(Golden Arrow, 28.Sep.2021) — Golden Arrow Resources Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF) started a diamond drilling program of up to approximately 2,000 meters at the Tierra Dorada gold project in Paraguay. The program is mainly focused on follow-up drilling to better define the high-grade Alvaro target, in addition to several initial holes to test the Itayuru target, located approximately ten kilometers southwest of Alvaro, for the first time.
— The first drill campaign at Alvaro hit near-surface high-grade gold, including (see January 19, 2021 News Release):
— 143.5 g/t gold over 0.5m, within 6m averaging 14.5 g/t gold at 3-9m depth and
— 11.8 g/t gold over 3.16m, within 7.75m averaging 6.1 g/t gold at 1.70-9.35m depth
“We are very pleased to have this second, fully-funded drill program underway, concurrent with our drilling at the Rosales Copper Project in Chile. Our reinterpreted geophysics has delineated the complex structural setting below the extensive cover at Alvaro so that we can now move to more advanced drill testing. And we prioritized Itayuru as the second drill target within the district-scale project after our surface program returned remarkable gold values of well over a gram-per-tonne in stream sediments,” stated Brian McEwen, VP Exploration and Development for Golden Arrow.
The Tierra Dorada drill program plan has been designed with flexibility in how the targets are tested, and in stages to allow for modifications based on results. The program will start with shallow drilling of up to 1,000 meters in 50 holes, in compliance with the Company’s current prospecting permit. However, all application requirements for the full exploration permit are complete and Golden Arrow is anticipating the granting of that permit imminently, which will enable the program to transition to include deeper holes. The alternative deep program includes up to 1,536 meters in 12 holes as a first priority, with up to 17 holes or 2,096 meters in total. The program is expected to continue through the fourth quarter of the year.
Tierra Dorada Drill Program Target Details
The district-scale Tierra Dorada project is targeting high-grade quartz vein-hosted gold following an orogenic deposit model. The Alvaro target spans approximately four square kilometers that is mostly covered by two to six meters of soil and saprolite. There are four main showings of sub-outcropping quartz vein boulders and structures that host gold, with only approximately three square meters of outcrop exposed at each showing. In late 2020 Golden Arrow completed a 4.2 square kilometer IP and resistivity survey with both Gradient and Pole-Dipole (“P-DP”) arrays over the Alvaro target to detect and delineate veins, hydrothermal alteration, faults and lithologic contacts below the cover. The program successfully identified chargeable and resistive trends around the known showings, and several areas were earmarked for follow-up (see the January 19, 2021 News Release for details). A more recent interpretation of the survey data has added a more detailed interpretation of subsurface structures and veins throughout the survey area that has helped focus the targets for the Phase 2 drill program.
The Itayuru target is situated approximately ten kilometers southwest of Alvaro, and historic surface sampling reportedly included samples of 7.04 g/t gold and 5.96 g/t gold in altered quartzite samples. As only approximate locations were available for the historic samples, a detailed stream sediment and soil sampling program was initiated in 2021 to delineate anomalies throughout the area. Stream sediment samples from creeks draining the area of the historic 7.04 g/t gold sample confirmed the presence of anomalous gold, including 1.58 g/t gold approximately 600 meters downstream, and a high of 3.82 g/t gold approximately 1.5 kilometers downstream. Additional drainages had sediment samples with visible gold flakes, but assays are pending. A detailed geological review of the area around the 5.96 g/t gold historic sample focused on an outcrop of quartzite with argillic and hematitic alteration, partially brecciated and with quartz veinlets. Samples of the outcrop returned 3.49 g/t gold. This target will be tested with a drill hole in this campaign, while more detailed work is in progress. Additionally, 475 soil samples were collected over the entire Itayuru target, but most assay results remain pending.
Quality Assurance
Golden Arrow has contracted Master Gold S.A. to provide drilling services for the Tierra Dorada program. The program will use a single FDH-3000 drill rig drilling HQ sized core. Samples will be sent to Alex Stewart laboratories in Mendoza, Argentina for preparation and analysis.
The samples here reported were shipped to Alex Stewart International in Mendoza, Argentina, an internationally recognized assay service. Stream sediment and soil samples were sieved at 80 mesh with the fine fraction assayed by gold by Fire Assay with an atomic absorption finish on 50g aliquots. A 39 element analysis was performed by a four-acid digestion and detection by ICP-OES.
The technical information in this news release has 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.
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