Golden Arrow Resources Corp. [TSXV: GRG; FSE: G6A; OTCQB: GARWF] reported the results from an additional four drill holes including another infill hole at the Rincones target, San Pietro Project, with over 100 metres of significant copper, gold, cobalt and iron mineralization: 102.6 m averaging 0.22% Cu, 0.04 g/t Au, 100 g/t Co and 16.2% Fe starting at 67.4m depth in SP-DDH-31, including 24.3 metres averaging 0.48% Cu, 0.07 g/t Au, 214 g/t Co and 31% Fe.
Brian McEwen, VP Exploration and Development for Golden Arrow, commented, “Our Phase 2 Drill Program has gone extremely well. We were initially focused on infill drilling Rincones to support estimating resources but we discovered that the mineralization footprint is much larger in extent than expected and there are often much longer significant intervals downhole than expected, and we still have results from six holes to look forward to. On top of that, indications are that Rincones has the potential to grow even larger with the subsequent drill programs. All of that makes us very excited for our first resource estimate and NI 43-101 technical report that are underway and will be completed early next year.”
McEwen continued, “In addition to the drill program the team has been busy with surface exploration work and has identified new prospects within our 20,000 hectares of concessions. Data is being processed and we expect to be able to announce exciting new drill targets next year that could be tested in the Phase 3 drill program, once we are issued the new permit to expand our drill platforms. We are very pleased to be ending the year on such a positive note and look forward to continued success in 2025.”
The holes reported herein are part of the Phase 2 diamond drilling campaign at the San Pietro Iron Oxide-Copper-Gold-Cobalt (IOCG) Project in Chile announced April 24, 2024. The drilling is now complete, with twenty-seven holes drilled totaling approximately 9,100 metres. Assays from the final six holes are pending and expected early in the new year.
The company has engaged independent consultants and Qualified Persons to complete its first Mineral Resource Estimate and the supporting NI 43-101 Technical Report for the project. Resource modelling and supporting work is underway with completion targeted early in 2025, pending the final assays from Phase 2.
The San Pietro Project hosts multiple targets with strong Iron oxide-Copper-Gold and Cobalt mineralization. This mineralization is typically found within a pile of fine to porphyritic andesites that exhibit widespread potassic feldspar alteration. The mineralization is often associated with areas where a superimposed quartz-scapolite alteration is more intense and there is a development of brecciation and massive replacement of magnetite.
In 2023, the company completed a Phase 1 drill program of approximately 4000 metres of diamond drilling in 13 holes to add to the database of ~34,000 metres of historic drilling at San Pietro. Strongly mineralized intervals were intercepted at all targets tested as reported in company news releases June 13, June 27 and July 12, 2023.
The company focused this Phase 2 drill program mainly on the Rincones advanced exploration target with the goal of completing an initial Mineral Resource Estimate. In addition, two holes (SP-DDH-25 and SP-DDH-34) with a total of 607 metres were drilled at the nearby Colla target.
The San Pietro Project covers approximately 20,000 hectares, 100 km north of Copiapó. Situated between and adjacent to Capstone Copper’s Manto Verde Mine property and Santo Domingo Project, San Pietro is in the centre of a potential new copper-iron-cobalt district within an active, well-developed mining region that is home to all the major iron oxide-copper-gold (IOCG) deposits in Chile.
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 system, with the addition of cobalt, and occurs in mantos, breccias and veins within a zone of alteration characterized by an association of actinolite, epidote, chlorite and scapolite. The mantos are replacement of andesite by magnetite and sulphides, with a roughly southeast strike and a gentle dip to the SW. Breccias and veins crosscut the mantos, are often subvertical, and filled with specularite and sulphides.
Golden Arrow is actively exploring its flagship property, the advanced San Pietro iron oxide-copper-gold-cobalt project in Chile, and a portfolio that includes nearly 125,000 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.
