🕐24.04.14 - 18:54 Uhr
GOLDEN ARROW INTERCEPTS 54 M OF 290 G/T SILVER
*Thursday, April 24, 2014
/Golden Arrows Phase III Drilling Intercepts 54 m of 290 g/t Silver at
Chinchillas in Argentina/*
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*Vancouver, BC / TNW-Accesswire / Apr 24 2014 / Golden Arrow Resources
Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the
"Company")* is pleased to announce results from the first seven holes of
the 6000 metre Phase III drill program at the Chinchillas Silver Project
in Jujuy province, Argentina.
/"We are excited by these initial results from the Phase III exploration
program.
Some of the targets that have been drilled were based on
geophysics.
The fact that we have had success with this method gives us
confidence that we will be able to build on our existing resource at
Chinchillas with other similar targets.
Management has now approved
increasing the program to 8,000 metres, with most of the additional
drilling directed at new targets"./ Joseph Grosso, President & C.E.O.
The Phase III drill program is designed to expand the existing resource
at Chinchillas.
The results reported below indicate that drilling has
successfully intersected significant new silver, lead and zinc
mineralization not reported in the projects current NI 43-101 resource
estimate1.
Highlights of the results include:
* *54 m at 290 g/t silver, 1.8% lead and 0.5% zinc at 130m depth in
CGA-93,*
o Including 4m @ 882 g/t silver, 3.3% lead and 1.3% zinc
o And also 5m @ 1172g/t silver, 4.2% lead and 1.4% zinc
* *13 m at 359 g/t silver, 2.4% lead at 199m depth also in CGA-93*
* *43 m at 181 g/t silver, 1.3% lead at 106m depth in CGA-94*
* *44 m at 102 g/t silver, 0.8% lead and 0.8% zinc at 11m depth in
CGA-95*
o Including 13m @ 218 g/t silver, 1.4% lead and 1.1% zinc
* *28 m at 105 g/t silver, 1.2% lead and 0.8% zinc at 157m depth in
CGA-98*
/"Results from these holes represent expansion of the known
mineralization,"/ commented Golden Arrow VP Exploration and Development
Brian McEwen.
/"We believe this will continue to be the case based on
visual estimates of mineralization in the core from which results are
pending, including from new targets that are over a kilometre from the
existing resources." /
The Phase III program plan initially included a minimum of 6000 metres
of diamond drilling, and this has now been increased to 8000 metres.
To
date, 4200 metres has been completed, and the holes highlighted in Table
1 below include 1382 metres of the completed drilling.
The Chinchillas deposit remains open to expansion in most directions and
at depth, and there are areas within the deposit that were not drilled
at sufficient spacing to be included in the 2013 resource estimate.
Approximately 3700 metres of drilling in this program aims to expand the
existing resources.
The remaining holes in the program target several new areas throughout
the property that were identified by the 2013 geophysics and surface
mapping program, including an area over a kilometre to the southeast of
the main resource zones.
The following is the map associated with this drill program.
Corebox(r)
interactive 3-D models of the deposit and drill holes can also be found
on the website, here
and will be updated with these new intercepts.
*Drilling Highlights*
Intercepts for the first seven drill holes (1382 metres) are reported in
Table 1.
The Silver Mantos zone comprises the western portion of the
deposit, while the Socavon comprises the eastern portion.
The Mantos
Basement Zone is situated approximately below the Silver Mantos Zone.
These zones were described in detail as part of the NI 43-101 Technical
Report and resource estimate1.
The North Slope is a newer target area
along the slope of the basin to the north of both the Silver Mantos and
Socavon Zones.
Holes CGA-93 and CGA-94 are on the western margin the Silver Mantos
area.
These holes were targeted to intersect mineralized brecciated
schist basement rocks.
The intersection of additional high-grade silver,
lead and zinc mineralization over thick widths is expected to increase
the Silver Mantos and Mantos Basement resources in this area.
Holes CGA-95 and CGA-96 were collared near the centre of the Silver
Mantos area.
Their main target was the deep eastern extension of the
Mantos Basement Zone as well as providing infill drilling for the Silver
Mantos.
CGA-95 encountered good mineralization in the Silver Mantos Zone
that will help build resources, with over 100g/t silver in a 44-metre
near-surface intersection and again in a 9-metre intersection at
approximately 200 metres depth that also included lead and zinc.
Eighty-eight metres to the southeast, hole CGA-96 was terminated in
mineralization at 194 metres depth, prior to reaching the target contact
with the basement due to the jamming of drill rods and casing.
The drill
company has agreed to re-drill this hole later in the program.
Hole CGA-97 was drilled to test a northwest extension of the main
Socavon zone.
It returned moderate grades and intervals.
Hole CGA-98 targeted the western continuation of a deep mineralization
feeder zone in the basement, at the north end of the Socavon Zone.
This
was previously encountered by hole CGA-71 situated 50m to the east (see
News Release dated March 14, 2013).
The structure and associated
mineralization was successfully identified, including an intersection of
28 metres of greater than 100g/t silver, 1.2% lead and 0.8% zinc.
No
basement mineralization from this area was included in the 2013 resource
estimate and the area will now be a target for infill drilling and
resource expansion.
Hole CGA-99 was the first hole from this campaign to target the North
Slope, with moderate results, as it encountered a previously
unidentified dacite body.
Phase II drill holes in this area include
CGA-59 and CGA-75, approximately 100 and 50 metres to the
north-northwest respectively, both of which encountered silver
mineralization.
(See news releases dated February 7, 2013 and March 14,
2013.)
*Table 1.
Drill Intercepts >20g/t for Ag and >0.5% for Pb and Zn*
*TARGET/ZONE* *HOLE* *Note* *From
(metres)* *To
(metres)* *Length (metres) * *Ag
g/t* *Pb
%* *Zn
%*
*SILVER MANTOS* CGA-93 73 75 2.0 36 - -
80 81 1.0 31
88 96 8.0 39 - -
109 113 4.0 103 0.7 -
*MANTOS BASEMENT* CGA-93 *130* *184* *54.0 * *290* *1.8 * *0.5 *
*/includes/* */132/* */136/* */4.0 /* */882/* */3.3 /* */1.3 /*
*/includes/* */141/* */146/* */5.0 /* */1172/* */4.2 /* */1.4 /*
189 191 2.0 48 - -
*199* *212* *13.0 * *359* *2.4 * *- *
*/includes/* */208/* */210/* */2.0 /* */1216/* */7.3 /* */- /*
*SILVER MANTOS* CGA-94 5.5 28 22.5 - 0.6 -
34 43 9.0 113 0.7 -
*MANTOS BASEMENT* CGA-94 *106* *149* *43.0 * *181* *1.3 * *- *
*SILVER MANTOS* CGA-95 *11* *55* *44.0 * *102* *0.8 * *0.8 *
*/includes/* */26/* */39/* */13.0 /* */218/* */1.4 /* */1.1 /*
67 73 6.0 84 - -
178 183 5.0 - - 0.8
183 191 8.0 42 0.6 0.9
197 206 9.0 110 1.0 0.6
*SILVER MANTOS* CGA-96 12 18 6.0 - - 1.7
18 37 19.0 42 0.6 1.3
58 67 9.0 47 - -
112 117 5.0 23 0.5 1.3
143 144 1.0 47 1.5 1.7
165 169 4.0 - - 0.8
176 194.3 18.3 78 1.2 1.2
*SOCAVON* CGA-97 20 23 3.0 74 0.5 0.7
23 35 12.0 - - 1.0
35 37 2.0 41 1.2 2.8
52 55 3.0 24 0.5 0.9
61 66 5.0 - - 1.0
127 129 2.0 27 - -
*SOCAVON BASEMENT* CGA-98 4.6 11 6.4 - - 0.9
93 94 1.0 195 3.7 -
128 135 7.0 76 1.2 0.7
*157* *185* *28.0 * *105* *1.2 * *0.8 *
189 191 2.0 36 0.7 0.8
199 221 22.0 - - 0.5
*NORTH SLOPE* CGA-99 96 97 1.0 47 1.5 -
104 105 1.0 38 0.7 0.7
True widths have not yet been calculated.
*About the Chinchillas Silver Project*
Golden Arrow is earning a 100% interest in the Chinchillas Silver
Project.
After less than two years exploration, the Company announced a
NI 43-101 resource estimate^1 in 2013, including:
* *27.4 Moz silver / 32.6 Moz silver equivalent* in Indicated Resources
(7.2 Mt @ 119g/t silver, 0.57% lead, 0.48% zinc : 141g/t silver
equivalent )
* *53 Moz silver / 72.2 Moz silver equivalent* in Inferred Resources
(21 Mt @ 78.5 g/t silver, 0.69% lead, 0.62% zinc : 107g/t silver
equivalent)
The first NI 43-101 preliminary economic assessment^2 returned an
after-tax NPV 8% of US$98.5M, highlighting the benefits of the projects
near-surface mineralization, conventional metallurgy and access to
infrastructure.
The deposit is open to expansion and Golden Arrow is now
drilling to increase resources.
^1 "Mineral Resource Estimate for the Chinchillas Silver-Lead-Zinc
Project, Jujuy Province, Argentina" filed on SEDAR dated June 20th, 2013.
^2 "Preliminary Economic Assessment for the Chinchillas Silver-Lead-Zinc
Project, Jujuy Province, Argentina" filed on SEDAR dated January 20th, 2014.
*Methodology and QA/QC*
Analyses of the drill core were performed by Alex Stewart Assayers, in
Mendoza, Argentina, an internationally recognized assay service
provider.
All samples were analyzed by method ICP-MA-39 that consists of
a four acid digestion followed by ICP-OES detection.
Silver results >200
Ag g/t 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
3 acids and ICP-OES detection.
The Company followed industry standard
procedures for the work carried out on the Chinchillas Project, with a
quality assurance/quality control (QA/QC) program.
Blank, duplicate and
standard samples were inserted into the drill core sample sequence sent
to the laboratory for analysis.
Golden Arrow detected no significant
QA/QC issues during review of the data.
*Table 2.
Drill hole location and orientation data*
*NAME* *EASTING* *NORTHING* *ELEVATION* *AZIMUTH* *INCLINATION*
*DEPTH*
CGA-93 3472584 7512438 4126 0 -90 251.0
CGA-94 3472517 7512419 4127 280 -80 200.5
CGA-95 3472767 7512303 4123 0 -90 250.0
CGA-96 3472803 7512224 4134 0 -90 194.3
CGA-97 3473520 7512301 4070 0 -90 143.5
CGA-98 3473792 7512267 4067 10 -60 221.0
CGA-99 3473566 7512438 4091 340 -75 121.5
*Qualified Persons*
The contents of the 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 is a Vancouver-based explorer focused on identifying,
acquiring and advancing precious and base metal projects in Argentina
with the goal of achieving a world class discovery.
The main focus is on
advancing the flagship Chinchillas Silver Project located in Jujuy,
Argentina.
Golden Arrow has a strong treasury which will allow the
company to advance its Chinchillas Silver Project.
Golden Arrow will
continue to execute its strategy to leverage the Companys exploration
exposure by attracting partners to fund work on its other high quality
mineral projects.
Golden Arrow is a member of Grosso Group, a management
company specialized in resource exploration, and working in Argentina
where it is highly regarded and trusted since 1993.
ON BEHALF OF THE BOARD
"Joseph Grosso"
_______________________________
Mr.
Joseph Grosso
Executive Chairman, President, CEO and Director
For further information please contact:
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email:
/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.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the
meaning of Canadian securities legislation.
Such forward-looking
statements concern the Companys anticipated results and developments in
the Companys operations in future periods, planned exploration and
development of the Chinchillas project, plans related to its business
and other matters that may occur in the future.
These statements relate
to analyses and other information that are based on expectations of
future performance as outlined in the PEA, including silver, lead and
zinc production and planned work programs at Chinchillas.
Statements
concerning reserves and mineral resource estimates may also constitute
forward-looking statements to the extent that they involve estimates of
the mineralization that will be encountered if the Chinchillas property
is developed and, in the case of mineral reserves, such statements
reflect the conclusion based on certain assumptions that the mineral
deposit can be economically exploited.
Forward-looking statements are subject to a variety of known and unknown
risks, uncertainties and other factors which could cause actual events
or results to differ from those expressed or implied by the
forward-looking statements, including, without limitation: risks related
to precious and base metal price fluctuations; risks related to
fluctuations in the currency markets (particularly the Argentinean peso,
Canadian dollar and United States dollar); risks related to the
inherently dangerous activity of mining, including conditions or events
beyond our control, and operating or technical difficulties in mineral
exploration, development and mining activities; uncertainty in the
Companys ability to raise financing and fund the development of the
Chinchillas project pursuant to the PEA; uncertainty as to actual
capital costs, operating costs, production and economic returns, and
uncertainty that development activities will result in a profitable
mining operation at Chinchillas; risks related to mineral resource
figures being estimates based on interpretations and assumptions which
may result in less mineral production under actual conditions than is
currently estimated and to diminishing quantities or grades of mineral
resources as properties are mined; risks related to governmental
regulations and obtaining necessary licenses and permits; risks related
to the business being subject to environmental laws and regulations
which may increase costs of doing business and restrict our operations;
risks related to the Chinchillas property being subject to prior
unregistered agreements, transfers, or claims and other defects in
title; risks relating to inadequate insurance or inability to obtain
insurance; risks related to potential litigation; risks related to the
global economy; risks related to the Chinchillas property being located
in Argentina, including political, economic, social and regulatory
instability.
Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described in the forward-looking
statements.
The Companys forward-looking statements are based on
beliefs, expectations and opinions of management on the date the
statements are made.
For the reasons set forth above, investors should
not place undue reliance on forward-looking statements.
The information provided in this news release addresses the Chinchillas
PEA and is not intended to be a comprehensive review of all matters and
developments concerning the Company.
It should be read in conjunction
with all other disclosure documents of the Company.
The information
contained herein is not a substitute for detailed investigation or
analysis.
No securities commission or regulatory authority has reviewed
the accuracy or adequacy of the information presented.
The Company
undertakes no obligation to publicly update or revise any
forward-looking statements.
We advise U.S.
investors that the SECs mining guidelines strictly
prohibit information of this type in documents filed with the SEC.
U.S.
investors are cautioned that mineral deposits on adjacent properties are
not indicative of mineral deposits on our properties./
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Copyright 2014 Golden Arrow Resources Corporation (GRG) All rights
reserved.
For more information visit our website at
http://www.goldenarrowresources.com/ or send email to
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