OTCQB Venture Market (OTCQB): GARWF
/CNW/ -
Hole SP-DDH-02 was collared nearly 500m from the historic holes, testing an IP geophysical anomaly. The hole returned multiple intervals of copper, gold, cobalt and iron, highlighted by:
- 34m averaging 0.41% Cu, 0.07 g/t Au, 466 g/t Co and 18.0% Fe at 257m depth
- including 11m averaging 0.98% Cu, 896 g/t Co and 30.9% Fe
- 8.60m averaging 0.83% Cu, 0.04 g/t Au and 1156 g/t Co at 472.4m depth
- 2.90m averaging 7.39 g/t Au and 119 g/t Co at 354.85m 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 Table 1, below. 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 (see Figure 2).
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 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 (see Figure 3). The new hole returned multiple shallow intervals with highly elevated cobalt (see Table 1), including a best of intercept of 11.25m averaging 483 g/t Co starting at 130.55m depth.
Mineralization at San Pietro is typical of an IOCG system, with the addition of cobalt, and occurs in breccias, veins and mantos within a zone of K-feldspar-chlorite alteration. These structures are rich in magnetite and specularite and in some cases calcite and are mainly developed along NW-SE lineaments.
Within the 180km2 land package, the Company is focused on the Rincones advanced exploration target for completing the first resource estimation (see Figure 1). This target formed the core of the historic work, with 46 widely-spaced holes drilled in an area of approximately 2.6 x 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 modeling.
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. The location of Phase 1 drill holes are shown in Figure 1.
Colla Target
The Colla target is located just over 2 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 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) obtained from a recent 3D IP/Resistivity survey that covered an area of 700 x 1000 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 to 76 m depth and from 280 to 291 m (see Table 1). These intercepts may correspond to small magnetite bodies outcropping in the area with copper and cobalt anomalies of up to 0.27 % Cu and 91 Co g/t from rock chip samples. The hole also intercepted specularite veinlets and breccias with pyrite (cobalt) and chalcopyrite as from 257 to 267 m deep. Additionally, the high-grade gold interval of 2.90 m averaging 7.39 Au g/t corresponds to a hydrothermal crackle breccia with magnetite in the matrix (See Figure 2).
The second area to be tested at Colla was the main specularite breccia body which had been partially tested by 4 historic holes (see Golden Arrow news release dated
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 ~250m (See Figure 2).
Table 1. Highlights of Drill Intervals
[Cu Grade >0.20 % or
Hole | From | To (m) | Interval | Cu (%) | Au (g/t) | Co (g/t) | Fe (%) | |
SP-DDH-02 | 74.15 | 76.00 | 1.85 | 0.96 | 0.37 | 332 | 27.68 | |
118.00 | 133.00 | 15.00 | 256 | |||||
228.00 | 230.00 | 2.00 | 0.11 | 473 | ||||
257.00 | 291.00 | 34.00 | 0.41 | 0.07 | 466 | 18.02 | ||
includes | 257.00 | 267.00 | 10.00 | 0.22 | 0.09 | 86 | ||
includes | 267.00 | 277.00 | 10.00 | 0.08 | 495 | |||
includes | 280.00 | 291.00 | 11.00 | 0.98 | 896 | 30.87 | ||
354.85 | 357.75 | 2.90 | 7.39 | 119 | ||||
374.00 | 378.80 | 4.80 | 0.05 | 323 | ||||
401.00 | 408.00 | 7.00 | 0.07 | 524 | ||||
472.40 | 481.00 | 8.60 | 0.83 | 0.04 | 1156 | |||
487.00 | 489.80 | 2.80 | 0.24 | |||||
SP-DDH-09 | 102.86 | 109.00 | 6.14 | 0.01 | 0.02 | 229 | 17.36 | |
130.55 | 141.80 | 11.25 | 0.04 | 0.04 | 483 | 19.90 | ||
166.00 | 177.00 | 11.00 | 0.02 | 0.02 | 320 | 14.43 | ||
185.45 | 189.73 | 4.28 | 0.03 | 0.05 | 454 | 21.03 | ||
Intervals are downhole length; true width to be confirmed with geologic modelling. |
Table 2. Drill Hole Collar Information
[PSAD 56 / UTM Zone 19 S]
Hole | Easting | Northing | Elevation | Azimuth (˚) | Dip (˚) | Final |
SP-DDH-02 | 7069900 | 390694 | 1102 | 235 | -69 | 568.65 |
SP-DDH-03 | 7069736 | 390256 | 1136 | 245 | -60 | 132.95 |
SP-DDH-04 | 7069732 | 390255 | 1136 | 245 | -60 | 130.55 |
SP-DDH-09 | 7069673 | 390194 | 1133 | 270 | -65 | 271.5 |
*See Golden Arrow News Release dated
Methodology and QA/QC
This drilling campaign was completed by
About the
The 100% held
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
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
About Golden Arrow:
Golden Arrow is actively exploring the advanced San Pietro Cu-Au-Co project in
The Company is a member of the
ON BEHALF OF THE BOARD
"Joseph Grosso"
_______________________________
Mr.
Executive Chairman, President and CEO
www.goldenarrowresources.com
Neither
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws.
View original content to download multimedia:https://www.prnewswire.com/news-releases/golden-arrow-drills-34m-of-0-41-copper-and-466gt-cobalt-at-first-exploration-target-san-pietro-iocg-project-chile-301848962.html
SOURCE
© Canada Newswire, source