Golden Arrow Reports Exciting New Results Including 20m at 1.47% Cu from the Sparsely Drilled Centre of the Rincones Target at its San Pietro Iron-Copper-Gold-Cobalt Project, Chile
Golden Arrow Resources (TSXV: GRG, FSE: G6A, OTCQB: GARWF) has announced promising results from the first three drill holes of its ongoing 10,000-meter diamond drilling campaign at the San Pietro Iron-Copper-Gold-Cobalt Project in Chile. Highlights include significant mineralized intervals from drill hole SP-DDH-14, such as 20m at 1.47% Cu, 0.16 g/t Au, 343 g/t Co, and 27.2% Fe from 360m. SP-DDH-15 intersected a new mineralized structure, yielding 132m averaging 0.44% Cu from 114m. SP-DDH-16 also returned multiple mineralized intervals, notably 64m at 0.20% Cu from 30m. The drilling program aims to complete a Mineral Resource Estimate, with plans for further step-out drilling to extend mineralization.
- SP-DDH-14: 20m at 1.47% Cu, 0.16 g/t Au, 343 g/t Co, 27.2% Fe from 360m.
- SP-DDH-15: 132m averaging 0.44% Cu from 114m, indicating a newly-recognized mineral structure.
- SP-DDH-16: 64m at 0.20% Cu from 30m.
- None.
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- Drill hole SP-DDH-14 intersected 12 well-mineralized intervals between 30 and 380 metres depth, highlighted by:
- 11.1m at 463 g/t Co and
42.2% Fe from 46.4m, and - 5.95m at
0.80% Cu, 0.19 g/t Au, 159 g/t Co and28.9% Fe from 180m, and - 20m at
1.47% Cu, 0.16 g/t Au, 343 g/t Co and27.2% Fe from 360m.
- 11.1m at 463 g/t Co and
- Drill hole SP-DDH-15 returned a long mineralized interval interpreted to have intersected a newly-recognized mineralized structure at a low angle:
- 132m averaging
0.44% Cu from 114m.
- 132m averaging
- Drill hole SP-DDH-16 returned multiple mineralized intervals between 30 and 252 metres depth, highlighted by:
- 64m at
0.20% Cu from 30 m - 2.27m at 0.22 g/t Au, 1395 g/t Co and
34.3% Fe from 246.93m.
- 64m at
Brian McEwen, VP Exploration and Development for Golden Arrow, commented, "This drilling program has focused in the middle of the Rincones Target area and we are thrilled with results to date. The thick mantos together with the vertical high grade breccias are really starting to come together. We are drilling the final hole of this batch, which totals eight holes in Rincones and one in the Colla copper-cobalt target. Next, we will start a step-out program to test for additional extensions to the mineralization and increase the resource potential."
Table 1. Summary of Intervals, Rincones Phase 2 Drilling
[Cu Grade >
Hole | From (m) | To (m) | Interval | Cu (%) | Au (g/t) | Co (g/t) | Fe (%) | |
SP-DDH-14 | 30.00 | 32.00 | 2.00 | 0.26 | 0.23 | 94 | 12.3 | |
42.05 | 44.00 | 1.95 | 0.29 | 0.06 | 134 | 21.1 | ||
46.40 | 57.50 | 11.10 | 0.10 | 0.04 | 463 | 42.2 | ||
90.00 | 92.00 | 2.00 | 0.28 | 0.02 | 122 | 21.0 | ||
173.00 | 174.50 | 1.50 | 0.30 | 0.08 | 54 | 15.9 | ||
180.00 | 185.95 | 5.95 | 0.80 | 0.19 | 159 | 28.9 | ||
220.00 | 221.00 | 1.00 | 0.36 | 0.10 | 192 | 27.3 | ||
274.60 | 278.00 | 3.40 | 0.64 | 0.32 | 176 | 24.2 | ||
284.00 | 287.58 | 3.58 | 0.47 | 0.20 | 322 | 27.6 | ||
310.00 | 312.00 | 2.00 | 0.80 | 0.10 | 83 | 15.0 | ||
318.00 | 320.00 | 2.00 | 0.44 | 0.04 | 108 | 16.7 | ||
360.00 | 380.00 | 20.00 | 1.47 | 0.16 | 343 | 27.2 | ||
SP-DDH-15 | 10.10 | 18.00 | 7.90 | 0.33 | 0.03 | 52 | 21.6 | |
31.30 | 33.00 | 1.70 | 0.28 | 0.03 | 33 | 10.5 | ||
41.86 | 45.00 | 3.14 | 0.53 | 0.11 | 58 | 12.7 | ||
62.30 | 64.00 | 1.70 | 0.68 | 0.05 | 43 | 15.4 | ||
114.00 | 246.00 | 132.00 | 0.44 | 0.05 | 102 | 15.6 | ||
includes | 114.00 | 120.00 | 6.00 | 0.89 | 0.1 | 152 | 19.5 | |
includes | 214.24 | 221.00 | 6.76 | 1.25 | 0.11 | 310 | 28.8 | |
includes | 228.00 | 232.00 | 4.00 | 0.83 | 0.08 | 233 | 20.2 | |
261.00 | 263.00 | 2.00 | 0.36 | 0.08 | 87 | 9.9 | ||
293.27 | 298.00 | 4.73 | 0.22 | 0.09 | 211 | 33.6 | ||
SP-DDH-16 | 30.00 | 94.00 | 64.00 | 0.20 | 0.03 | 44 | 11.5 | |
150.00 | 170.00 | 20.00 | 0.25 | 0.04 | 58 | 10.6 | ||
180.00 | 182.00 | 2.00 | 0.25 | 0.06 | 109 | 12.7 | ||
190.00 | 194.00 | 4.00 | 0.02 | 0.05 | 220 | 14.7 | ||
222.00 | 241.90 | 19.90 | 0.05 | 0.07 | 326 | 16.6 | ||
246.93 | 249.20 | 2.27 | <0.01 | 0.22 | 1395 | 34.3 | ||
250.26 | 252.00 | 1.74 | 0.04 | 0.08 | 490 | 16.6 | ||
Notes: Intervals are downhole length. See hole descriptions in text for additional details. |
San Pietro Phase 2 Drill Program Details
The San Pietro Project hosts multiple targets with strong IOCG+cobalt mineralization (see Figure 1). In 2023 the company completed approximately 4000 metres of diamond drilling in 13 holes to add to the database of ~34,000 metres of historic drilling at San Pietro. Strongly mineralized intervals were intercepted at all targets tested as reported in company news releases on June 13, June 27 and July 12, 2023.
The Company is concentrating mainly on the Rincones advanced exploration target with the goal of completing an initial Mineral Resource Estimate. This target formed the core of the historic work, with 46 widely spaced holes drilled in an area of approximately 2.6 by 1.6 kilometres, resulting in numerous well mineralized intervals reported. The historic drill holes were roughly split into a north and south grouping, with a central area that had seen minimal drilling. Golden Arrow's 2023 drill program successfully identified significant extensions to the known mineralization at Rincones, particularly in the central area, as highlighted by hole SP-DDH-12, which returned an interval of 64.2 metres averaging
SP-DDH-14 was also drilled in the sparsely tested central part of the Rincones target 260 metres east-northeast from SP-DDH-12, to a depth of 401.2 metres. Logging of the core from SP-DDH-14 identified four magnetite manto bodies with thicknesses of over 10 metres, starting at approximately 42 metres, with visible chalcopyrite and pyrite noted. Additionally, at 360 metres, a 24 metre-wide specularite breccia with visible chalcopyrite was intercepted (see Photo 1), which is interpreted as the same east-west structure that outcrops 150 meters north of this hole and also was intercepted by historic hole RARC-14, which returned 32 metres with
SP-DDH-15 was collared 290m northeast of hole SP-DDH-14 in the central Rincones target area. The hole cut a sulphide-mineralized specularite breccia system, with core logging indicating that it was intercepted at a low angle, resulting in an interval of 132 metres averaging
SP-DDH-16 was collared in the northern part of the Rincones target. The hole intersected a series of crackle breccias and specularite veinlets with some chalcopyrite, with the longest interval from 25 to 84 to metres depth. From 247 to 249 metres the drill hole intersected a magnetite-rich manto with significant pyrite mineralization.
The goal of the 2024 campaign is to provide additional drill data to facilitate the first Mineral Resource Estimate for the Project. The Company is currently drilling the final hole in this set of eight at Rincones and has also completed one additional hole at the Colla target. It is anticipated that the next set of holes in the program will be additional step-outs at Rincones, plus one hole to twin an historic hole drilled via reverse circulation, to verify previous data for inclusion in the future resource model.
Table 2. Drill Hole Collar Information, Rincones Target
[PSAD 56 / UTM Zone 19 S]
Hole | Easting | Northing | Elevation | Azimuth | Dip (˚) | Final |
SP-DDH-14 | 391149 | 7071727 | 955 | 39 | -63 | 401.2 |
SP-DDH-15 | 391411 | 7071858 | 894 | 20 | -74 | 320.0 |
SP-DDH-16 | 390925 | 7072153 | 958 | 200 | -60.5 | 272 |
Methodology & QA/QC
This drilling campaign was completed by Sociedad de Servicios Andinos SpA of Copiapó,
About the San Pietro IOCG Project
The San Pietro Project covers 19,200 hectares, approximately 100 kilometres north of Copiapo. Situated between and adjacent to Capstone Copper's Manto Verde Mine property and Santo Domingo Project, San Pietro is in the centre of a potential new copper-cobalt region within an active, well developed mining district that is home to all the major iron oxide-copper-gold ("IOCG") deposits in
The Project is hosted by andesite units in a Cretaceous-aged 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 mantos, breccias and veins within a zone of alteration characterized by an association of actinolite, epidote, chlorite and scapolite. The mantos are replacement of andesite by magnetite and sulphides, with a roughly southeast strike and a gentle dip to the SW. Breccias and veins crosscut the mantos, are often subvertical, and filled with specularite and sulphides.
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.
Golden Arrow is actively exploring its flagship property, the advanced San Pietro iron oxide-copper-gold-cobalt project in
The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in
ON BEHALF OF THE BOARD
"Joseph Grosso"
_______________________________
Mr. Joseph Grosso,
Executive Chairman, President and CEO
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. 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 management of 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. Accordingly, readers should not place undue reliance on the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things: 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 exploration activities; the possibility that future exploration. There may be other factors that cause results or events to not be as anticipated. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's Management's Discussion and Analysis for a more detailed discussion of factors that may impact expected future results. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
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SOURCE Golden Arrow Resources Corporation
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