http://www.goldenarrowresources.com/...
August 29, 2008
Golden Arrow Resources Corporation (GRG – TSX.V) (“Golden Arrow” or the “Company”) is pleased to report analytical results for the recently-completed diamond drill program on its 100% owned San Jose Gold Project in Jujuy Province, northwest Argentina. A total of 1428.8m of HQ core was drilled in 18 holes along a 1.2km mineralized trend with three gold zones previously identified by soil sampling and surface channel sampling (see March 4, 2008 News Release). The San Jose property hosts high-grade gold quartz vein occurrences and stockwork-related bulk-tonnage style gold mineralization.
Two campaigns of soil sampling and rock channel sampling (Figure 1), lead to the definition of three main target areas where recent drilling has been completed. Six drill-holes were completed at the Northwestern Target, seven drill-holes at the Central Target, and five drill-holes at the Southeast Target. Overall the drilling results demonstrate that gold mineralization in all three zones is primarily hosted by narrow high-grade discontinuous zones of quartz veining. Wider zones of “bulk-tonnage” grade gold mineralization, indicated by sampling of rock saw trenches on surface, were not detected in the subsurface by shallow drilling. Analytical highlights from the drilling program are summarized below in Table 1.
Table 1: Assay Highlights from 2008 San Jose Drill Program
|
Collar
|
|
Depth (m)
|
Sample Width (m)
|
Gold (g/t)
|
|
Target
|
from
|
to
|
|
DDH-SJ-4
|
C
|
29.35
|
30.65
|
1.30
|
1.46
|
|
DDH-SJ-5
|
C
|
25.65
|
26.30
|
0.65
|
16.73
|
|
DDH-SJ-8
|
NW
|
14.60
|
16.00
|
1.40
|
6.89
|
|
DDH-SJ-10
|
NW
|
3.65
|
3.95
|
0.30
|
5.12
|
|
DDH-SJ-12
|
C
|
37.30
|
37.58
|
0.28
|
2.93
|
|
|
|
37.58
|
37.96
|
0.38
|
19.38
|
|
|
|
85.50
|
86.00
|
0.50
|
1.40
|
|
DDH-SJ-13
|
C
|
13.60
|
15.00
|
1.40
|
1.12
|
|
DDH-SJ-14
|
SW
|
42.00
|
43.60
|
1.60
|
2.44
|
|
|
|
48.00
|
49.00
|
1.00
|
0.96
|
|
|
|
97.30
|
98.30
|
1.00
|
1.87
|
|
DDH-SJ-15
|
SW
|
9.50
|
11.00
|
1.50
|
1.74
|
|
|
|
16.20
|
17.00
|
0.80
|
2.47
|
|
DDH-SJ-16
|
SW
|
18.00
|
18.50
|
0.50
|
1.95
|
|
|
|
20.53
|
21.25
|
0.72
|
1.24
|
|
|
|
22.60
|
23.70
|
1.10
|
4.11
|
|
|
|
24.45
|
25.25
|
0.80
|
1.97
|
|
|
|
27.50
|
28.30
|
0.80
|
1.17
|
|
|
|
72.00
|
72.80
|
0.80
|
2.06
|
|
DDH-SJ-17
|
SW
|
53.80
|
54.50
|
0.70
|
17.61
|
|
DDH-SJ-18
|
SW
|
6.00
|
7.20
|
1.20
|
2.28
|
|
|
38.35
|
38.98
|
0.63
|
5.86
|
Note: C = Central Zone, NW = Northwest Zone and SW = Southwest Zone, g/t = grams/tonne
San Jose Project is located in the Sierra de Rinconada region of Jujuy Province. At San Jose regionally folded Ordovician interbedded shales and sandstones host gold bearing quartz veins and stockwork veining. The gold vein systems defined to date by IMAUSA occur over an area of 600m by 2000m. The quartz vein and stockworks, in some cases, have in the past been exploited by artisanal miners.
The San Jose drilling program encountered challenging drilling conditions resulting from the strongly fractured nature of the host rock and high water pressures encountered at shallow depths. Drill core recoveries averaged 66% and most holes did not reach their target depths, although most did cross down-dip projections of the target mineralized zones identified from surface trenching.
The discontinuous nature of the gold-bearing veins and narrow mineralized widths encountered in drilling indicate that the potential for discovery of an economic deposit, either high-grade vein style or bulk tonnage target is limited in the areas tested. The Company is currently evaluating its plans for future work on the San Jose Project.
The Company followed industry standard procedures for the work carried out on the San Jose Project. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the lab for quality assurance/quality control (QA/QC) purposes. In total, 40 quality control samples (over 3% of all 1341 samples) were analyzed. Golden Arrow detected no QA/QC issues during review of the data.
Analyses of the drill core samples were performed by Alex Stewart Assayers, in Mendoza, Argentina, an internationally recognized assay service provider. The technical information contained in this release has been prepared by Bruce Smith, AUSMIN, Golden Arrows Exploration Manager and a Qualified Person, and has been reviewed by Dr. David A. Terry, P.Geo., director and Vice President Exploration for Golden Arrow, and a Qualified Person as defined in National Instrument 43-101.
