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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SOURCE Golden Arrow Resources Corporation