Golden Arrow Drills 283 metres averaging 0.23% Copper and Expands Southern Rincones Target Area, at San Pietro Project, Chile
Rhea-AI Summary
Golden Arrow Resources (OTCQB: GARWF) has reported significant drilling results from its San Pietro Project in Chile. The latest highlight includes a 283-metre interval averaging 0.23% copper, 0.04 g/t gold, 101 g/t cobalt, and 15.5% iron from 83 metres depth in hole SP-DDH-38.
The drilling program has expanded the southern Rincones target area, with hole SP-DDH-29 stepping out nearly 400 metres from previously defined mineralization. The Phase 2 program has now completed nine holes with intervals of more than 100 metres of significant copper mineralization, including two holes over 280 metres and four grading over 0.4% copper.
Additional notable results include SP-DDH-37 returning 130 metres averaging 0.23% copper, and SP-DDH-35 intercepting 102 metres averaging 0.25% copper. The company remains on track to complete its first Mineral Resource Estimate in the coming weeks.
Positive
- Best copper interval to date: 283 metres at 0.23% Cu
- Successful expansion of mineralization zone with 400m step-out
- Nine holes with >100m of significant copper mineralization
- Multiple high-grade intercepts including 0.96% Cu over 15.30m
- Mineral Resource Estimate nearing completion
Negative
- None.
News Market Reaction – GARWF
In the trading session that priced this news, GARWF gained 13.37%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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SP-DDH-29 was the first hole to test for a southern extension of the Rincones target. It stepped out nearly 400 metres from previously drill-defined mineralization and intersected 310.85 m averaging
Brian McEwen, VP Exploration and Development for Golden Arrow, commented, "Hole 38 is helping define the so far sparsely-tested and yet significant southern extension that adds to the central area of thick continuous mineralization at Rincones. Phase 2 has now drilled nine holes with intervals of more than 100 metres of significant copper, including the two that are over 280 metres, and four that grade over
Two additional holes reported here returned intervals with over 100 metres of mineralization. SP-DDH-37 was an infill hole in the centre of Rincones, and returned 130 metres averaging
The new holes reported in Table 1 are part of the now-complete Phase 2 diamond drilling campaign at the San Pietro Iron Oxide-Copper-Gold-Cobalt ("IOCG") Project in
Table 1. Summary of New Intervals, Phase 2 Drilling
[Cu Grade >
Hole | From (m) | To (m) | Interval | Cu (%) | Au (g/t) | Co (g/t) | Fe (%) | |
Rincones Target | ||||||||
138.00 | 141.85 | 3.85 | 0.38 | 0.22 | 154 | 11.6 | ||
186.00 | 288.00 | 102.00 | 0.25 | 0.04 | 185 | 14.7 | ||
SP-DDH-35 | includes | 230.00 | 240.30 | 10.30 | 0.51 | 0.05 | 137 | 13.4 |
317.83 | 336.65 | 18.82 | 0.06 | 0.03 | 202 | 13.6 | ||
SP-DDH-36 | 6.00 | 12.00 | 6.00 | 0.17 | 0.06 | 221 | 23.3 | |
54.00 | 74.00 | 20.00 | 0.20 | 0.02 | 57 | 8.3 | ||
128.00 | 134.00 | 6.00 | 0.45 | 0.07 | 602 | 23.5 | ||
SP-DDH-37 | 23.00 | 57.00 | 34.00 | 0.55 | 0.24 | 163 | 51.0 | |
127.00 | 139.00 | 12.00 | 0.23 | 0.02 | 40 | 11.5 | ||
146.50 | 150.00 | 3.50 | 0.25 | 0.03 | 33 | 15.4 | ||
250.00 | 380.00 | 130.00 | 0.23 | 0.05 | 69 | 13.4 | ||
includes | 250.00 | 265.30 | 15.30 | 0.96 | 0.31 | 179 | 28.5 | |
SP-DDH-38 | 83.00 | 366.00 | 283.00 | 0.23 | 0.04 | 101 | 15.5 | |
includes | 110.65 | 120.00 | 9.35 | 0.74 | 0.43 | 254 | 38.6 | |
& includes | 138.00 | 149.55 | 11.55 | 0.51 | 0.05 | 80 | 12.5 | |
& includes | 280.00 | 355.00 | 75.00 | 0.33 | 0.05 | 183 | 21.5 | |
Note: Intervals are downhole length. See hole descriptions in text for additional details. | ||||||||
San Pietro Phase 2 Drill Program Details
The San Pietro Project hosts multiple targets with strong Iron oxide-Copper-Gold and Cobalt mineralization (see Figure 1). This mineralization is typically found within a pile of fine to porphyritic andesites that exhibit widespread potassic feldspar alteration. The mineralization is often associated with areas where a superimposed quartz-scapolite alteration is more intense and there is a development of brecciation and massive replacement of magnetite.
In 2023, the Company completed a Phase 1 drill program of approximately 4000 metres of diamond drilling in 13 holes to add to the database of ~34,000 metres of historic drilling at San Pietro. Strongly mineralized intervals were intercepted at all targets tested as reported in company news releases on June 13, June 27 and July 12, 2023.
The Company focused this Phase 2 drill program mainly on the Rincones advanced exploration target with the goal of completing an initial Mineral Resource Estimate. In addition, 2 holes (SP-DDH-25 and SP-DDH-34) with a total of 607 metres were drilled at the nearby Colla target.
SP-DDH-35 stepped out 135 metres west of historic reverse circulation ("RC") hole RARC-015, which included a 142-metre interval averaging
SP-DDH-36 was drilled in the north-central part of Rincones where it intercepted east-west trending crackle breccias with specularite-chalcopyrite-pyrite, dipping 70° to 89° the north. Mineralization was modest, similar to an adjacent historic RC hole.
SP-DDH-37 tested a gap in the central part of Rincones approximately 145 metres southeast of SP-DDH-12, which returned the best overall interval of the Phase 1 program: 64.2 m averaging
SP-DDH-38 expanded the southern extension of the Rincones mineralization, as first identified in hole SP-DDH-29 that returned 310.85 metres averaging
Table 2. Drill Hole Collar Information
[PSAD 56 / UTM Zone 19 S]
Hole | Easting | Northing | Elevation (m) | Azimuth (˚) | Dip (˚) | Final Depth (m) |
SP-DDH-35 | 390561 | 7071720 | 1003 | 20 | -60 | 368 |
SP-DDH-36 | 391283 | 7071902 | 940 | 0 | -60 | 200 |
SP-DDH-37 | 391036 | 7071653 | 952 | 20 | -60 | 389 |
SP-DDH-38 | 390598 | 7071282 | 1000 | 20 | -60 | 374 |
Methodology & QA/QC
This drilling campaign was completed by Sociedad de Servicios Andinos SpA of Copiapó,
About the San Pietro IOCG Project
The San Pietro Project covers approximately 20,000 hectares, 100 kilometres north of Copiapo. Situated between and adjacent to Capstone Copper's Manto Verde Mine property and Santo Domingo Project, San Pietro is in the centre of a potential new copper-iron-cobalt district within an active, well-developed mining region that is home to all the major iron oxide-copper-gold ("IOCG") deposits in
The Project is hosted by andesite units in a Cretaceous-aged volcano-sedimentary sequence associated with intrusive rocks including granodiorites and diorites of similar age. The Project is located east of the Atacama Fault system, a major north-south regional structure, which was instrumental in controlling the emplacement of the ore deposits in the area.
Mineralization at San Pietro is typical of an IOCG system, with the addition of cobalt, and occurs in mantos, breccias and veins within a zone of alteration characterized by an association of actinolite, epidote, chlorite and scapolite. The mantos are replacement of andesite by magnetite and sulphides, with a roughly southeast strike and a gentle dip to the SW. Breccias and veins crosscut the mantos, are often subvertical, and filled with specularite and sulphides.
Qualified Persons
The exploration programs are designed by the Company's geological staff and results are reviewed, verified (including sampling, analytical and test data) and compiled 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 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.
Golden Arrow is actively exploring its flagship property, the advanced San Pietro iron oxide-copper-gold-cobalt project in
The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in
ON BEHALF OF THE BOARD
"Joseph Grosso"
_______________________________
Mr. Joseph Grosso,
Executive Chairman, President and CEO
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. 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 management of 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. Accordingly, readers should not place undue reliance on the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things: 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 exploration activities; the possibility that future exploration. There may be other factors that cause results or events to not be as anticipated. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's Management's Discussion and Analysis for a more detailed discussion of factors that may impact expected future results. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
We advise U.S. investors that the SEC's 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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SOURCE Golden Arrow Resources Corporation