Golden Arrow Reports Additional Results from Gold-Silver Zone at Potrerillos Project, Argentina
21.03.2011 | The Newswire
Mar 21st, 2011 - (via Thenewswire.ca) - Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC, WKN: A0B6XQ, “Golden Arrow“ or “the Company“) is pleased to report additional results from the 2010 - 2011 surface sampling program on its 100% owned 4,000ha Potrerillos gold-silver project. In conjunction with the diamond drill program currently underway, this ongoing surface sampling program continues to establish new zones and additional drill targets on the project. Potrerillos is located just 8km east of Barrick Gold Corporation's Veladero gold-silver mine (12.2 Moz gold equivalent reserves*) in San Juan Province, Argentina.An intensive mapping and surface sampling program has been underway at Potrerillos with a team of 15 geologists and field technicians working at the project since November. Herein results are reported from +300 rock chip samples collected from the Panorama Veins, Las Bandas and a new zone, Plata Alta, covering a combined strike length of 2.2 km. Highlights include: T25 on the southern extension of Las Bandas where a 4m composite chip sample averaged 7.94 g/t gold equivalent (2.53 g/t gold and 213 g/t silver) and high grade rock chip samples from narrow veins grading up to 84.27 g/t gold equivalent (8.55 g/t gold and 2,995 g/t silver) from Plata Alta, a new zone located 400m south of Panorama Veins.
For full results see Table 1 (below) and Map (follow link):
http://www.goldenarrowresources.com/i/maps/GRG_press_release_Mar11.jpg
The first hole of the previously announced diamond drill program (see February 3, 2011 News Release) has been completed at the southern end of the Panorama Vein zone in the area of Veta Juliet; the drill is currently testing the Las Bandas zone, 650m to the north. Adverse climatic and drilling conditions have resulted in slower than anticipated progress. Results will be released from the drilling in batches. The Golden Arrow technical team is continuing to systematically map and sample the known mineralized zones as well as prospecting the rest of the property for new targets.
Detailed mapping and sampling has resulted in the extension of the gold-silver mineralization at Panorama Veins, Las Bandas and identification of a new target area Plata Alta at the southern end of Panorama Ridge with a combined length of 2.2km. The detailed mapping of the Panorama Veins zone has resulted greater understanding of the distribution of veins, despite a significant amount of talus cover. The Panorama Veins occur within a 1,000m by 500m area and consist of a series of quartz vein stockworks and silica breccias that are centered at the intersection of two major regional fault systems. The Las Bandas quartz-calcite veins have also been extended through mapping to 1500m strike length, overlapping at the southern end with the Panorama Veins. Las Bandas are consistently anomalous in gold and silver, but locally have high grades as demonstrated by T25 and T14. Work is underway to try and identify the crosscutting structures that are thought to control the higher-grade mineralization in order to optimize the current drilling program. At the southern and highest elevation end of Panorama Ridge (4,500m) narrow stockwork veins with local high grades (up to 8.55 g/t gold and 2,995 g/t silver) outcrop within a 500m x 500m area. The altitude is very similar to neighbouring Barrick's Veladero mine and Pascua Lama Project.
Table. 1. Potrerillos surface rock chip results
--------------------------------------------------------------------
|Location|Total |Description|Mineralized|Gold |Silver |Gold |
| |sample| |length |ppm |ppm |Equivalent**|
| |length| |(m) |FA | | |
| |(m) | | | | | |
|------------------------------------------------------------------|
|T1 Pan |14 |Breccia |2 |1.92 |8.12 |2.12 |
|Veins | |and | | | | |
| | |quartz | | | | |
| | |vein | | | | |
|------------------------------------------------------------------|
|T2 Pan |11 |Breccia |5 |1.94 |24.63 |2.57 |
|Veins | |and | | | | |
| | |banded | | | | |
| | |quartz | | | | |
| | |vein | | | | |
|------------------------------------------------------------------|
|T3 Pan |17 |Brecciated |4 |0.43 |34.46 |1.30 |
|Veins | |and | | | | |
| | |silicified | | | | |
| | |volcanics. | | | | |
|------------------------------------------------------------------|
|T4 Pan |10 |Silicified |2 |0.31 |76.87 |2.25 |
|Veins | |volcanic | | | | |
| | |with | | | | |
| | |stockwork | | | | |
| | |veinlets | | | | |
|------------------------------------------------------------------|
|T5 Pan |15 |Silicified |2 |0.36 |46.87 |1.54 |
|Veins | |volcanic | | | | |
| | |with | | | | |
| | |stockwork | | | | |
| | |veinlets | | | | |
|------------------------------------------------------------------|
|T6 Pan |9 |no | | | | |
|Veins | |significant| | | | |
| | |value | | | | |
|------------------------------------------------------------------|
|T7 Pan |7 |no | | | | |
|Veins | |significant| | | | |
| | |value | | | | |
|------------------------------------------------------------------|
|T8 Pan |21 |no | | | | |
|Veins | |significant| | | | |
| | |value | | | | |
|------------------------------------------------------------------|
|T9 Pan |15 |no | | | | |
|Veins | |significant| | | | |
| | |value | | | | |
|------------------------------------------------------------------|
|T10 |18 |Quartz |8 |0.21 |47.35 |1.41 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|T11 |6 |Quartz |6 |0.57 |64.50 |2.20 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|T12 |12 |Quartz |6 |0.43 |83.00 |2.53 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|T13 |8 |no | | | | |
|Bandas | |significant| | | | |
| | |value | | | | |
|------------------------------------------------------------------|
|T14 |17 |Quartz |7 |0.84 |124.01 |3.98 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|T15 |3 |Quartz |1 |0.03 |25.00 |0.66 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|T16 |7 |Quartz |1 |0.12 |20.10 |0.63 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|T17 |8 |Quartz |1 |0.08 |25.10 |0.71 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|T18 |6 |Quartz |3 |0.21 |33.24 |1.05 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|T19* |14 |Quartz |2 |0.21 |51.76 |1.52 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|T20 |18 |Quartz |8 |0.12 |27.42 |0.82 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|T21 |7 |no | | | | |
|Bandas | |significant| | | | |
| | |value | | | | |
|------------------------------------------------------------------|
|T22 |16 |Quartz |10 |0.47 |36.06 |1.38 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|T23 |12 |Quartz |4 |0.56 |44.55 |1.69 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|T24 |24 |Silicified |6 |0.73 |60.02 |2.25 |
|Bandas | |volcanic | | | | |
| | |with | | | | |
| | |stockwork | | | | |
| | |veinlets | | | | |
|------------------------------------------------------------------|
|T25 |6 |Silicified |4 |2.53 |213.82 |7.94 |
|Bandas | |brecciated | | | | |
| | |volcanic | | | | |
| | |with | | | | |
| | |veinlets | | | | |
|------------------------------------------------------------------|
|T26 |5 |Quartz |1 |0.81 |122.60 |3.91 |
|Bandas | |calcite | | | | |
| | |bands | | | | |
|------------------------------------------------------------------|
|TA |7 |no | | | | |
| | |significant| | | | |
| | |value | | | | |
|------------------------------------------------------------------|
|TB |6 |Basalt |3 |1.39 |104.66 |4.04 |
| | |silicified | | | | |
| | |with | | | | |
| | |veinlets | | | | |
| | |qtz | | | | |
| | |and FeOx | | | | |
|------------------------------------------------------------------|
|TC |15 |no | | | | |
| | |significant| | | | |
| | |value | | | | |
|------------------------------------------------------------------|
|TD |10 |no | | | | |
| | |significant| | | | |
| | |value | | | | |
|------------------------------------------------------------------|
|Plata |0.2 |quartz |0.2 |8.55 |2995.00|84.27 |
|Alta | |veins | | | | |
| | |in | | | | |
| | |stockwork | | | | |
|------------------------------------------------------------------|
|Plata |0.1 |quartz |0.1 |6.46 |200.00 |11.52 |
|Alta | |veins | | | | |
| | |in | | | | |
| | |stockwork | | | | |
|------------------------------------------------------------------|
|Plata |0.2 |quartz |0.2 |1.66 |1485.00|39.20 |
|Alta | |veins | | | | |
| | |in | | | | |
| | |stockwork | | | | |
|------------------------------------------------------------------|
|*remainder |Ratio| | |
|of trench 19 | | | |
|graded | | | |
|between 4 | | | |
|and 28 grams | | | |
|Silver | | | |
|------------------------------------------------------------------|
|** Gold |39.55| | |
|equivalent is | | | |
|based on current | | | |
|gold price $1420 | | | |
|and silver price | | | |
|$35.90. | | | |
--------------------------------------------------------------------
Frontera District:
Golden Arrow controls 100% of 7 properties totaling 12,488ha in the Frontera District of northwestern San Juan Province which is one of the most prolific gold-silver mining camps in South America and lies at the northern end of the El Indio metallogenic belt. This district contains Barrick Gold Corporation's world class Pascua Lama Project, which is currently under development and contains 17.8 million ounces of Proven and Probable Gold Equivalent Reserves, including 671 million ounces of silver*, and their Veladero Mine with Proven and Probable Reserves of 12.2 million ounces of gold equivalent*. Golden Arrow's Potrerillos and Rio de los Taguas properties are both located within 8km of the Pascua Lama and Veladero gold-silver deposits (see Figure 1: http://www.goldenarrowresources.com/i/maps/Potrerillos-Tenure-area.jpg).
The technical information contained in this release has been prepared by Bruce Smith, AUSIMM, Golden Arrow's Exploration Manager and a Qualified Person, and has been reviewed by Dr. David A. Terry, P.Geo., director and Vice President Exploration for Golden Arrow, and a Qualified Person as defined in National Instrument 43-101. The samples reported on herein are composite chip samples collected over widths believed to be across strike of the mineralized structures. The Company followed industry standard procedures for the work carried out on the Potrerillos Project. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the lab for quality assurance/quality control (QA/QC) purposes. In general one blank, one duplicate and two standards are inserted into the sample sequence for each batch of 74 samples. Golden Arrow detected no significant QA/QC issues during review of the data.
About Golden Arrow:
Golden Arrow is a Vancouver-based, explorer and prospect generator focused on advancing, identifying and acquiring precious and base metal projects in Argentina with the goal of achieving a world class discovery. The Company is well positioned for growth of shareholder value with a royalty income from its 1% NSR on Yamana Gold Corp.'s Gualcamayo Gold mine in San Juan, Argentina, a joint-venture with Vale on two properties, an attractive portfolio of highly prospective exploration projects and a pipeline of new opportunities under review. Golden Arrow will continue to execute its strategy to leverage the Company's exploration exposure by attracting partners to fund work on its portfolio of high quality mineral projects. Golden Arrow is a member of Grosso Group, a management company with over 18 years of experience in South America.
ON BEHALF OF THE BOARD
“Joseph Grosso“
Mr. Joseph Grosso, President & CEO
For further information please contact:
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@goldenarrowresources.com
http://www.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.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. 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. 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.