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Golden Arrow Resources drills 0.86% copper over 64.2 metres at San Pietro, Chile
VANCOUVER – Golden Arrow Resources Corp. [GRG-TSXV; GARWF-OTCQB; G6A-FSE] reported results for the remaining six holes of the 4,000-metre phase 1 drilling…
VANCOUVER – Golden Arrow Resources Corp. [GRG-TSXV; GARWF-OTCQB; G6A-FSE] reported results for the remaining six holes of the 4,000-metre phase 1 drilling program at the company’s flagship San Pietro iron-copper-gold-cobalt (Fe-Cu-Au-Co) project in Chile. All six holes reported are from the Rincones target, which is the most advanced target and the focus of the company’s first resource delineation plan for the project.
Brian McEwen, vice-president of exploration and development, commented: “We are thrilled with the results from our first drilling at Rincones. This program was about improving our understanding of the geology and structure of the project so that we could move on to more detailed work, followed by a resource delineation program. We met our original objective at Rincones, confirmed our updated model and found excellent mineralization where we hoped, which is fantastic and means we can move forward quickly with the next program. What’s more, the surprises from drilling were all positive, including strong copper and cobalt mineralization in the largely undrilled central area of the target, and generally stronger gold mineralization than anticipated.”
The six holes drilled in Rincones successfully validated the geological model described previously and in all cases they encountered Cu-Co-Au-Fe mineralization. Holes SP-DDH-07 and -12 confirmed the presence of wide mineralized packages close to surface, below 10 metres to 15 metres of alluvium cover, providing confidence for conducting new exploration at covered targets. Rincones remains the most advanced target of the project and, based on the company’s work and interpretation, it appears that mineralization is open in all directions. With the information collected from this program, a new 3-D geological model is being constructed which will help to define priority targets for the next drilling phase.
Hole SP-DDH-12 was drilled into the sparsely tested central part of the Rincones target area and tested the depth extent of a newly mapped copper-bearing magnetite outcrop.
Results are highlighted by 64.2 metres at 0.86% Cu, 0.20 g/t Au, 196 g/t Co and 25.9% Fe starting at 42.8 metres depth; 75 metres at 0.23% Cu, 0.03 g/t Au and 67 g/t Co starting at 243 mietres depth, followed by a short high-grade Co-Fe interval of 3.3 metres at 0.22% Cu, 0.05 g/t Au, 333 g/t Co and 33.37% Fe.
Hole SP-DDH-05, drilled 300 metres southwest of SP-DDH-12 in the southern Rincones area, returned 79.8 metres at 0.29% Cu, 0.05 g/t Au and 179 g/t Co, including 15.3 metres at 0.64% Cu, 0.10 g/t Au and 388 g/t Co at 272.1 metres depth.
Hole SP-DDH-07 filled in a 250-metre gap between historic holes in the northern part of the target. This hole had a best interval of 87.7 metres at 0.34% Cu, 0.08 g/t Au and 238 g/t Co, starting at 38.2 metres depth, with four higher-grade internal intervals, such as 10.55 metres at 0.83% Cu, 0.12 g/t Au and 183 g/t Co.
San Pietro is situated adjacent to the Santo Domingo mine development project owned by Capstone Copper Corp. Santo Domingo hosts similar styles of iron-oxide, copper, gold and cobalt mineralization to that observed at San Pietro in deposits with reported measured and indicated resources, inclusive of reserves, of 536,548kt averaging 0.30 per cent Cu, 0.04g/t Au, 229ppm Co and 25.7 per cent Fe
Modeling of drill results from the Phase 1 program and the historic database is underway to refine priority targets for the next drill program of approximately 4,000m, which is expected to commence in September.
Within the 180 km2 land package, the company is focused on the Rincones advanced exploration target for completing an initial mineral resource estimate. This target formed the core of the historic work, with 46 widely spaced holes drilled in an area of approximately 2.6 by 1.6 km, resulting in numerous intervals with significant copper, gold and cobalt. The historic drill holes were roughly split into a north and south grouping, with a central area that had seen minimal drilling.
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 in an active mining district that is home to all the major Iron-oxide copper-gold (IOCG) deposits in Chile. There is excellent mining infrastructure in the area.
The company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
