Golden Arrow Makes New Copper-Gold Discovery in La Rioja Province, Argentina
01.06.2011 | The Newswire
Golden Arrow Resources Corporation (GRG - TSX.V) (“Golden Arrow“ or the “Company“) is pleased to announce that it has staked the Don Bosco property comprised of over 32,800ha (30km x 10km) of exploration licenses covering five distinct target areas in western La Rioja Province, Argentina. Highlights from prospecting include a 2.4m composite rock chip sample that averaged 2.04 g/t Au, 114 ppm Ag and 10.0% copper.The Don Bosco Project includes historical copper and gold prospects and newly-discovered high-grade mineralized zones identified by the Company's reconnaissance team. Golden Arrow has completed several prospecting/sampling campaigns on Don Bosco to date. In total 187 reconnaissance rock chip samples have been collected from three distinct target areas: El Pircarda copper-gold skarn; Llantenes copper zone; and, the Las Minitas silver zone (see Maps 1 and 2).
Map 1: http://www.goldenarrowresources.com/i/maps/DonBoscoAreasAu.jpg
Map 2: http://www.goldenarrowresources.com/i/maps/DonBoscoAreasCu.jpg
Highlights for each zone include:
-El Pircarda Zone
-2.4m averaging 2.04 g/t Au, 114 ppm Ag and 10.0% copper
-Llantenes Zone
-25% Cu, 0.64 g/t Au, 82 g/t Ag (grab sample)
-2m grading 3.3% Cu (chip sample)
-Las Minitas Silver Zone
-111 g/t Ag over 1m (chip sample)
The Don Bosco property is located in the Pre-Cordillera region and elevations range from 2,500m to 3,500m above sea level. Work can be conducted all year round and a paved highway allows easy access to the southern part of the property. Golden Arrow has established a field camp and commenced intensive sampling and mapping surveys on the property. Initial work will be focussed on delineating the grade and dimensions of mineralized zones, and on discovering new prospects, with the aim of defining priority drill targets.
Technical Details:
At El Pircarda 27 surface rock chip samples were collected from within a 2km2 area; 9 were significantly mineralized (see Table 1 for highlights). At this early stage of exploration the mineralization is interpreted to
be skarn-related based on host rock setting and metal content. Current sampling is from a series of closely spaced gossanous copper-gold bearing 1-3m wide structures hosted within carbonate-rich pelitic schists. Within the district limestone beds with massive iron skarn bodies are known also to occur. The Company plans to define and sample all potentially mineralized structures within area, prospect the limestone units for mineralization and explore for a nearby intrusive heat source.
Table 1 - Composite Rock Chip Sample Highlights for El Pircarda Zone
------------------------------------------------------------------
|Sample|Location |Width (m)|Description |Cu (%)|Au ppm|Ag ppm|
|----------------------------------------------------------------|
|26281 |El Pircarda|1.2 |gossan |11.5 |2.43 |176.30|
| |struct A | | | | | |
|----------------------------------------------------------------|
|26282 |El Pircarda|1.2 |gossan |8.5 |1.64 |53.30 |
| |struct A | | | | | |
|----------------------------------------------------------------|
| |Structure A|2.4 |wt average |10.0 |2.04 |114.80|
|----------------------------------------------------------------|
|26283 |El Pircarda|1.0 |gossan (skarn)|0.8 |0.13 |9.00 |
| |struct B | | | | | |
|----------------------------------------------------------------|
|26284 |El Pircarda|1.0 |gossan (skarn)|2.6 |0.31 |8.10 |
| |struct B | | | | | |
|----------------------------------------------------------------|
|26285 |El Pircarda|0.3 |gossan (skarn)|10.3 |1.45 |111.90|
| |struct B | | | | | |
|----------------------------------------------------------------|
|26286 |El Pircarda|1.0 |gossan (skarn)|2.7 |0.43 |27.30 |
| |struct B | | | | | |
|----------------------------------------------------------------|
| |Structure B|3.3 |wt average |2.8 |0.40 |23.63 |
------------------------------------------------------------------
At the Llantenes Copper target, 8km south of El Pircarda, 95 surface rock chip samples were collected during prospecting from a NE-trending 3km by 1km area underlain by folded and weakly metamorphosed shale-sandstone sequences (see Map 3).
Map 3: http://www.goldenarrowresources.com/i/maps/DonBoscoAreasCu.jpg
Of these samples 55 samples graded between 0.4% and 25.0% copper; this suite of samples averages 3.3% Cu, 0.15 g/t Au, 8.32 g/t Ag. The highest reported grades were 25% Cu, 0.64 g/t Au, 82 g/t Ag. A total of 6 composite rock chip samples targeting different styles of mineralization (shear-hosted and disseminated) were collected and results are tabulated below (see Table 2) along with a selection of point/grab sample highlights (see Table 3). The copper mineralization at Llantenes is most concentrated within shears and along vein-like structures which typically trend EW and range from 0.5m to 4m wide. Locally disseminated copper in wallrocks envelopes mineralized structures over distances of several meters, as well as being disseminated locally in the inter-bedded shale-sandstone meta-sedimentary sequences. Initial prospecting identified at least 4 significant mineralized structures. At this early stage of reconnaissance the shale-sandstone-hosted mineralization is characterized by elevated Cu-Au-Ag-Zn. A spatial association of this sediment-hosted mineralization with pillow lava sequences suggests a potential genetic similarity to the “Sediment-hosted Copper“ class of deposits, an example of which is large deposits of the Zambian Copper belt. Initial work will focus on further prospecting, evaluating the dimensions and continuity of mineralized structures and assessing the disseminated copper potential of the area.
Table 2 - Composite Rock Chip Sample Results for Copper from Llantenes Zone
---------------------------------------------------------------------
|Sample |Sub Area |Total Length|Mineralized|Description |Cu (%)|
| | | |Length (m) | | |
|-------------------------------------------------------------------|
|Composite 1|Llantenes|2 |2 |1m vein and |3.29 |
| | | | |wall | |
| | | | |rock | |
|-------------------------------------------------------------------|
|Composite 2|Llantenes|33 |30 |sandstone and|0.49 |
| | | | |pelite | |
|-------------------------------------------------------------------|
|Composite 2|including| |3 |vein shear |2.36 |
|-------------------------------------------------------------------|
|Composite 3|Llantenes|6 |4 |pelite schist|2.74 |
| | | | |with | |
| | | | |shearing | |
|-------------------------------------------------------------------|
|Composite 4|Llantenes|5 |2 |pelite schist|0.53 |
|-------------------------------------------------------------------|
|Composite 5|Llantenes|3 |3 |pelite schist|0.47 |
|-------------------------------------------------------------------|
|Composite 6|Llantenes|6 |4 |pelite schist|0.91 |
---------------------------------------------------------------------
*Note: No significant gold or silver results from composite sampling.
Table 3 - Highlights From Grab/Point Sampling at Llantenes Zone
----------------------------------------------------------------------
|Sample|Width|Description |Au ppm|Ag ppm|Cu (%)|
|--------------------------------------------------------------------|
|20379 |1m |shear zone with veinlets of |N.D |8.6 |25.08 |
| | |chrysocolla / quartz | | | |
| | |/ magnetite | | | |
|--------------------------------------------------------------------|
|21247 |grab |silicified pelite |0.00 |82.1 |22.79 |
|--------------------------------------------------------------------|
|21323 |1m |brecciated sandstone |0.17 |45.8 |13.99 |
|--------------------------------------------------------------------|
|20399 |grab |shear zone with veinlets of |0.23 |50.0 |10.39 |
| | |chrysocolla / qtz | | | |
|--------------------------------------------------------------------|
|20376 |dump |old mine dump |0.07 |6.2 |7.75 |
|--------------------------------------------------------------------|
|20346 |0.5m |shear zone with veinlets of |0.02 |1.5 |6.48 |
| | |chrysocolla / qtz | | | |
|--------------------------------------------------------------------|
|20400 |grab |shear zone with veinlets of |0.29 |27.9 |5.06 |
| | |chrysocolla / qtz | | | |
|--------------------------------------------------------------------|
|21263 |1m |pelite with Fe and Cu oxides |0.27 |13.3 |4.78 |
|--------------------------------------------------------------------|
|20381 |1m |quartz vein with copper oxides |0.04 |0.9 |4.61 |
|--------------------------------------------------------------------|
|21324 |1m |silicified and brecciated |0.07 |9.6 |4.09 |
| | |sandstone | | | |
| | |with stock | | | |
| | |work veinlets | | | |
|--------------------------------------------------------------------|
|21241 |0.9m |brecciated shear zone |N.D |25.2 |3.89 |
|--------------------------------------------------------------------|
|21200 |0.7m |sandstone with quartz and Cu oxide|N.D |11.1 |3.71 |
| | |stockwork | | | |
|--------------------------------------------------------------------|
|21262 |1m |sandstone with disseminated Cu |0.02 |2.7 |3.42 |
----------------------------------------------------------------------
Regional Targets within the Don Bosco license group:
In addition to El Pircarda and Llantenes copper zones three other priority targets have been identified for follow-up work within the 32,800ha Don Bosco license group, including:
Map 1: http://www.goldenarrowresources.com/i/maps/DonBoscoAreasAu.jpg
Map 1: http://www.goldenarrowresources.com/i/maps/DonBoscoAreasAu.jpg
Map 1: http://www.goldenarrowresources.com/i/maps/DonBoscoAreasAu.jpg
Within the Golden Arrow 32,800 hectare Don Bosco licence group, there are several small pre-existing mining licences belonging to Argentine locals (31.5 hectares in the vicinity of El Pircarda and 162 hectares at La Ramada). None of the samples reported above fall within these property boundaries as plotted on the La Rioja Cadastre.
The Company followed industry standard procedures for the work carried out on the Don Bosco Project. Blank, duplicate, and standard samples were assayed for quality assurance/quality control (QA/QC) purposes. In total, 14 quality control hand surface samples (7% of all 187 samples) were analyzed. Golden Arrow detected no significant QA/QC issues during review of the data.
Analyses of the hand surface samples were performed by Alex Stewart Assayers, in Mendoza, Argentina, an internationally recognized assay service provider. 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.
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
www.goldenarrowresources.com
*Barrick Gold Corporation 2010 Annual Report
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.