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11:48 AM EDT, 09/07/2016 (MT Newswires) -- Golden Arrow Resources Corporation (GRG.TO) has released the assay results of the first twenty-four drill holes in the Phase VI drilling program at the Chinchillas Silver Project in Argentina.
The objective of the drill program is exploration for resource potential as well as condemnation of certain areas for future mine infrastructure. Drill targets included the Chinchillas South area where seven previous drill holes had returned significant zinc and silver intervals up to 1.5 kilometres away from the main Chinchillas deposit.
"Phase VI drilling has confirmed that the area planned for surface infrastructure is devoid of significant near-surface mineralization. However, the area is underlain by narrow high-grade structures found over a 440 metre by 120 metre area that is similar in style to those found at Pirquitas. This mineralization, along with Breccia Dome target to the north provides future resource potential," commented Brian McEwen, Golden Arrow's VP Exploration and Development.
Selected highlights from these drill holes include: 159 g/t silver and 1.3% lead over 6 metres in CGA-301RC, 23 g/t silver and 0.6 % Pb and 1.0 % Zn over 104 metres in CGA-308, including 365 g/t silver and 16.7 % Pb and 13.2 % Zn over 0.5 metres, and 48 g/t silver and 1.0 % Pb and 1.3 % Zn over 83 metres in CGA-318, including 110 g/t silver, 2.3% lead and 2.1% zinc over 7 metres, and 376 g/t silver, 7.5 % Pb and 3.2 % Zn over 2 metres.
The drilling of Phase VI holes is now complete, with a total of 7,188 metres over 34 holes including seven short reverse circulation holes and one hole redrilled for a water well.
Golden Arrow's shares were last down 1.7% at $1.13 apiece.
Price: 1.13, Change: -0.02, Percent Change: -1.74
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