VANCOUVER, Dec. 5, 2019 /CNW/ - Golden Arrow Resources Corporation (TSX-V: GRG, FSE: G6A, OTCQB: GARWF), ("Golden Arrow" or the "Company") is pleased to provide an update regarding its ongoing exploration program at the Tierra Dorada gold project in Paraguay. Mapping and sampling at the Alvaro target area identified a new quartz vein prospect 250 metres northwest and parallel to a known prospect, and returned a chip sample with over 47 g/t gold.
"Our mapping and sampling of the known target led to the understanding that it was actually two significant parallel gold-bearing vein structures," commented Brian McEwen, Golden Arrow's VP Exploration and Development. "Further work then identified a third vein that is more brecciated, also with high-grade gold, which represents an exciting extension to the showing."
Further trenching and detailed mapping are expected to commence at the Alvaro target before the end of the year.
The 64,000-hectare Tierra Dorado gold project covers an area of Pre-Cambrian shield in southern Paraguay prospective for orogenic gold deposits. Golden Arrow commenced its work program at one of the four previously-identified target areas known as Alvaro.
At the Alvaro target there are three known areas with sub-outcropping high-grade gold-mineralized quartz veins over a distance of 2.5 kilometres. At Showing 1, sampling by a previous operator reportedly yielded assays of up to 148.4 g/t Au (See Figure 1: https://bit.ly/2DoLNqm ). A recent detailed review of these sub-outcrops indicates two parallel structures striking northeast, 25 metres apart with gold-bearing massive crystalline quartz suboutcrop occurring over a strike length of approximately 200 metres. Historic values and Golden Arrow samples averaged 59.2 g/t Au in one of the structures (based on 6 samples) and 34.6 g/t Au in the other (based on 2 samples). Additional field work in the area has identified a new, previously un-sampled, sub-outcrop area of aligned quartz vein boulders 150 metres in length; a grab sample assayed 47.4 g/t Au. This new vein is parallel to the previous two and located 250 metres to the northwest, but is highly brecciated including clasts of host rock, possibly indicating a significant breccia zone in this area.
Detailed surface exploration has not yet commenced at Showings 2 or 3, but is scheduled as part of the on-going program.
For additional details on the project geology and targets, please see the Tierra Dorada page on the Golden Arrow website: https://goldenarrowresources.com/operations/paraguay/tierra-dorada-au.
Methodology and QA/QC
Samples collected from the sub-outcropping structures were chip samples. Field samples were shipped for preparation and analysis at Bureau Veritas Mineral laboratories, former ACME LABS, an internationally recognized assay service provider. Samples were prepared at their facility in Mendoza, Argentina and assayed for gold by Fire Assay/Atomic Absorption finish and analyzed for a multi-element package by ICP-OES following a four-acid digestion at their laboratory in Lima, Peru. The Company follows industry standard procedures for the work carried out on the Tierra Dorada Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate and standard samples were inserted in each batch of samples sent to the laboratory for analysis. Golden Arrow detected no significant QA/QC issues during review of the data.
The results of the Company's exploration program have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company's geological staff under the supervision of Brian McEwen, P.Geol., VP Exploration and Development to the Company. Mr. McEwen is a Qualified Person as defined in National Instrument 43-101, and has reviewed and approved the contents of the news release.
About Golden Arrow:
Golden Arrow Resources Corporation is a mining exploration company with a successful track record of creating value by making precious and base metal discoveries and advancing them into exceptional deposits. The Company is well-leveraged to the price of gold, having recently monetized its Chinchillas silver discovery into a significant holding in precious metals producer SSR Mining Inc.
Golden Arrow is actively exploring a portfolio that includes advanced projects in Chile, a district-scale frontier opportunity in Paraguay, and more than 185,000 hectares of properties in Argentina.
The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso,
Executive Chairman, President and CEO
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. 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.