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Golden Arrow Resources Corp
Symbol GRG
Shares Issued 101,974,517
Close 2018-09-04 C$ 0.465
Market Cap C$ 47,418,150
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Golden Arrow drills 34 m of 0.23 g/t Au at Antofalla

2018-09-04 13:47 ET - News Release

Mr. Brian McEwen reports

GOLDEN ARROW DRILL PROGRAM DELINEATES NEW TARGET AT THE ANTOFALLA SILVER-GOLD-BASE METAL PROJECT, ARGENTINA

Golden Arrow Resources Corp. has released the results from the its first diamond drill program at the Antofalla silver-gold-base metal project in Catamarca province, Argentina. The program included over 3,000 metres of drilling in 11 holes testing the Dome zone, an area of approximately four by four kilometres. The program identified a new geologic target at the Cizalla Norte zone consisting of silver and base metal mineralization in a shear belt comprising two parallel composite shear zones, as well as underlying sandstones. The shear belt incorporates silicified breccias, as intercepted in hole DDA-07, which returned up to three metres averaging 191 grams per tonne silver. In the same drill hole, multiple intersections over a 70-metre interval in the adjacent sandstone were well mineralized, including one metre averaging 283 g/t silver and 2.1 per cent zinc, three metres averaging 131 g/t silver, and one metre averaging 110 g/t silver, 1.7 per cent lead and 4.1 per cent zinc. The hole ended in mineralization at a depth of 275 metres.

"We are encouraged by the program results, particularly from this new shear zone, which appears to have some similarities to mineralization at Chinchillas. With just two drill holes into this 650-metre-long shear belt, the target remains open for expansion in both directions and to depth. In addition, the array of current targets in the Dome zone covers an area of over 1,600 hectares, so further geophysics and follow-up drilling is required to properly determine the full potential of the project. We have made the second option payment to the vendor so that we are able to proceed," commented Brian McEwen, Golden Arrow Resources' vice-president of exploration and development.

Program details

The Antofalla project includes a Miocene dome complex hosted in Permian conglomerates and sandstones, with signatures of both high- and low-sulphidation epithermal mineralization. Mineralization has been identified in several areas of the Dome zone. A review of the initial data indicated similarities to the geologic model for Golden Arrow's Chinchillas silver project in Jujuy province, which is currently being developed through a joint venture between Golden Arrow and SSR Mining Inc.

Golden Arrow completed 11 diamond drill holes on four main target areas within the Dome zone. Intervals with greater than 20 g/t silver or greater than 0.1 g/t gold are summarized in the attached table. The Cizalla Norte target has emerged as a new focus of exploration potential at the project, as drilling confirmed the discovery of significant silver-zinc mineralization in a shear belt/zone as well as along the contact with, and in, the underlying Permian sandstones. The mineralized contact between the flow dome and the sandstone basement is a similar environment for mineralization, as is seen at the Chinchillas silver-lead-zinc deposit.

A geological interpretation of results from all targets is summarized as follows:

  • Cizalla Norte (previously Domos Norte) -- this target is in the north part of the Dome zone. It includes a composite shear belt of approximately 650 metres long, with an azimuth of 110 degrees and dipping 50 degrees to 60 degrees to the southwest in dacitic lava flows. This belt consists of two parallel shear zones, each of 35 metres to 40 metres width, situated 30 metres apart. Silver mineralization appears to be related to hydrothermal breccias and quartz veinlets within the shear zones. Channel sampling of surface trenches cut the northeast shear zone obliquely and returned an average of 61.8 metres of 62 g/t Ag (41 samples averaging 1.5 metres wide; six samples returned greater than 100 g/t Ag). Holes DDA-05 and DDA-07 are parallel holes drilled into this target and are 110 metres apart. Both holes intercepted both shear zones. The southwest shear zone was first detected by these holes because at surface it is covered by alluvium material. Hole DDA-05 encountered isolated intervals of mineralization with up to two metres of 116 g/t Ag. Hole DDA-07, 110 metres northwest of hole DDA-05, was drilled across the contact through the underlying Permian sandstones. In the shear zone cut by hole DDA-07, there are silicified breccias with up to three metres of 191 g/t Ag. At the contact with, and for 70 metres into, the Permian sandstones from 205 to 275 metres deep, drilling intercepted a sphalerite/galena stockwork zone containing higher silver-zinc values, including one metre of 283 g/t Ag and 2.1 per cent Zn, three metres of 131 g/t Ag, and one metre of 110 g/t Ag, 1.7 per cent Pb and 4.1 per cent Zn. The presence of the shear belt close to the contact of the underlying Permian sandstones is a new target just partially tested with these holes. Of particular note is that hole DDA-07 ended in mineralization at a depth of 275 metres. Both ends of the shear belt and to depth are open and require testing with additional drill holes.
  • Colorada breccia -- this is a breccia vent target approximately 200 metres in diameter characterized by sulphide-mineralized lenticular-to-irregular-shaped hydrothermal breccias. Of the four holes drilled at this target (DDA-02, DDA-03, DDA-10 and DDA-11), only DDA-11 intercepted anomalous values, including 12 metres of 0.31 g/t Au, 109 g/t Ag and 0.4 per cent Pb, and two metres of 0.54 g/t Au, 355 g/t Ag and 2.1 per cent Pb.
  • Filo del Volcan -- this target includes diatreme breccias intruding dacitic pyroclastic flows. The three drill holes completed on this target (DDA-01, DDA-04 and DDA-08) encountered several high-grade intervals, including two metres of 145 g/t Ag. This target is linked with the Colorada breccia by the east-northeast-west-southwest fractures, which may have controlled the emplacement of these bodies. Hole DDA-09 was drilled in between the targets and intercepted several hydrothermal breccias with grey silica and pyrite. Silver values were generally low in this hole, but anomalous gold intervals (14 metres of 0.16 g/t Au) similar to the Colorada breccia target were encountered.
  • Filo Blanco -- this target is a silica cap. The IP (induced polarization)/resistivity survey indicated a chargeability anomaly situated just below the highest point of the system, which is coincident with a high-resistivity anomaly, at 600 metres below surface. The chargeability anomaly was postulated to represent the feeder of the epithermal system or a porphyry body. Drill hole DDA-06 was drilled to 627 metres to test this target. In the first 250 metres, a pervasively silicified dacitic flow was encountered, underlain by dacitic lava flows and pyritic sandstones down to 450 metres. Below 450 metres, and until the end of the hole, lava flows with disseminated pyrite were encountered, but with no significant mineralization.

                            
                      DRILL INTERCEPTS GREATER THAN 20 G/T AG OR GREATER THAN 0.1 G/T AU

Hole           Note       From (m)     To (m)     Length (m)     Au (g/t)     Ag (g/t)     Pb (%)     Zn (%)

DDA-18-01                      49         53            4.0                        51        0.5         
                              126        142           16.0                        28                  
           includes           138        139            1.0                       118        0.7         
                              155        157            2.0                        30        0.4         
                              168        173            5.0                        58        0.2         
           includes           170        171            1.0                       108        0.2         
DDA-18-02                       2         10            8.0                        20          1           
                               18         24            6.0                        41        0.8         
                               29         32            3.0                        33        0.9         
                              118        120            2.0         0.14                          
DDA-18-03                      57         59            2.0                        21        0.8         
                              109        110            1.0                        21                  
                              171        172            1.0                        20        0.3         
                              238        242            4.0         0.14                        
                              270        272            2.0         0.17           39                  
                              290        297            7.0                                  0.3        0.6   
                              300        301            1.0         0.17           30                  
                              304        308            4.0         0.11                        
                              310        314            4.0                        10        0.3        0.7   
                              314        348           34.0         0.23           10                  
           includes           317        318            1.0         1.70           24                  
DDA-18-04                      75         77            2.0                        28                  
                              148        152            4.0                        21                  
                              178        190           12.0                        28                  
                              194        197            3.0                        22        0.5         
                              201        218           17.0                        27                  
                              220        221            1.0                        30                  
                              222        224            2.0                        55                  
DDA-18-05                      71         72            1.0                        22                  
                               80         82            2.0                        22                  
                              128        130            2.0                        53                  
                              160        162            2.0                        40                  
                              202        204            2.0                       116                 
DDA-18-06                                   No significant mineralization                                       
DDA-18-07                      30         32            2.0                        20                  
                               35         44            9.0                        74                  
           includes            38         41            3.0                       130                 
                               48         49            1.0                        49                  
                               78         80            2.0                        29                  
                               84         86            2.0                        27                  
                              106        109            3.0                        64                  
           includes           107        108            1.0                       115                 
                              128        134            6.0                        36                  
                              143        144            1.0                        53                  
                              156        171           15.0                        69                  
           includes           159        162              3                       191                 
                              176        177            1.0                        24                  
                              185        193            8.0                        31                  
                              205        207            2.0                        42        0.3        0.4   
                              249        250            1.0                       283        0.8        2.1   
                              259        262            3.0                       131                   0.3   
                              272        273            1.0                       110        1.7        4.1   
DDA-18-08                      43         50            7.0                        38                  
                               65         69            4.0                        91                  
                               96        108           12.0                        63                  
           includes           104        106            2.0                       145                 
DDA-18-09                       7         12            5.0                        31                  
                               95        100            5.0         0.11                        
                              114        116            2.0         0.14                        
                              167        181           14.0         0.16                        
                              203        204            1.0         0.14                        
DDA-18-10                       2          4            2.0                        35                  
                              104        106            2.0                        22                  
                              138        140            2.0         0.14           60                  
                              184        188            4.0         0.28                     0.5         
                              209        210            1.0                        21                  
                              223        236           13.0                        34                  
           includes           224        225            1.0         0.18          159        0.5       0.3   
                              254        302           48.0                                            0.4   
           includes           292        302           10.0         0.25           11                  0.2   
DDA-18-11                      15         16            1.0                        27                  
                               19         33           14.0                        37                  
                               33         45           12.0         0.31          109                 
                               47         48            1.0                        36                  
                               53         54            1.0                        25                  
                               56         58            2.0                        29                  
                               68         76            8.0                        48                    
                               76         78            2.0         0.54          355        2.1         
                               78         80            2.0         0.82           71        0.7         
                              189        191            2.0         0.18           48        0.8         
                              266        268            2.0         0.18                        
                              270        274            4.0         0.19           20                  

Methodology and quality assurance/quality control

The drill core was split and one-half core samples were shipped for preparation and analysis at Alex Stewart-Mendoza, an internationally recognized assay service provider. Rock samples were assayed for gold by fire assays/atomic absorption finish and analyzed for a multielement package by ICP-OES following a four-acid digestion. Silver results of over 100 Ag g/t were reanalyzed by fire assay with a gravimetric finish on 50-gram samples. Lead and zinc results of over 10,000 parts per million were reanalyzed by a three-acid digestion and ICP-OES detection. The company follows industry standard procedures for the work carried out on the Antofalla project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate and standard samples were inserted in each batch of samples 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 exploration 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 Resources Corp.

Golden Arrow Resources is an exploration company earning production income. The company has a successful record of creating value by making precious and base metal discoveries and advancing them into exceptional deposits. Golden Arrow owns a 25-per-cent share of Puna Operations Inc., a joint venture operated by SSR Mining, with more than eight years of forecast production and upside potential at the Pirquitas-Chinchillas silver mining project. Golden Arrow Resources is actively exploring on its more than 200,000 hectares of properties in Argentina.

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