Mr. Joseph Grosso reports
GOLDEN ARROW REPORTS FINAL CHINCHILLAS PHASE VI DRILL RESULTS & EXPANDS MINERALIZATION TO THE EAST
Golden Arrow Resources Corp. has provided the results of assaying of the final 12 drill holes in the phase VI drilling program at its Chinchillas silver project in Jujuy province, Argentina.
The drilling program is part of the Chinchillas project predevelopment activities, financed by Silver Standard Resources Inc., which are being undertaken to evaluate the feasibility of creating a combined mining business with Silver Standard's Pirquitas mine, as announced Oct. 1, 2015.
The objective of the drill program is exploration for resource potential as well as condemnation of certain areas for potential future mine infrastructure. Drill targets included the Chinchillas South area where seven previous drill holes had returned significant zinc and silver intervals up to 1.5 kilometres away from the main Chinchillas deposit.
"We are pleased with the results of the phase six program, which met all of its objectives. It is particularly gratifying to see that even as we work to complete prefeasibility studies for the development of the main deposit, we have already delineated three areas with the potential to add resources to the project in the future," commented Brian McEwen, Golden Arrow's vice-president of exploration and development.
Selected highlights from these drill holes include:
-
118 grams per tonne (g/t) silver and 1.2 per cent lead and 1.1 per cent zinc over 10 metres in CGA-323;
-
146 g/t silver and 4.0 per cent lead and 2.4 per cent zinc over three metres in CGA-324;
-
115 g/t silver and 3.1 per cent lead and 3.5 per cent zinc over three metres in CGA-326;
- 167 g/t silver and 2.0 per cent Pb and 1.5 per cent Zn over 18 metres in CGA-327,
including:
-
313 g/t silver and 2.6 per cent Pb and 1.2 per cent Zn over six metres.
The drilling of phase VI holes is now complete, with a total of 7,188 metres over 34 holes including seven short reverse circulation holes and one hole redrilled for a water well.
The attached table includes the assay results from 12 drill holes totalling 1,895 metres in length. A map of the drill hole locations is available on the Chinchillas map page on the Golden Arrow website.
Chinchillas geology
The Chinchillas deposit is a volcanic vent system in which explosive volcanic activity produced diatreme breccias and tuffs in the upper part of the vent and brecciated the underlying Ordovician basement meta-sediments. Silver-lead-zinc mineralization in the tuff and tuff breccia units is disseminated within thick mantos (layers), and in the basement is mainly within the fractures of the breccias. Mineralization occurs in four main zones: to the west is situated the Silver Mantos tuff-hosted zone and the Mantos Basement zone; to the east is situated the Socavon del Diablo tuff-hosted zone and the Socavon Basement zone. The Chinchillas South target area is located immediately south of the Chinchillas deposit, in an area approximately 1.2 kilometres wide by 1.2 kilometres long defined by a structural system with a series of hydrothermal breccias, veinlets and stockworking in a wide altered zone. The Chinchillas deposit and zones are described in detail in the current NI 43-101 technical report, filed under Golden Arrow's SEDAR profile dated May 27, 2016.
Drill hole details
The phase VI drilling was completed on Aug. 14, 2016. As was announced on May 25, 2016, the focus of the program was on exploration and condemnation of areas for infrastructure. Holes reported in this news release include one remaining hole from the Chinchillas South target described in the last news release (dated April 7, 2016) as well as eight holes in the new Jesuita target and three holes in the Socavon del Diablo mineralized zone described in the current technical report.
-
Chinchillas South: New interpretation of this target was described in
press release dated Sept. 7, 2016, together with the results of
drill holes during phase VI. Hole CGA-322, reported here, is part
of this previous group of drill holes. It intercepted low-grade
mineralization just west of the north-south corridor previously
reported.
-
Socavon del Diablo: In order to test high-grade breccia structures,
three 60-metre-deep holes, CGA-324, CGA-325 and CGA-326, were drilled in
the west edge of the Socavon del Diablo zone. Two of them (CGA-324 and
CGA-326) intercepted high-grade near-surface silver-lead-zinc
mineralization.
-
Jesuita target. This target is located 400 metres southeast of the
Socavon del Diablo zone. It was recently defined based on detailed
mapping and surface sampling. At surface it corresponds to an
outcropping block of brecciated basement units, of approximately 50 by 80
metres. The block appears to have been rotated, based on abrupt changes
in the bedding of the sediments. Original rock chip samples showed
values of up to 36 g/t silver, and recent channel sampling confirmed
anomalous values with up to 38 g/t silver in a 2.1-metre interval. Based
on the intense brecciation of the zone plus anomalous values in silver,
lead, zinc and antimony, two short reverse circulation holes of 48
metres each were drilled in the northwest edge of the body: CGA-303RC
and CGA-304RC. The second hole intercepted anomalous values (see attached table). Under the expectation of an increase in mineralization at depth, six
diamond holes (CGA-319, CGA-323, CGA-327, CGA-328, CGA-329 and CGA-330)
were then drilled in the area at different depths. The table shows the
intercepts. High-grade silver mineralization is associated with
brecciation and open spaces within an envelope of low-grade zinc
mineralization in fractured basement rocks. The correlation between the
mineralized intervals in the holes is not obvious but it may be
attributed to subvertical structures as feeders with an azimuth of 120
degrees as seen at surface. These drill holes expand the Jesuita target
to the north into the Socavon Basement zone, possibly connecting to some
previous high-grade holes such as CGA-170 with 30 metres with 176 g/t
silver, 1.5 per cent lead and 0.8 per cent zinc (reported in news release dated June
25, 2015).
DRILL INTERCEPTS GREATER THAN 20G/T FOR AG OR GREATER THAN 0.5% FOR PB OR ZN
From To Length Ag
Target Hole Note (metres) (metres) (metres) (g/t) Pb (%) Zn (%)
Jesuita CGA-303RC no significant mineralization
Jesuita CGA-304RC 18 28 10 27 0.7 1.2
including 24 28 4 23 1.2 3.0
28 34 6 0.6
Jesuita CGA-319 135 147 12 0.9
147 150 3 35 1.1 3.9
150 152 2 247 4.5 1.4
152 154 2 21 0.7
154 155 1 202 4.9 1.8
155 157 2 53 0.5 0.6
157 166 9 0.7
172 173 1 396 15.2 2.0
173 183 10 26 0.7 0.5
190 191 1 115
South
Chinchillas CGA-322 67 71 4 0.5 1.2
91 101 10 0.8
321 330 9 37
including 322 323 1 131 2.2
332 333 1 26
336 338 2 62
350 355 5 35
374 375 1 20
392 402 10 27
408 409 1 26 1.0
415 416 1 47 1.4
420 422 2 21 0.7 0.6
427 429 2 51
439 440 1 23 1.3
440 443 3 0.6
446 448 2 36
458 461 3 44
466 467 1 76
Jesuita CGA-323 29 30 1 23
47 50 3 80 0.5
64 74 10 118 1.2 1.1
75 80 5 1.0
80 84 4 127 1.4 0.5
89 91 2 26 2.6
91 99 8 1.0
104 129 25 0.9
137 141 4 1.4
153 161 8 25 0.6
186 188 2 34
191 192 1 61
223 224 1 93 1.1 1.6
237 243 6 0.6
253 257 4 1.2
Socavon del
Diablo CGA-324 5 8 3 1.7
17 19 2 1.2
31 34 3 146 4.0 2.4
including 32 33 1 315 8.6 2.4
47 51 4 50 0.6 2.6
Socavon del
Diablo CGA-325 no significant mineralization
Socavon del
Diablo CGA-326 3 7 4 40 0.6
7 10 3 1.1
10 36 26 43 1.1 3.1
including 13 16 3 115 3.1 3.5
36 41 5 0.7
41 45 4 50 1.7 1.1
45 53 8 2.1
55 56 1 29 0.7 1.4
56 60 4 0.7
60 62 2 54 1.8 0.9
Jesuita CGA-327 109 113 4 0.8
120 123 3 83
125 135 10 20
163 165 2 22 0.9
195 197 2 20 1.0
213 248 35 1.0
248 255 7 89 1.2 1.4
255 262 7 0.8
262 280 18 167 2.0 1.5
including 263 265 2 250 5.3 1.0
including 274 280 6 313 2.6 1.2
282 301 19 39 0.7 2.7
Jesuita CGA-328 13 25 12 25
26 31 5 93 1.2 0.7
31 33 2 0.6
33 35 2 40 0.5
35 55 20 1.3
55 59 4 25 0.6
68 70 2 104 2.2
87 90 3 0.8
Jesuita CGA-329 55 57 2 24
Jesuita CGA-330 29 42 13 47 1.2 1.3
42 44 2 1.5
52 54 2 22 0.9
88 91 3 41 1.0
1. The reported intervals are downhole lengths and are believed to
approximate true width; this will be confirmed with geologic modelling.
2. All grades are uncut.
Methodology and quality assurance/quality control
Sample preparation of all drilling samples was done at Alex Stewart-NOA Sample Room in Palpala, province of Jujuy. Analyses of the samples 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 greater than 200 Ag g/t were reanalyzed by fire assay with a gravimetric finish on 50-gram samples. Lead and zinc results greater than 10,000 ppm were reanalyzed by a three-acid digestion and ICP-OES detection. The company follows 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.
Qualified persons
The results of the company's drilling program have been reviewed, verified (including sampling, analytical and test data) and compiled by the company's geological staff under the supervision of Brian McEwen, PGeol, vice-president of 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 is a Vancouver-based exploration company focused on creating value by making precious and base metal discoveries and advancing them into exceptional deposits. The company is currently focused on its Chinchillas silver project located in the mining-friendly province of Jujuy, Argentina. Exploration has progressed rapidly since the acquisition of the project in late 2011. The innovative transaction announced Oct. 1, 2015, positions the company to maximize shareholder value by fast-tracking Chinchillas to production and becoming a 25-per-cent owner of the Pirquitas silver mine.
We seek Safe Harbor.
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