Golden Arrow Samples Veins containing Visible Gold at Flecha de Oro Gold Project
Golden Arrow Samples Veins containing Visible Gold at Flecha
de Oro Gold Project
TSX Venture Exchange (TSX-V):
GRG
Frankfurt Stock Exchange (FSE):
G6A
OTCQB Venture Market (OTCQB):
GARWF
VANCOUVER
,
March 2, 2020
/CNW/ -
Golden Arrow Resources Corporation (TSX-V: GRG, FSE: G6A, OTCQB: GARWF), ("Golden
Arrow" or the "Company")
is pleased to provide an update on field activities and results for its Flecha de
Oro
gold project in
Argentina
,
comprised of two separate properties: Esperanza and Puzzle. Sampling and mapping continued throughout the month of January at the
Esperanza property, identifying high-grade and visible gold hosted in epithermal quartz veins.
Highlights from the results include:
four chip samples across quartz veins ranging from 0.15 to 0.70 metres in width that returned results of
18.00, 5.05, 4.12 and 4.10 g/t
gold
(See Figure 1:
https://bit.ly/2PB6dmx
);
Visible gold
was observed in the vein sample which assayed
18 g/t gold
.
These four high-grade samples were collected up to 400 metres west of a previously reported vein chip/channel sample that returned 5
metres grading 13.1 g/t gold (see News Release dated
September 25, 2019
).
At the Puzzle property a key feature identified early in the exploration program was a 2.3-kilometre-long and more than 150-metre-wide
magnetic low related to a corridor with gold-mineralized quartz veins and adjacent stockwork (see News Release dated
September 25
,
2019). Additional ground magnetic surveys have now extended the magnetic low anomaly in both directions, bringing it to 6.5 kilometres in
overall length, and it remains open in both directions. The ongoing sampling program has identified additional mineralized quartz veins and
sub-outcrop in the anomaly corridor (see Figure 2:
https://bit.ly/3896Ieg
).
"
We are pleased with the progression of exploration at the Flecha de
Oro
project,"
commented
Brian McEwen
,
Golden Arrow's
VP
Exploration and Development.
"Systematic exploration at both properties continues to provide excellent results that bring us closer to
delineating strong drill targets."
Golden Arrow
is currently engaged in an extensive geological mapping, sampling, and ground magnetic surveying program, with follow-up
trenching planned in the next three months.
About the Flecha de Oro Gold Project,
Argentina
The Flecha de
Oro
gold project in
Rio Negro Province
,
Argentina
, consists of two separate property packages, Puzzle (1,952 hectares) and
Esperanza (9,968 hectares) and is located in an area that is prospective for large epithermal precious metal deposits. Following receipt of
the initial results at Esperanza, applications have been made for two additional concessions around the initial Esperanza property totaling
over 14,500 hectares. In addition, applications have been made for two additional concessions totaling over 2,500 hectares around the
Puzzle property.
The Company is using the Cerro Vanguardia district as an exploration model for the Esperanza property. There are geological similarities
between the two areas, in particular the presence of swarms of low sulphidation epithermal quartz veins in an area of approximately 100
square kilometres. The Cerro Vanguardia district is located in
Santa Cruz
province in southern
Argentina
, and includes over 100 gold and
silver-bearing epithermal veins. The district has a cumulative exposed vein strike extent of more than 240 kilometres, and has produced more
than 4.5 million ounces of gold over the last 20 years. (Readers are cautioned that results from other companies, including on properties
proximal to those controlled by the Company, are not indicative of expected
Golden Arrow
results, as there has been insufficient exploration
on these properties. These facts are simply used to aid in the exploration of these properties).
At Esperanza,
Golden Arrow's
target is to define high grade mineralized zones within the 16 kilometers of identified quartz and chalcedony
veins that display banded, colloform and crustiform epithermal textures. The host rocks are Permian and Triassic brittle granites with multi-
directional fractures, a very permissive setting for the introduction of hydrothermal fluids and vein formation. The mapping program is
continuing to gain greater understanding of the structural plumbing system and distribution of classic epithermal vein textures which can
provide formation temperature information; both important in targeting thicker and higher-grade zones.
Table 1 summarizes the vein sampling results to date.
Table 1. Summary of Gold Results from Vein Chip/Channel Sampling, Esperanza Property
Samples
Range Au g/t
Average Au g/t
291
-0.005 to 0.1
76
0.1 to 0.6
0.24
27
0.6 to 2.5
1.05
13
2.5 to 10.0
4.49
4
10.0 to 24.0
16.58
73
assays pending
At Puzzle, gold is hosted by epithermal quartz veins, stockworks and hydrothermal breccias that occur within a 150-metre-wide corridor that
can be traced for 6,500 metres along strike. Host rocks are Triassic dacitic and rhyolitic ignimbrites. A mineralized corridor is coincident with
a well-defined magnetic low anomaly. Ground magnetic surveying has proved to be an effective exploration tool as it led to the discovery of
buried quartz sub-outcrops, which were sampled and in many cases returned anomalous gold in assays, as highlighted in Figure 2. It is
postulated that hydrothermal fluids destroyed magnetic minerals in the host volcanic rocks, generating the linear magnetic low along the
mineralized corridor.
Golden Arrow's
target at Puzzle is to define a significant bulk tonnage deposit along this hydrothermal corridor.
Table 2. Summary of Gold Results from Vein Chip/Channel Sampling, Puzzle Property
Samples
Range Au g/t
Average Au g/t
50
-0.01 to 0.03
45
0.03 to 0.13
0.07
27
0.13 to 0.28
0.19
28
0.38 to 0.87
0.42
4
0.87 to 1.89
1.42
Methodology and QA/QC
Samples were collected by chip channeling across the veins. Field samples were shipped for preparation and analysis at Bureau Veritas
Mineral laboratories, former ACME LABS, an internationally recognized assay service provider. Samples were prepared 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 at their laboratory in
Lima, Peru
. The Company follows industry standard procedures for the work carried out
on the Flecha de Oro 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 results of the Company's exploration program have been reviewed, verified (including sampling, analytical and test data) and compiled
by the Company's geological staff 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
recently 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 advanced projects in
Chile
, a district-scale frontier opportunity in
Paraguay
, and
more than 185,000 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. 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.
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For further information:
Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email:
CO: Golden Arrow Resources Corporation
CNW 09:30e 02-MAR-20