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Golden Arrow drills 0.49% copper over 19.86 metres at San Pietro, Chile
VANCOUVER – Golden Arrow Resources Corp. [GRG-TSXV; GARWF-OTCQB; G6A-FSE] reported additional results from the phase 1 diamond drilling program at…
VANCOUVER – Golden Arrow Resources Corp. [GRG-TSXV; GARWF-OTCQB; G6A-FSE] reported additional results from the phase 1 diamond drilling program at the company’s flagship San Pietro iron-copper-gold-cobalt project in Chile, including one hole from each of the Mariposa and Rodeo exploration prospects.
Brian McEwen, vice-president of exploration and development, commented: “With these results, and the ones from the Colla target announced earlier in June, we have confirmed our new interpretations for all three of the early-stage exploration targets we tested. Up next will be the drill results for our more advanced Rincones target, where we expect to confirm that the new interpreted geometry led us to significant mineralization that will increase the resource potential.
“As we wait for the remaining phase 1 data for Rincones, we are finalizing the engagement of several consulting geoscientists, including a structural geologist, all of whom will contribute to the drill planning and detailed modelling required for a future resource estimate. We have been methodical in our approach thus far, which will allow us to move forward quickly and efficiently in phase 2 and beyond, and we are very excited about what lies ahead.”
The Mariposa target includes several occurrences of specularite veins with visible copper oxide mineralization as well as historic small mine workings, in the northeast corner of the property package. Phase 1 drill hole SP-DDH-08 tested one such occurrence located approximately 6 km from San Pietro’s main Rincones target and approximately 3.5 km from Capstone Copper’s Santo Domingo project resource area. The occurrence had seen significant trench sampling by previous operators but was previously undrilled. SP-DDH-08 successfully confirmed mineralization at depth, in a structure believed to be the main feeder for mineralization in the immediate area. Several shallow well-mineralized intervals were intersected, including 19.86 metres averaging 0.49% Cu (copper), 0.19 g/t Au (gold), 575 g/t Co (cobalt) and 17.26% Fe (iron) at 64.14 metres depth, including 6 metres averaging 1.47% Cu, 0.34 g/t Au, 517 g/t Co and 15.42% Fe.
The Rodeo target is in the northern part of the project, located 7.5 km northwest of Rincones. This target has one historic hole, RO12DH-005, which intersected 34 metres averaging 1.03% Cu, 334 parts per million (ppm) Co starting at 120 metres downhole. Phase 1 drill hole SP-DDH-10 successfully confirmed the lateral continuity of the Cu-Co mineralization from the historic hole, cutting a long, shallow, mineralized interval of 24 metres averaging 0.34% Cu, 0.04 g/t Au, 234 g/t Co and 13.14% Fe.
The current and historic holes at Rodeo appear to have intersected the same northwest-trending structure that is currently being mined by small-scale local miners on adjacent tenements.
Within the 180 km2 land package, the company is focused on the Rincones advanced exploration target for completing an initial resource estimation. This target formed the core of the historic work, with 46 widely-spaced holes drilled in an area of approximately 2.6 x 1.6 km, resulting in numerous intervals with significant copper, gold and cobalt. Golden Arrow completed six diamond drill holes at Rincones in Phase 1 drilling to test new geologic interpretations and is awaiting final results prior to continuing on with more detailed drilling and deposit modeling.
This Mariposa target covers an area of approximately 1.5 km by 1 km where there are several historic small mine workings in specularite veins hosting copper mineralization. Most of the trenches returned significant intervals of copper, cobalt and gold mineralization, including a best interval of 38 metres averaging 0.29% Cu, 225 Co g/t and 0.12 Au g/t. Golden Arrow completed new detailed geological mapping in this area, as well as a reinterpretation of the historic maps and trenches. This work identified a NW-SE striking structure interpreted to be the main feeder to the E-W veins.
Phase 1 drill hole SP-DDH-08 targeted the NW-SE structure, and intercepted it at the transition zone between the oxide and hypogene zone at 70 metres from surface.
Future exploration at the Mariposa target will include a detailed geological and structural study of the entire target with emphasis on the zones with demonstrated high-grade mineralization at surface. This includes a second area of old workings approximately 900 metres south of hole SP-DDH-08 where trench sampling by the previous operator returned 18 metres averaging 0.79% Cu, 116 g/t Co and 0.15 g/t Au.
The 100% held San Pietro Project includes 18,448 hectares of exploration and exploitation concessions in the Atacama region of Chile, approximately 100 km north of Copiapo. There is excellent mining infrastructure in the area, and the property is situated between and adjacent to Capstone Copper’s Santo Domingo IOCG mine development project and Mantoverde IOCG mine property, and just south of Minera Alxar’s Sierra Norte copper deposit.
The project hosts multiple targets with significant IOCG mineralization, and historic drilling encountered high grades of the strategic metals copper and cobalt in numerous holes. The potential for new zones of mineralization, combined with a central location in a new copper-cobalt district, makes San Pietro the flagship project for value creation in Golden Arrow’s portfolio.
The company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
