Golden Arrow Starts First Diamond Drill Program at Tierra Dorada Gold Project, Paraguay
Golden Arrow Starts First Diamond Drill Program at Tierra Dorada
Gold Project, Paraguay
TSX Venture Exchange (TSX-V):
GRG
Frankfurt Stock Exchange (FSE):
G6A
OTCQB Venture Market (OTCQB):
GARWF
VANCOUVER, BC
,
July 30, 2020
/CNW/ -
Golden Arrow Resources Corporation
(TSXV: GRG) (FSE: G6A) (OTCQB: GARWF)
, ("Golden
Arrow"
or the
"Company")
is pleased to report that it is initiating a 500-metre diamond drilling program at the Tierra Dorada gold project in
Paraguay
. At the Alvaro target area, mapping and sampling has delineated at least four prospective gold vein showings, and sampling has returned
multiple high-grade gold assays from these veins (see News Releases dated
December 5, 2019
and
May 27, 2020
). The most recent trench
channel samples returned assays of 11.14 g/t gold and 6.36 g/t gold from a 0.78 wide vein at Trench T-6 in Showing 4 (see Figure 1:
https://bit.ly/39B8N4O
). The drill program will test these showings in more detail and at greater depths.
"Tierra Dorada is a large project, and the Alvaro target itself is just one of several priority areas. By moving to shallow drilling of the prospects
at Alvaro we will be able to more rapidly and effectively evaluate our targets and advance the entire project. Our regional work to delineate new
prospects will continue at the same time,"
commented
Brian McEwen
,
Golden Arrow's
VP Exploration and Development.
Golden Arrow
has selected a local drilling company to complete the program, and is finalizing the operating details. Once drilling is underway, the
program will take approximately one month to complete, and may be expanded depending on results.
Regional mapping, stream and rock sampling continues in both the north and south property blocks of the project. An Induced Polarization (IP)
survey is also planned to aid in delineating targets under cover (see News Release dated
May 27, 2020
). The survey will commence once the
Chilean-based geophysical team is permitted entry to
Paraguay
, which is currently restricted due to COVID-19 regulations.
Program Details
The Tierra Dorado gold project covers an area of Pre-Cambrian shield in southern
Paraguay
prospective for orogenic gold deposits. The project
includes two concessions totaling 64,000 hectares: the Paraguari concession to the north, and the Misiones concession to the south.
Golden Arrow
mainly focused its activities to date at one of four previously-identified target areas known as Alvaro in the southern property block, but also has a
team working on geological reconnaissance and stream sediment sampling in both the northern and southern block concessions to evaluate as
much of the property as possible for additional targets.
Alvaro Target, Trench Sampling
Results from trenches T-5 through T-7 are summarized in Table 1 below. Trenches T-5 and T-6 targeted the newly-identified structure at Showing
4, where a previous boulder sample returned 47.4 g/t Au, 260 metres northwest of trench T-1 at Showing 1 (see News Release dated
December
5, 2019
). Trench T-5 revealed an apparent vein thickness of 1.25 metres but because of flooding from a water dam adjacent to the trench only a
limited chip sample was collected, which assayed 0.02 g/t Au. Trench T-6, located 50 metres to the northeast of T-5 and along the same strike,
was sampled by two channels cut one metre apart. In each channel two samples were collected from the vein, which averaged 0.78 metres of true
width. The weighted average of sample assays was 11.14 g/t Au in one channel and 6.36 g/t Au in the second channel, over the vein width. The
vein has a strike of 70° and an apparent dipping of 28° to the northwest, and true width was calculated considering the 28° dipping. Because of the
nearby water dam, it was not possible to trench deeper to reach the host rock, so the total width of the vein and possible mineralization in the host
rock is uncertain at this stage.
At Showing 3, Trench T-7 exposed a sub-horizontal quartz vein with gentle dipping to the northwest, and a true width of 0.25 metres. Eight chip
samples were collected with a highest grade of 1.23 g/t Au. At 300 metres to the southeast of T-8, two additional trenches were hand excavated
and quartz vein was sampled. Assays are pending.
Alvaro Target, Other Sampling:
Figure 1 includes the location of additional boulder sampling 2.3 kilometres northeast from Trench T-6, along the apparent strike of the vein at
Showing 4. A chip sample from quartz boulders returned 0.97 g/t Au. The source of these boulders is uncertain and additional work must be done
in the area
Alvaro Target, Drill Program
With the current prospecting permit for the Tierra Dorado project, the Company can drill holes up to 20 metres in depth. This is sufficient for
testing near-surface prospects to delineate targets for deep drilling in greater detail than is possible with trenching.
Golden Arrow
has selected
the Paraguayan company MasterGold S.A. for drilling services, using a diamond drill that will recover HQ diameter core. The program will include a
nominal 500 metres of drilling which is expected to test at least 8 of the known quartz vein Showings, including the hanging wall and footwall rocks
which were difficult to sample with trenching.
Paraguari Concession, Regional Sampling Program
Regional reconnaissance work has commenced at the northern concession. Thirteen stream sediments samples were collected from an active
stream. Three samples show anomalous gold, with values of 650, 86 and 9 ppb Au. These anomalies are 10 kilometres north of the Alvaro target,
in the northern part of the Precambrian Rio Tebicuary Metamorphic Complex, which is the same complex that hosts the gold mineralization at
Alvaro. Additional detailed work is in process.
Table 1. Summary of Results from Channel Sampling in Trenches 5-7, Alvaro Target Area
Trench
Sample
Width
Au g/t
Ag g/t
Channel
Total Width
Av. Au g/t
Av. Ag g/t
T-5
PS-0063
1.25
0.018
-0.5
chips
T-6
PS-0064
0.38
17.4
5.9
A
0.78
11.14
3.9
PS-0065
0.4
5.19
2.0
PS-0066
0.38
9.68
4.4
PS-0067
0.4
3.2
1.8
B
0.78
6.36
3.1
T-7
PS-0071
0.25
-0.005
-0.5
PS-0072
0.25
0.227
-0.5
PS-0073
0.25
0.561
-0.5
PS-0074
0.25
0.153
-0.5
PS-0078
0.25
0.138
-0.5
PS-0079
0.25
0.030
-0.5
PS-0080
0.25
1.230
-0.5
PS-0081
0.25
0.376
-0.5
Methodology and QA/QC
Channel samples were collected from the trenches with an electric saw. Channel and rock chip samples were shipped to ALS, an internationally
recognized assay service with laboratories in
Chile
and
Peru
. Samples were prepared at the facility at Copiapo,
Chile
and assays were done in
Lima, Peru
. Rock samples were assayed for gold using fire assay with an atomic absorption finish. Samples with more than 10 g/t Au were re-
assayed by fire assay with a gravimetric finish. Analyses for a multi-element package by ICP-OES following a four-acid digestion. Soil and stream
sediments were sieved at 80 and 140 mesh. Fraction minus 140 mesh and inbetween 80 and 140 mesh were assayed.
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.
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 a new 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 09:30e 30-JUL-20