Mr. Joseph Grosso reports

GOLDEN ARROW DRILLS 34M OF 0.41% COPPER AND 466G/T COBALT AT FIRST EXPLORATION TARGET, SAN PIETRO IOCG PROJECT, CHILE

Golden Arrow Resources Corp. has released the first results from the phase 1 diamond drilling program at the company's flagship San Pietro iron-copper-gold-cobalt project in Chile. These first results from two completed holes are from the Colla target, an early-stage exploration prospect with high cobalt and iron in limited historic drilling, located approximately two kilometres southwest from the main Rincones target.

Hole SP-DDH-02 was collared nearly 500 metres from the historic holes, testing an IP (induced polarization) geophysical anomaly. The hole returned multiple intervals of copper, gold, cobalt and iron, highlighted by:

• 34 m averaging 0.41 per cent Cu (copper), 0.07 gram per tonne (g/t) Au (gold), 466 g/t Co (cobalt) and 18 per cent Fe (iron) at 257 m depth, including:
  • 11 m averaging 0.98 per cent Cu, 896 g/t Co and 30.9 per cent Fe.
• 8.6 m averaging 0.83 per cent Cu, 0.04 g/t Au and 1,156 g/t Co at 472.4 m depth;
• 2.9 m averaging 7.39 g/t Au and 119 g/t Co at 354.85 m depth.

Of note, the final interval noted above was highest gold results ever reported at the project. A full list of mineralized intervals is shown in the table entitled "Highlights of drill intervals." The results of hole SP-DDH-02 opens a new prospective area that appears parallel to the main Colla specularite breccia, and is open for lateral extension to the north and south, as well as in the undrilled area between holes.

Brian McEwen, vice-president of exploration and development for Golden Arrow, commented: "Based on the historic drilling we expected to mainly hit high cobalt in this area, which is what makes Colla such an interesting sweetener to our main Rincones target, just two kilometres to the northeast. But to make this large stepout and hit these grades of copper, cobalt and gold in hole 2 is fantastic, and could be a future game changer for the project. With hole 9, we hit the expected Co-rich specularite breccia body, confirming the central area of this 1.5 km long structure carries strong mineralization. The team is very excited for the upcoming results from Rincones and the other exploration targets, based on the core from phase 1. These will allow us to finalize plans for the next round of work."

Drill hole SP-DDH-09 tested the continuity of mineralization in specularite breccias where limited historic drilling had returned multiple high cobalt results, including the best cobalt interval at the project: 414 parts per million (ppm) Co over 32 m starting at 116 m downhole in historic hole CO11DH-002. Hole SP-DDH-09 intercepted what is believed to be the same breccia body as historical hole CO11DH-002, located 485 metres to the south, and historic hole CO11DH-003, located 286 metres to the north. The new hole returned multiple shallow intervals with highly elevated cobalt, including a best of intercept of 11.25 m averaging 483 g/t Co starting at 130.55 m depth.

Additional project and phase 1 drill program details

The San Pietro project is hosted by andesite units in a Cretaceous volcano-sedimentary sequence associated with intrusive rocks, including granodiorites and diorites of similar age. The project is located east of the Atacama fault system, a major north-south regional structure, which was instrumental in controlling the emplacement of the ore deposits in the area.

Mineralization at San Pietro is typical of an IOCG (iron oxide copper gold) system, with the addition of cobalt, and occurs in breccias, veins and mantos within a zone of K (potassium)-feldspar-chlorite alteration. These structures are rich in magnetite and specularite and, in some cases, calcite, and are mainly developed along northwest-southeast lineaments.

Within the 180-square-kilometre land package, the company is focused on the Rincones advanced exploration target for completing the first resource estimation. This target formed the core of the historic work, with 46 widely spaced holes drilled in an area of approximately 2.6 km by 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 modelling.

Three other targets were tested in the phase 1 program. These targets are considered early-stage exploration and provide excellent potential for adding significant zones of mineralization to the project. Results from Colla are the first to be received.

Colla target

The Colla target is located just over two km southwest of Rincones. Four historic holes were drilled here, at wide spacing over a strike length of 2.2 kilometres. These holes returned high grades of cobalt and iron over significant widths, including the best interval of cobalt on the property: 414 parts per million (ppm) Co over 32 m starting at 116 m downhole in CO11DH-002.

The first successfully completed hole in the current drilling program was SP-DDH-02, which tested a high chargeability anomaly (more than 30 mv/v (millivolts per volt)) obtained from a recent 3-D IP (induced polarization)/resistivity survey that covered an area of 700 metres by 1,000 metres. The aim of the geophysical survey was to detect pyrite concentrations that correlate with chargeability anomalies, as cobalt is commonly found within pyrite at the prospect. The hole succeeded in detecting packages of magnetite replacement bodies from 74.15 m to 76 m depth, and from 280 m to 291 m (see the table entitled "Highlights of drill intervals"). These intercepts may correspond to small magnetite bodies outcropping in the area with copper and cobalt anomalies of up to 0.27 per cent Cu and 91 g/t Co from rock chip samples. The hole also intercepted specularite veinlets and breccias with pyrite (cobalt) and chalcopyrite as from 257 m to 267 m deep. Additionally, the high-grade gold interval of 2.9 m averaging 7.39 Au g/t corresponds to a hydrothermal crackle breccia with magnetite in the matrix.

The second area to be tested at Colla was the main specularite breccia body which had been partially tested by four historic holes (see Golden Arrow news release dated March 17, 2022). Holes SP-DDH-03 and -04 attempted to drill this area but failed to pass through a fault system at the contact of the breccia. Hole SP-DDH-09 was therefore drilled 84 metres southwest of these holes and closer to the main breccia target to avoid the fault. This hole confirmed the continuity of the specularite breccias and the extension of magnetite mantos delineated at surface by the new detailed mapping, with several high-grade cobalt intercepts, as shown in the table entitled "Highlights of drill intervals." Together with the surface rock chip channel samples collected by Golden Arrow, the longitudinal section C-D demonstrates the continuity of the cobalt mineralization from surface to at least 250 metres vertical depth. Core from hole SP-DDH-03 was assayed but did not return any significant intervals. Core from hole SP-DDH-04 was not assayed.

Hole SP-DDH-09 was collared over 500 m from SP-DDH-02. The horizontal distance from the end of SP-DDH-02 to the collar of SP-DDH-09 is approximately 250 m.

See the Golden Arrow news release dated March 17, 2022, for additional details and highlights of historic drill results. This drilling was carried out by previous operators and has not yet been independently verified by the company's qualified person. Reported intervals are core lengths and true thickness has not been estimated at this time.

Methodology and quality assurance/quality control

This drilling campaign was completed by Superex SA of Santiago, Chile, using diamond drill producing HQ-sized core of 63.5 millimetres in diameter. The Golden Arrow field team, supervised by senior geologists, photographed and logged the entire length of core for each drill hole, as well as measured it for recovery and marked it for sampling. Additionally, pieces of whole core approximately 10 cm to 15 cm long were selected and measured for specific gravity, on average every 20 metres and targeting all different lithologies. Subsequently, the core was cut in half with an electric saw. One-half was labelled, bagged and sent for analysis, and the other half retained on site. After completing the sampling of each hole, the samples were shipped to ALS Laboratory in La Serena, Chile, by a contract truck service. Sample preparation and gold analysis by fire assay and reading by atomic absorption on a 30-gram sample by method Au-AA23 was completed at the facility in La Serena. Multielement package by ICP-OES (inductively coupled plasma optical emission spectrometry) reading following a four-acid digestion by method ME-ICP61 was performed at ALS facilities in Lima, Peru. Samples with overlimit in copper (over 10,000 g/t) were reassayed by ore-grade method Cu-OG62 that includes four-acid digestion and ICP-OES reading. The company follows industry-standard procedures for the work carried out on the San Pietro project, with a QA/QC program. Blank 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.

About the San Pietro project

The 100-per-cent-held San Pietro project includes 18,448 hectares of exploration and exploitation concessions in the Atacama region of Chile, approximately 100 kilometres north of Copiapo in an active mining district that is home to all the major iron oxide-copper-gold deposits in Chile. There is excellent mining infrastructure in the area, and the property is situated between and adjacent to Capstone Copper Corp.'s Santo Domingo IOCG mine development project and Mantoverde IOCG mine property, and just south of Minera Alxar's Sierra Norte copper deposit. Proximity to other mining projects in the area does not provide any assurances with respect to the prospects at the San Pietro project.

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 (see news release dated March 17, 2022). 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.

Qualified persons

The exploration programs are designed by the company's geological staff and results are reviewed, verified (including sampling, analytical and test data) and compiled under the supervision of Brian McEwen, PGeol, vice-president of exploration and development for 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 a mining exploration company with a successful record of creating value by making precious and base metal discoveries and advancing them into exceptional deposits. The company is well leveraged to the price of gold, having monetized its Chinchillas silver discovery into a significant holding in precious metals producer SSR Mining Inc.

Golden Arrow is actively exploring the advanced San Pietro Cu-Au-Co project in Chile, and a portfolio that includes more than 180,000 hectares of prospective properties in Argentina.

The company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

We seek Safe Harbor.