Vancouver, BC / ACCESSWIRE / May 22, 2014 / Golden Arrow Resources Corporation (TSX-V: GRG,
FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company")
is pleased to announce additional results from the 8000 metre
Phase III drill program at the Chinchillas Silver Project in Jujuy
province, Argentina. Of particular interest is hole CGA-107, which
intercepted 105 metres with
average grades of 1.6% zinc and 54 g/t silver starting
at 127 metres depth. On a silver-equivalent basis this intercept
is 105 metres grading 106
g/t silver equivalent. This hole is located in the
North Slope area, 320 metres northwest of the main Socavon del
Diablo Zone of the resource..
"These new holes have identified additional
mineralization which will increase the silver resources at
Chinchillas," commented Golden Arrow VP Exploration
and Development Brian McEwen. "Furthermore, with the current positive market
outlook for zinc we believe that results like those of hole 107
will enhance the value of the deposit, and provide us with another
target type to explore on the property."
The Phase
III drill program is designed to expand the existing resource at
Chinchillas and explore new areas of the property. The results
reported below indicate that drilling has successfully intersected
significant new silver, lead and zinc mineralization that will
contribute to the expansion of the project's current
NI 43-101 resource estimate1. Based on these positive results, management is
considering an increase to the Phase III drill program for a second
time.
Highlights of the results
include:
-29
m averaging 107 g/t silver and 0.6% lead at 3 metres depth in
CGA-100
-Including 6 m averaging 315
g/t silver and 0.8% lead
-19
m averaging 151 g/t silver and 0.9% lead at 107 metres depth also
in CGA-100
-9
metres averaging 201 g/t silver and 0.6% lead at 41 metres depth in
CGA-103
-105
metres averaging 54 g/t silver and 1.6% zinc at 127 metres depth in
CGA-107
-Including 18 metres averaging
179 g/t silver, 1.3% lead and 1.1% zinc
-And including 18 metres
averaging 81 g/t silver and 3.7% zinc
-71
metres averaging 120 g/t silver and 1.5% lead in CGA-108
-Including 6 metres averaging
335 g/t silver and 3.8% lead
-And including 4 metres
averaging 446 g/t silver and 3.1% lead
The Phase
III program plan initially included a minimum of 6000 metres of
diamond drilling, and this was recently increased to 8000 metres,
based on the positive results to date. Over 6500
metres has now been drilled, and holes represented in Table 1 below
include 2204 metres of the completed drilling.
Drilling
is expected to add resources at the Chinchillas deposit, which
remains open in most directions and at depth, and where there are
areas within the deposit that were not drilled at sufficient
spacing to be included in the 2013 resource estimate.
The
remaining holes in the program target several new areas throughout
the property that were identified by the 2013 geophysics and
surface mapping program, including an area over a kilometre to the
southeast of the main resource zones.
Corebox(R) interactive 3-D models of the deposit and drill holes
can also be found on the website, here and will be updated with these new intercepts. A map
of the drill hole locations will also be posted to the Chinchillas
map page on the Golden Arrow website.
Drilling Highlights
Intercepts for ten drill holes
(2204 metres) are reported in Table 1. The Silver Mantos Zone
comprises the western portion of the deposit, while the Socavon
comprises the eastern portion. The Mantos Basement Zone is situated
approximately below the Silver Mantos Zone. These zones were
described in detail as part of the NI 43-101 Technical Report and
resource estimate1. The North Slope is a
newer target area along the slope of the basin to the north of both
the Silver Mantos and Socavon Zones.
Table
1. Drill Intercepts >20g/t for Ag and >0.5% for Pb and
Zn
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|TARGET / ZONE|HOLE |Note |From |To (metres) |Length (metres) |Ag |Pb |Zn (%) |
| | | |(metres) | | |(g/t) |(%) | |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|MANTOS |CGA-100 | |3 |32 |29.0 |107 |0.6 |- |
|BASEMENT | | | | | | | | |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | |includes |24 |30 |6.0 |315 |0.8 |- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |66 |73 |7.0 |100 |0.7 |- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |95 |102 |7.0 |106 |0.5 |- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |107 |126 |19.0 |151 |0.9 |- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |134 |135 |1.0 |36 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |162 |165 |3.0 |178 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |175 |179 |4.0 |46 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |187 |188 |1.0 |41 |- -- |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|MANTOS |CGA-101 | |17 |21 |4.0 |46 |0.8 |- |
|BASEMENT | | | | | | | | |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |33 |34 |1.0 |23 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |37 |38 |1.0 |30 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |57 |59 |2.0 |25 |- -- |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|MANTOS |CGA-102 | |3.6 |7 |3.4 |47 |- -- |
|BASEMENT | | | | | | | | |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |28 |33 |5.0 |38 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |48 |49 |1.0 |63 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |69 |71 |2.0 |31 |- -- |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|MANTOS |CGA-103 | |4.4 |16 |11.6 |30 |- -- |
|BASEMENT | | | | | | | | |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |41 |50 |9.0 |201 |0.6 |- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |74 |76 |2.0 |260 |0.6 |- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |81 |86 |5.0 |201 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |104 |105 |1.0 |59 |- -- |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|NORTH SLOPE |CGA-104 | |114 |115 |1.0 |30 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |117 |119 |2.0 |26 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |126 |127 |1.0 |20 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |130 |132 |2.0 |25 |- -- |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|NORTH SLOPE |CGA-105 | |12 |13 |1.0 |39 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |25 |26 |1.0 |26 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |28 |33 |5.0 |45 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |63 |65 |2.0 |31 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |112 |118 |6.0 |102 |0.6 |- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |151 |152 |1.0 |29 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |156 |157 |1.0 |50 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |160 |161 |1.0 |40 |- -- |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|NORTH SLOPE |CGA-106 |no significant mineralization |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|NORTH SLOPE |CGA-107 | |23 |25 |2.0 |27 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |36 |46 |10.0 |81 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |49 |58 |9.0 |20 |0.5 |- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |89 |108 |19.0 |35 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |123 |125 |2.0 |76 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |127 |232 |105.0 |54 | |1.6 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | |includes |127 |135 |8.0 | |- |0.7 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | |and |135 |153 |18.0 |179 |1.3 |1.1 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | |and |161 |164 |3.0 | |- |3.7 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | |and |164 |182 |18.0 |81 |- |3.2 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | |and |182 |216 |34.0 | |- |1.3 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | |and |216 |227 |11.0 |40 |- |2 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | |and |231 |232 |1.0 |45 |- |0.6 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |236 |237 |1.0 |34 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |238 |250 |12.0 |88 |- |0.5 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |262 |263 |1.0 |30 |0.7 |- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |265 |266 |1.0 | |- |1 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |276 |277 |1.0 | |- |0.5 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |286 |287 |1.0 |27 |- -- |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|SILVER MANTOS|CGA-108 | |41 |42 |1.0 |30 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |47 |48 |1.0 |33 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |54 |55 |1.0 |21 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |71 |73 |2.0 |20 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |79 |85 |6.0 |196 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | |includes |82 |84 |2.0 |426 |- |0.6 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |89 |93 |4.0 |25 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |96 |97 |1.0 |55 |- |2.5 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |118 |119 |1.0 |- | |0.9 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |137 |138 |1.0 |- -- |1.3 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |165 |166 |1.0 |25 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |167 |168 |1.0 |22 |- -- |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|MANTOS |CGA-108 | |170 |241 |71.0 |120 |1.5 |- |
|BASEMENT | | | | | | | | |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | |includes |199 |205 |6.0 |335 |3.8 |- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | |includes |217 |221 |4.0 |446 |3.1 |- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |243 |244 |1.0 |- -- |0.7 |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |244 |247 |3.0 |75 |1.5 |1.5 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|SILVER MANTOS|CGA-109 | |64 |70 |6.0 |60 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |74 |84 |10.0 |85 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |89 |92 |3.0 |92 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |95 |96 |1.0 |23 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |101 |102 |1.0 |21 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |104 |108 |4.0 |36 |- -- |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |148 |149 |1.0 |52 |0.7 |- |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|MANTOS |CGA-109 | |163 |168 |5.0 |66 |1.4 |- |
|BASEMENT | | | | | | | | |
| | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| | | |178 |186 |8.0 |56 |0.5 |- |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|The reported intervals are believed to approximate true width except for CGA-107 for which further geologic interpretation is required. Widths will be confirmed with geologic modeling. |
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Silver Mantos/Mantos
Basement Targets
Drill holes CGA-100, -102 and
-103 targeted expansion of the Silver Mantos Zone to the southwest,
particularly where the basin shallows and the underlying Mantos
Basement Zone starts at or near surface.
Mineralization was encountered in all three holes and the results
are expected to expand the resource in these areas. CGA-101 tested
surface silver anomalies in a new brecciated zone just west of the
Silver Mantos area but encountered only limited
mineralization.
Holes CGA-108 and CGA-109 are
also located in northwest part of the Silver Mantos area and
targeted the extension of both the Silver Mantos and the Mantos
Basement Zones to the north and at depth. Both holes successfully
encountered mineralization that will extend the zones and build
resources.
North
Slope Targets
CGA-104 through -106 are
located on the North Slope. CGA-106 was the northernmost and
westernmost of the holes and returned no significant intercepts.
Approximately 300 metres to the southeast, CGA-104 returned low
grades of silver in basement rocks, with no lead and zinc. A
further 180 metres to the southeast, CGA-105 returned six metres
averaging 102 g/t silver and 0.5% lead at the basement contact,
confirming that the model of mineralization occurring just below
the Silver Mantos/Mantos Basement contact extends to the North
Slope, and creating a target for further follow-up.
New
High-Zinc Target
CGA-107 is also located on the
North Slope, 320 metres north of the main Socavon del Diablo Zone
of the resource. This hole targeted the margin of a coincident high
chargeability and high resistivity anomaly. At approximately 135
metres depth (just below the contact with the upper Silver Mantos
zone) the brecciated sandstone-pelite basement was encountered and
mineralization became significant, including throughout
interspersed dacite units. Values of zinc averaging 1.6% were
returned through a 105 metre section, with an average grade of
54g/t silver over the same interval. Several higher grade intervals
were included.
Previous drilling in the
Socavon del Diablo Zone has returned high values of zinc mainly in
the upper mantos-style mineralization. However, this 105 metre
intercept in CGA-107 is the longest to host significant zinc-rich
mineralization in the basement, and in particular through
intermingled dacites. Initial interpretations indicate this may be
an extension of the Socavon Zone, however, additional work is
required to confirm the continuity. Whether it is continuous or
part of a new zone, it represents a potential new target type at
Chinchillas, where the zinc contributes significant value. For
reference, Table 2 shows the calculated silver equivalent values of
the reported intercepts.
Table
2. Drill Intercepts for Hole 107, including Silver Equivalent
Grades
-----------------------------------------------------------------------------------
|HOLE |Note |From |To (metres)|Interval|Ag (g/t)|Pb (%)|Zn (%)|Ag Eq (g/t)|
| | |(metres)| |(metres)| | | | |
|---------------------------------------------------------------------------------|
|CGA-107| |23 |25 |2.0 |27 |- -- |27 |
| |-------------------------------------------------------------------------|
| | |36 |46 |10.0 |81 |- -- |81 |
| |-------------------------------------------------------------------------|
| | |49 |58 |9.0 |20 |0.5 |- |36 |
| |-------------------------------------------------------------------------|
| | |89 |108 |19.0 |35 |- -- |35 |
| |-------------------------------------------------------------------------|
| | |123 |125 |2.0 |76 |- -- |76 |
| |-------------------------------------------------------------------------|
| | |127 |232 |105.0 |54 | |1.6 |106 |
| |-------------------------------------------------------------------------|
| |includes|127 |135 |8.0 | |- |0.7 |23 |
| |-------------------------------------------------------------------------|
| |and |135 |153 |18.0 |179 |1.3 |1.1 |256 |
| |-------------------------------------------------------------------------|
| |and |161 |164 |3.0 | |- |3.7 |119 |
| |-------------------------------------------------------------------------|
| |and |164 |182 |18.0 |81 |- |3.2 |184 |
| |-------------------------------------------------------------------------|
| |and |182 |216 |34.0 | |- |1.3 |42 |
| |-------------------------------------------------------------------------|
| |and |216 |227 |11.0 |40 |- |2 |104 |
| |-------------------------------------------------------------------------|
| |and |231 |232 |1.0 |45 |- |0.6 |64 |
| |-------------------------------------------------------------------------|
| | |236 |237 |1.0 |34 |- -- |34 |
| |-------------------------------------------------------------------------|
| | |238 |250 |12.0 |88 |- |0.5 |104 |
| |-------------------------------------------------------------------------|
| | |262 |263 |1.0 |30 |0.7 |- |53 |
| |-------------------------------------------------------------------------|
| | |265 |266 |1.0 | |- |1 |32 |
| |-------------------------------------------------------------------------|
| | |276 |277 |1.0 | |- |0.5 |16 |
| |-------------------------------------------------------------------------|
| | |286 |287 |1.0 |27 |- -- |27 |
|---------------------------------------------------------------------------------|
|Silver |
|Equivalent |
|grades |
|(AgEQ) |
|were |
|calculated |
|using |
|US$20/oz. |
|for |
|silver, |
|US$0.94/lb. |
|for |
|lead |
|and |
|US$0.94/lb. |
|for |
|zinc. |
-----------------------------------------------------------------------------------
Methodology and
QA/QC
Analyses of the drill core 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 >200 Ag g/t were
re-analyzed by fire assay with a gravimetric finish on 50-gram
samples. Lead and zinc results >10,000 ppm were re-analyzed by a
3 acids and ICP-OES detection. The Company followed 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.
Table 2. Drill hole location and
orientation data
-------------------------------------------------------------------
|Hole ID| Easting| Northing| Elevation|Azimuth|Inclination| Length|
|-----------------------------------------------------------------|
|CGA-100|3472486 |7512298 |4152 |100 |-78 |222.00 |
|-----------------------------------------------------------------|
|CGA-101|3472455 |7512526 |4163 |270 |-55 |200.00 |
|-----------------------------------------------------------------|
|CGA-102|3472491 |7512259 |4157 |270 |-75 |152.00 |
|-----------------------------------------------------------------|
|CGA-103|3472415 |7512174 |4180 |288 |-65 |140.00 |
|-----------------------------------------------------------------|
|CGA-104|3473016 |7512835 |4136 |20 |-70 |211.10 |
|-----------------------------------------------------------------|
|CGA-105|3473179 |7512742 |4132 |20 |-80 |215.00 |
|-----------------------------------------------------------------|
|CGA-106|3472744 |7512997 |4168 |300 |-65 |200.00 |
|-----------------------------------------------------------------|
|CGA-107|3473418 |7512543 |4115 |0 |-90 |299.00 |
|-----------------------------------------------------------------|
|CGA-108|3472644 |7512455 |4124 |0 |-90 |281.00 |
|-----------------------------------------------------------------|
|CGA-109|3472629 |7512533 |4117 |0 |-90 |284.00 |
-------------------------------------------------------------------
About the
Chinchillas Silver Project
Golden Arrow is earning a 100%
interest in the Chinchillas Silver Project. After less than two
years exploration, the Company announced a NI 43-101 resource
estimate1 in 2013, including:
-27.4
Moz silver / 32.6 Moz silver equivalent in Indicated
Resources (7.2 Mt @ 119g/t silver, 0.57% lead, 0.48% zinc : 141g/t
silver equivalent )
-53 Moz
silver / 72.2 Moz silver equivalent in Inferred
Resources (21 Mt @ 78.5 g/t silver, 0.69% lead, 0.62% zinc : 107g/t
silver equivalent)
The first NI 43-101
preliminary economic assessment2 returned
an after-tax NPV 8% of US$98.5M, highlighting the
benefits of the project's near-surface mineralization, conventional
metallurgy and access to infrastructure. The deposit is open to
expansion and Golden Arrow is now drilling to increase
resources.
1
"Mineral Resource
Estimate for the Chinchillas Silver-Lead-Zinc Project, Jujuy
Province, Argentina" filed on SEDAR dated June
20th, 2013.
2
"Preliminary Economic
Assessment for the Chinchillas Silver-Lead-Zinc Project, Jujuy
Province, Argentina" filed on SEDAR dated January
20th, 2014.
Qualified Persons
The
contents of the news release have been reviewed and approved by
Brian McEwen, P.Geol., VP Exploration and Development to the
Company, and a Qualified Person as defined in National Instrument
43-101.
About Golden Arrow:
Golden Arrow is a
Vancouver-based explorer focused on identifying, acquiring and
advancing precious and base metal projects in Argentina with the
goal of achieving a world class discovery. The main focus is on
advancing the flagship Chinchillas Silver Project located in Jujuy,
Argentina. Golden Arrow has a strong treasury which will allow the
company to advance its Chinchillas Silver Project. Golden Arrow
will continue to execute its strategy to leverage the Company's
exploration exposure by attracting partners to fund work on its
other high quality mineral projects. Golden Arrow is a member of
Grosso Group, a management company specialized in resource
exploration, and working in Argentina where it is highly regarded
and trusted since 1993.
ON BEHALF OF THE BOARD
"Joseph Grosso"
_______________________________
Mr. Joseph Grosso
Executive Chairman, President, CEO and Director
For further information please contact:
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@goldenarrowresources.com
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING
STATEMENTS
This news release contains "forward-looking
statements" within the meaning of Canadian securities legislation.
Such forward-looking statements concern the Company's anticipated
results and developments in the Company's operations in future
periods, planned exploration and development of the Chinchillas
project, plans related to its business and other matters that may
occur in the future. These statements relate to analyses and other
information that are based on expectations of future performance as
outlined in the PEA, including silver, lead and zinc production and
planned work programs at Chinchillas. Statements concerning
reserves and mineral resource estimates may also constitute
forward-looking statements to the extent that they involve
estimates of the mineralization that will be encountered if the
Chinchillas property is developed and, in the case of mineral
reserves, such statements reflect the conclusion based on certain
assumptions that the mineral deposit can be economically
exploited.
Forward-looking
statements are subject to a variety of known and unknown risks,
uncertainties and other factors which could cause actual events or
results to differ from those expressed or implied by the
forward-looking statements, including, without limitation: risks
related to precious and base metal price fluctuations; risks
related to fluctuations in the currency markets (particularly the
Argentinean peso, Canadian dollar and United States dollar); risks
related to the inherently dangerous activity of mining, including
conditions or events beyond our control, and operating or technical
difficulties in mineral exploration, development and mining
activities; uncertainty in the Company's ability to raise financing
and fund the development of the Chinchillas project pursuant to the
PEA; uncertainty as to actual capital costs, operating costs,
production and economic returns, and uncertainty that development
activities will result in a profitable mining operation at
Chinchillas; risks related to mineral resource figures being
estimates based on interpretations and assumptions which may result
in less mineral production under actual conditions than is
currently estimated and to diminishing quantities or grades of
mineral resources as properties are mined; risks related to
governmental regulations and obtaining necessary licenses and
permits; risks related to the business being subject to
environmental laws and regulations which may increase costs of
doing business and restrict our operations; risks related to the
Chinchillas property being subject to prior unregistered
agreements, transfers, or claims and other defects in title; risks
relating to inadequate insurance or inability to obtain insurance;
risks related to potential litigation; risks related to the global
economy; risks related to the Chinchillas property being located in
Argentina, including political, economic, social and regulatory
instability. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in the
forward-looking statements. The Company's forward-looking
statements are based on beliefs, expectations and opinions of
management on the date the statements are made. For the reasons set
forth above, investors should not place undue reliance on
forward-looking statements.
The
information provided in this news release addresses the Chinchillas
PEA and is not intended to be a comprehensive review of all matters
and developments concerning the Company. It should be read in
conjunction with all other disclosure documents of the Company. The
information contained herein is not a substitute for detailed
investigation or analysis. No securities commission or regulatory
authority has reviewed the accuracy or adequacy of the information
presented. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements.
We advise U.S.
investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties.
SOURCE: Golden Arrow Resources Corporation
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