Golden Arrow Commences Extensive Drill Campaign in Chile's San Pietro Project
Golden Arrow Commences Extensive Drill Campaign in Chile's San Pietro Project

Golden Arrow Commences Extensive Drill Campaign in Chile's San Pietro Project

  • 25-Apr-2024 11:28 AM
  • Journalist: Sasha Fernandes

Golden Arrow Resources Corporation (TSX-V: GRG, FSE: G6A, OTCQB: GARWF), known as "Golden Arrow," is pleased to announce the commencement of diamond drilling at the San Pietro Iron-Copper-Gold-Cobalt Project in Chile ("San Pietro" or the "Project"). This marks the initiation of an extensive 10,000-meter drilling campaign. The primary objective of the 2024 campaign is to gather additional drill data to support the initial Mineral Resource estimate for the Project.

The primary focus of the program will center around the advanced Rincones target. In the 2023 drill program, significant new intercepts were encountered, extending the mineralized zone. Notably, hole SP-DDH-12 yielded promising results, including a 64.2-meter section starting at a depth of 42.8 meters, with averages of 0.86% copper, 0.20 g/t gold, 196 g/t cobalt, and 26.9% iron. The initial phase of this new campaign will involve drilling several holes in a grid pattern to ensure adequate spacing for resource classification, as recommended by previous modeling efforts. Subsequently, additional infill holes will be drilled based on ongoing modeling results. Following the completion of infill drilling at Rincones, up to 3,000 meters of drilling will be allocated to explore for new mineralization in other high-potential target areas across the Project.

Brian McEwen, Vice President of Exploration and Development at Golden Arrow, expressed satisfaction with the initiation of drilling operations at San Pietro. Recent surface mapping and reevaluation of existing drill core have allowed us to refine the program and identify new targets. Everything is aligning positively. We have already encountered significant iron oxide-copper-gold (IOCG) mineralization, benefiting from its strategic location within an active IOCG-producing district and a prominent copper-gold mining jurisdiction. With full funding secured, we are advancing swiftly with our resource delineation drilling program, coinciding with a period of robust copper and gold prices, supported by optimistic long-term forecasts. This may generate heightened interest in San Pietro going forward."

Funding for the program is facilitated through the option extended to Sociedad de Servicios Andinos SpA ("SSA") concerning the San Pietro Project, as disclosed on January 12, 2024. SSA has acquired a new drill rig, currently in operation for the initial drilling, and has provided additional equipment, materials, and drill personnel to support the program.

Spanning nearly 18,500 hectares, the Project is located approximately 100 kilometers north of Copiapo. Positioned between and adjoining Capstone Copper’s Manto Verde Mine property and the Santo Domingo Project, San Pietro is situated in the heart of a burgeoning copper-cobalt region within a thriving, established mining district. This area hosts all the major iron oxide-copper-gold (IOCG) deposits in Chile.

The San Pietro Project harbors several targets exhibiting robust IOCG+cobalt mineralization. During 2023, the company executed roughly 4000 meters of diamond drilling across 13 boreholes, enhancing the pre-existing database of approximately 34,000 meters of historical drilling at San Pietro. All tested targets yielded highly mineralized intervals, as documented in company press releases dated June 13, June 27, and July 12, 2023.

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