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Golden Arrow Resources Corporation (TSX-V: GRG, FSE: GAC, OTCQB: GARWF), ("Golden Arrow" or the "Company") is pleased to announce the results from the Company's first diamond drill program at the Antofalla silver-gold-base metal project in Catamarca Province, Argentina. The program included over 3,000 metres of drilling in 11 holes testing the "Dome Zone," an area of approximately 4 by 4 kilometres. The program identified a new geologic target at the Cizalla Norte zone, consisting of silver and base metal mineralization in a shear belt, comprised of two parallel composite shear zones, and underlying sandstones. The shear belt incorporates silicified breccias, as intercepted in hole DDA-07 which returned up to 3 metres averaging 191 g/t silver. In the same drill hole, multiple intersections over a 70 metre interval in the adjacent sandstone were well mineralized, including 1 metre averaging 283 g/t silver and 2.1% zinc, 3 metres averaging 131 g/t silver, and 1 metre averaging 110 g/t silver, 1.7% lead and 4.1% zinc. The hole ended in mineralization at 275 m depth.
"We are encouraged by the program results, particularly from this new shear zone which appears to have some similarities to mineralization at Chinchillas. With just two drill holes into this 650-metre-long shear belt the target remains open for expansion in both directions and to depth. In addition, the array of current targets in the Dome Zone covers an area of over 1600 hectares, so further geophysics and follow-up drilling is required to properly determine the full potential of the project. We have made the second option payment to the vendor so that we are able to proceed." commented Brian McEwen, Golden Arrow's Vice President of Exploration and Development.
Program Details
The Antofalla Project includes a Miocene Dome complex hosted in Permian conglomerates and sandstones, with signatures of both high and low sulphidation epithermal mineralization. Mineralization has been identified in several areas of the Dome Zone. A review of the initial data indicated similarities to the geologic model for Golden Arrow's Chinchillas silver project in Jujuy province which is currently being developed through a joint venture between Golden Arrow and SSR Mining Inc. (https://goldenarrowresources.com/projects/jujuy-province/chinchillas). A preliminary geological model for Antofalla is shown in Figure 1.
Golden Arrow completed 11 diamond drill holes on 4 main target areas within the Dome Zone (see Figure 2). Intervals with >20g/t silver or >0.1 g/t gold are summarized in Table 1, with hole location information in Table 2. The Cizalla Norte target has emerged as a new focus of exploration potential at the project, as drilling confirmed the discovery of significant silver-zinc mineralization in a shear belt/zone as well as along the contact with, and in, the underlying Permian sandstones. The mineralized contact between the flow dome and the sandstone basement is a similar environment for mineralization as is seen at the Chinchillas silver-lead-zinc deposit.
A geological interpretation of results from all targets is summarized below:
Table 1. Drill Intercepts >20g/t for Ag, or >0.1 g/t Au.
HOLE NOTE From (metres) To (metres) Length (metres) Au Ag Pb Zn
(g/t) (g/t) (%) (%)
DDA-18-01 49 53 4.0 51 0.5
126 142 16.0 28
includes 138 139 1.0 118 0.7
155 157 2.0 30 0.4
168 173 5.0 58 0.2
includes 170 171 1.0 108 0.2
DDA-18-02 2 10 8.0 20 1
18 24 6.0 41 0.8
29 32 3.0 33 0.9
118 120 2.0 0.14
DDA-18-03 57 59 2.0 21 0.8
109 110 1.0 21
171 172 1.0 20 0.3
238 242 4.0 0.14
270 272 2.0 0.17 39
290 297 7.0 0.3 0.6
300 301 1.0 0.17 30
304 308 4.0 0.11
310 314 4.0 10 0.3 0.7
314 348 34.0 0.23 10
includes 317 318 1.0 1.70 24
DDA-18-04 75 77 2.0 28
148 152 4.0 21
178 190 12.0 28
194 197 3.0 22 0.5
201 218 17.0 27
220 221 1.0 30
222 224 2.0 55
DDA-18-05 71 72 1.0 22
80 82 2.0 22
128 130 2.0 53
160 162 2.0 40
202 204 2.0 116
DDA-18-06 no significant mineralization
DDA-18-07 30 32 2.0 20
35 44 9.0 74
includes 38 41 3.0 130
48 49 1.0 49
78 80 2.0 29
84 86 2.0 27
106 109 3.0 64
includes 107 108 1.0 115
128 134 6.0 36
143 144 1.0 53
156 171 15.0 69
includes 159 162 3.0 191
176 177 1.0 24
185 193 8.0 31
205 207 2.0 42 0.3 0.4
249 250 1.0 283 0.8 2.1
259 262 3.0 131 0.3
272 273 1.0 110 1.7 4.1
DDA-18-08 43 50 7.0 38
65 69 4.0 91
96 108 12.0 63
includes 104 106 2.0 145
DDA-18-09 7 12 5.0 31
95 100 5.0 0.11
114 116 2.0 0.14
167 181 14.0 0.16
203 204 1.0 0.14
DDA-18-10 2 4 2.0 35
104 106 2.0 22
138 140 2.0 0.14 60
184 188 4.0 0.28 0.5
209 210 1.0 21
223 236 13.0 34
includes 224 225 1.0 0.18 159 0.5 0.3
254 302 48.0 0.4
includes 292 302 10.0 0.25 11 0.2
DDA-18-11 15 16 1.0 27
19 33 14.0 37
33 45 12.0 0.31 109
47 48 1.0 36
53 54 1.0 25
56 58 2.0 29
68 76 8.0 48
76 78 2.0 0.54 355 2.1
78 80 2.0 0.82 71 0.7
189 191 2.0 0.18 48 0.8
266 268 2.0 0.18
270 274 4.0 0.19 20
Note: The reported intervals are downhole lengths and are believed to approximate true width; this will be confirmed with geologic modeling and further drilling.
Table 2. Drill hole location and orientation data (Gauss-Kruger, Posgar Zone 2)
Hole Easting Northing Elevation (m) Azimuth (deg) Dip Total Length (m)
(deg)
DDA-18-01 2616702 7165566 4782 130 -60 191
DDA-18-02 2617102 7165727 4604 210 -60 155
DDA-18-03 2617127 7165757 4562 210 -60 350
DDA-18-04 2616657 7165559 4790 120 -60 252
DDA-18-05 2616593 7166239 4684 50 -60 248
DDA-18-06 2616623 7165585 4807 0 -70 627
DDA-18-07 2616505 7166306 4683 50 -60 275
DDA-18-08 2616702 7165533 4811 130 -60 111.5
DDA-18-09 2616851 7165584 4737 130 -60 210.3
DDA-18-10 2617159 7165816 4558 210 -60 302
DDA-18-11 2617051 7165710 4635 135 -60 299
Methodology and QA/QC
Drill core was split and half core samples were shipped for preparation and analysis at Alex Stewart-Mendoza, an internationally recognized assay service provider. Samples were assayed for gold by Fire Assay/Atomic Absorption finish and analyzed for a multi-element package by ICP-OES following a four acid digestion. Silver results >100 g/t Ag were re-analyzed by fire assay with a gravimetric finish on 50-gram samples. Lead and zinc results >10,000 ppm were re-analyzed by a three acid digestion and ICP-OES detection. The Company follows industry standard procedures for the work carried out on the Antofalla 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 results of the Company's exploration program have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company's geological staff 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 is an exploration company earning production income. The Company has a successful track record of creating value by making precious and base metal discoveries and advancing them into exceptional deposits. Golden Arrow owns a 25% share of Puna Operations, a joint venture operated by SSR Mining, with more than 8 years of forecast production and upside potential at the Pirquitas-Chinchillas silver mining project. Golden Arrow is actively exploring on its more than 200,000 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
For further information, please contact:
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: [email protected]
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. 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.
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/6f251907-20b3-41f7-b1f3-8a5e48bbb4a7
http://www.globenewswire.com/NewsRoom/AttachmentNg/99e7cf28-c873-4f14-a111-b8392c57d46f
http://www.globenewswire.com/NewsRoom/AttachmentNg/4c6dd0f6-5095-4712-bdb2-d00fd9f6235c
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