmaline-quartz breccias, 23 km south of Espota, where
they reported drilling intercepts of 109 metres with 4.94 g/t Au, 1.13% Cu and 109 g/t Ag (News Release
www.turmalinametals.com
on
March 2, 2023
) in a
quartz-tourmaline breccia pipe.
Investors are cautioned that proximity to other mineral projects, deposits, or resources in the area does not provide any
assurances with respect to the mineral prospects at the Espota Project, however these projects provide important information on geology and mineralization,
and act as models for exploration, in the area of Espota.
The geology at Espota consists of an Upper Paleozoic marine sequence of sandstones and shales of the Agua Negra Formation. This sequence was intruded by
Permian granites and granodiorites of the Tocota Granitoids and by later Miocene dacites, andesites and rhyodacites.
No previous systematic exploration has been carried out at the project. Initial work by
Golden Arrow
has mapped a series of NW-SE trending shear zones within
the sandstones that host breccias and veins with quartz-tourmaline-hematite alteration and gold-silver mineralization. The largest of these targets "Quiscudo"
shows a series of quartz-tourmaline-hematite breccia bodies and quartz-tourmaline veins outcropping along more than 600 metres of strike (
https://bit.ly/41fBEWi
). The field team cut channel samples over multiple outcrops in this area using an electric saw and sampled in 0.6 to 2.0 metre intervals. So far, the best surface
sampling returned an average of 27.7 metres averaging 1.57 g/t Au, including 9.64 g/t Au and 33.06 g/t Au in
0.80m
and
0.95m
long samples, respectively.
These two higher-grade samples might represent the borders of the breccia body, but the system is open in both directions. Additional sample results are
summarized in Table 1, below.
Two other structures were also identified, the El Toma and Marcos targets, that consists of a series of quartz vein and veinlets identified over 350 metres.
All three structures are mineralized with gold and silver associated with elevated arsenic and bismuth pathfinder elements.
Table 1. Summary of Surface Channel Sample Results
Target
Samples
Average Au g/t
Highest Au g/t
Highest Ag g/t
Highest As g/t
Highest Bi g/t
Quiscudo
44
1.75
33.06
46
+10,000
+2,000
El Toma
23
1.25
5.18
138
+10,000
128
Marcos
19
0.47
2.77
185
+10,000
1,050
Methodology and QA/QC
At the Espota project, channel samples were cut over outcrops with an electric saw and sampled in 0.6 to 2.0 metre intervals. Samples were shipped for
preparation and analysis at Alex Stewart Assayers, an internationally recognized assay service provider. Samples were prepared and assayed at their facility in
Mendoza,
Argentina
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 Espota Project, with a quality assurance/quality control (QA/QC)
program. Blank, duplicate 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.
Qualified Persons
The technical portions of this news 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 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
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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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-APR-23