Golden Arrow Reports Results of Drilling at Tierra Dorada Gold Project, Paraguay, and Provides Exploration Update
Golden Arrow Reports Results of Drilling at Tierra Dorada Gold Project,
Paraguay, and Provides Exploration Update
TSX Venture Exchange (TSX-V):
GRG
Frankfurt Stock Exchange (FSE):
G6A
OTCQB Venture Market (OTCQB):
GARWF
VANCOUVER, BC
,
May 20, 2022
/CNW/ -
Golden Arrow Resources Corporation
(TSXV: GRG) (FSE: G6A) (OTCQB: GARWF)
, ("Golden Arrow"
or the
"Company")
reports that it has received the final assays from its recent diamond drilling program at the Tierra Dorada Gold Project in
Paraguay
("Tierra Dorada"
or the "Project"). The Phase II program included 46 drill holes totaling 1791.80 metres testing the Alvaro and Itayuru prospects. Eight holes returned intervals of
gold above 0.5g/t with a best interval of 2.6 metres averaging 5.17g/t gold. Following a review of the results acquired to date, management has decided to
discontinue funding and terminate the Company's option agreement for the Project.
"Drilling at Tierra Dorada continues to hit anomalous values of gold, but the high-grade intervals remain short and discontinuous. Despite our efforts using a
variety of regional and detailed exploration methods we have been unable to identify cohesive mineralization that we think will lead to an economic deposit. We
believe that there is still prospectivity to the project but it will require a much larger and longer-term program to advance. For this reason, we have decided to
terminate our exploration at Tierra Dorada and concentrate on our other projects, particularly San Pietro, where the identification of significant resources
appears more likely and achievable in a shorter time frame,"
commented
Brian McEwen
, VP Exploration and Development for
Golden Arrow
.
Exploration Update
San Pietro Copper-Gold-Cobalt Project,
Chile
The Company has designed its first exploration program at the newly acquired San Pietro project in
Chile
(see News Release dated
March 17, 2022
). The next six
months will include re-logging of much of the 34,000 metres of historic drill core, detailed surface mapping and sampling, trenching, and an updated geophysical
program. This work will modernize and build the database for the main prospects, particularly the Rincones Zone, to refine the targets for a subsequent potential
resource delineation drill program.
Libanesa Silver-Gold Project,
Argentina
Golden Arrow
has finished drilling its first program at the Libanesa Silver-Gold project in
Santa Cruz
province,
Argentina
(see News Release dated
March 24, 2022
). The program drilled approximately 1700 metres of core in holes ranging from 75 to 250 metres in depth, testing the Cerro Redondo and
Lagunita prospects. Final multi-element assays are pending and data compilation and interpretation is on-going.
Flecha de Oro Gold Project,
Argentina
The first exploration program has been initiated at the 2,000-hectare Maquinchao. Due diligence sampling identified high-sulphidation epithermal signatures
including silicified breccia outcrop over one kilometre with strong alteration and coincident gold, copper, and silver anomalies. The program has started with a
ground magnetic survey to map the structures and will include detailed surface sampling to identify additional anomalies.
Tierra Dorada Drill Program Details
Table 1. Tierra Dorada Phase 2 Drill Intercepts Au>0.5g/t or Ag>100g/t
(Intervals are downhole length, true width to be confirmed with geologic modelling.)
Hole
Target
From
To
Interval (m)
Au g/t
DHTD-52
8.00
8.50
0.50
2.60
DHTD-67
Alvaro
73.75
77.70
3.95
0.57
DHTD-69
Alvaro North
4.80
5.30
0.50
0.57
DHTD-70
Alvaro North
9.36
11.60
2.24
0.61
DHTD-72
Alvaro
1.60
2.07
0.47
0.59
DHTD-73
Alvaro
77.00
77.55
0.55
0.54
DHTD-74
Alvaro
0.50
1.35
0.85
6.18
DHTD-85
Itayuru North
3.1
5.7
2.6
5.17
including
3.8
4.2
0.4
27.73
The entire length of the core of every drill hole was sampled. As coarse gold was expected to be present in the quartz veins, all the intervals with quartz vein was
sampled 100%. The rest of the core was cut in half with an electric saw. Half of the core was kept in the core boxes.
The samples were shipped to Alex Stewart Assayers (Mendoza,
Argentina
), an internationally recognized assay service. Samples were prepared and assayed at
the facility at Mendoza,
Argentina
using fire assay with an atomic absorption finish on 50g aliquots. A 33 element analysis was performed by a four-acid digestion
and detection by ICP-OES.
Golden Arrow
follows industry standard procedures for the work carried out on Tierra Dorada 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.
Drill hole collar location and orientation information can be found here:
https://bit.ly/38A8kUw
.
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 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.
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CO: Golden Arrow Resources Corporation
CNW 07:00e 20-MAY-22