TSX Venture Exchange (TSX-V): GRG
Frankfurt Stock Exchange (FSE): G6A
OTCQB Venture Market (OTCQB): GARWF
VANCOUVER, BC, April 18,
2023 /CNW/ - Golden Arrow Resources
Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF),
("Golden Arrow" or the "Company) is pleased to
report that it recently entered into an option agreement to
acquire a 100% interest in the Espota Gold Project ("Espota" or
"the Project") covering nearly 30km2 in San Juan
Province, Argentina (see Figure
1). Golden Arrow has commenced a
reconnaissance surface exploration program throughout the property
and has already identified a 1km2 area hosting multiple
targets of shear zone-hosted breccias and veins with
quartz-tourmaline-hematite alteration and gold-silver
mineralization (see Figure 2). Initial channel samples across
breccia bodies in this area returned a best interval averaging
27.7m at 1.57 g/t Au, including
individual samples of 9.64 g/t Au over 0.80m and 33.06 g/t Au over 0.95m.
Brian McEwen, VP Exploration
& Development commented, "Our robust project review and
acquisition program in Argentina
resulted in us securing the grassroots Espota project. It fits well
with our strategy as it is a large under-explored land package
situated near other discoveries and deposits. We were quickly able
to identify some very promising structures and mineralization in
just a small portion of the property so we are moving forward with
a program to determine the overall potential of the
project."
Golden Arrow is continuing a
detailed program of mapping and sampling in the area of the targets
identified to date and plans to complete a ground magnetics survey
there later this quarter. A second team will continue
reconnaissance exploration work over the remainder of the
property.
Project & Program
Details
The Espota project consists of 2 exploration concessions
("Cateos") that cover 2,887.3 hectares in the Eastern border of the
Andean Cordillera Frontal (Front Range) of San Juan Province. The
Project is situated at an altitude of 2,700 to 3,200 m.a.s.l. which allows for exploration work
most of the year. Access is from the town of Bella Vista, via 25
kilometres of provincial highway, followed by 13 kilometres of
second order gravel road (Figure 1).
Golden Arrow has entered into an
option agreement to earn 100% of the Project by making payments
that total US$360,000 over 2 years to
the local owners. An initial US$25,000 payment has been made.
The Espota project is situated in between active exploration
projects Chita and San Francisco.
The Chita project is a Cu-Au-Mo porphyry system located 6
kilometres north of Espota and owned by Minsud Resources Corp.
under Joint Venture with South32 Ltd. At Chita, a recent hole
CHDH22-62 was reported with 86 metres with 0.94% Cu and 0.38 g/t Au
included in a wider interval of 518 metres with 0.34% Cu and 0.13
g/t Au (from News Release www.minsud.com on March 21, 2023). Turmalina Metals Corp. is
actively exploring the San Francisco Project for Cu-Au-Ag
tourmaline-quartz breccias, 23 km south of Espota, where they
reported drilling intercepts of 109 metres with 4.94 g/t Au, 1.13%
Cu and 109 g/t Ag (News Release www.turmalinametals.com on
March 2, 2023) in a quartz-tourmaline
breccia pipe. Investors are cautioned that proximity to other
mineral projects, deposits, or resources in the area does not
provide any assurances with respect to the mineral prospects at the
Espota Project, however these projects provide important
information on geology and mineralization, and act as models for
exploration, in the area of Espota.
The geology at Espota consists of an Upper Paleozoic marine
sequence of sandstones and shales of the Agua Negra Formation. This
sequence was intruded by Permian granites and granodiorites of the
Tocota Granitoids and by later Miocene dacites, andesites and
rhyodacites.
No previous systematic exploration has been carried out at the
project. Initial work by Golden
Arrow has mapped a series of NW-SE trending shear zones
within the sandstones that host breccias and veins with
quartz-tourmaline-hematite alteration and gold-silver
mineralization. The largest of these targets "Quiscudo" shows a
series of quartz-tourmaline-hematite breccia bodies and
quartz-tourmaline veins outcropping along more than 600 metres of
strike (https://bit.ly/41fBEWi). The field team cut channel samples
over multiple outcrops in this area using an electric saw and
sampled in 0.6 to 2.0 metre intervals. So far, the best surface
sampling returned an average of 27.7 metres averaging 1.57 g/t Au,
including 9.64 g/t Au and 33.06 g/t Au in 0.80m and 0.95m
long samples, respectively. These two higher-grade samples might
represent the borders of the breccia body, but the system is open
in both directions. Additional sample results are summarized in
Table 1, below.
Two other structures were also identified, the El Toma and
Marcos targets, that consists of a series of quartz vein and
veinlets identified over 350 metres.
All three structures are mineralized with gold and silver
associated with elevated arsenic and bismuth pathfinder elements.
Table 1. Summary of Surface
Channel Sample Results
Target
|
Samples
|
Average Au
g/t
|
Highest Au
g/t
|
Highest Ag
g/t
|
Highest As
g/t
|
Highest Bi
g/t
|
Quiscudo
|
44
|
1.75
|
33.06
|
46
|
+10,000
|
+2,000
|
El Toma
|
23
|
1.25
|
5.18
|
138
|
+10,000
|
128
|
Marcos
|
19
|
0.47
|
2.77
|
185
|
+10,000
|
1,050
|
Methodology and QA/QC
At the Espota project, channel samples were cut over outcrops
with an electric saw and sampled in 0.6 to 2.0 metre intervals.
Samples were shipped for preparation and analysis at Alex Stewart
Assayers, an internationally recognized assay service provider.
Samples were prepared and assayed 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.
The Company follows industry standard procedures for the work
carried out on the Espota 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 technical portions of this news release have been reviewed
and approved by Brian McEwen,
P.Geol., VP Exploration and Development to the Company and a
Qualified Person as defined in National Instrument
43-101.
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 the advanced San Pietro Cu-Au-Co project in Chile, and a portfolio that includes more than
180,000 hectares of prospective 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