Golden Arrow Resources Corporation (TSX-V: GRG, FSE: GAC (WKN:
A0B6XQ), "Golden Arrow" or the "Company") is
pleased to announce that a 3,000 m drill program is now underway at
its Chinchillas Silver Project, in Jujuy, Argentina. The Phase 1
program will include infill and expansion drilling around the
historically defined mineralized zones as well as new mineralized
The target at Chinchillas is a bulk tonnage silver-lead-zinc deposit
located within the southern extension of the well-known Bolivian
silver-zinc-tin belt. Examples of similar projects in the district
include Silver Standard's Pirquitas silver mine, 148 Moz Proven and
Probable reserves at 140.6 g/t Ag from which 7.1 Moz silver was
produced in 20111, located 30 km southwest of Chinchillas and Golden
Mineral's El Quevar project, with a Measured and Indicated Resource of
59.9 Moz grading 310 g/t Ag2, located 200 km south.
New Surface Sampling Results
Highlights from recently completed rock chip sampling within
mineralized breccia zones by the Company?s team include:
-5,040 grams per tonne (g/t) Ag and 1.6% Pb over 1 m
-99.7 g/t Ag over 0.6 m
-251.1 g/t Ag, 3.1% Pb and 2.1% Zn over 0.5 m
-530 g/t Ag and 4.3% Pb over 1 m
Previous Drilling Results
14 drill holes were completed previously of which 11 holes cut
potentially economic mineralized intercepts. Highlights include:
-112 m at 86 g/t AgEQ* (silver equivalent), 38.9 g/t Ag, 0.80% Pb,
1.6% Zn including 44 m at 111 g/t AgEQ* in CH-1 Socavon del Diablo
-14 m at 8.06% Zn in CH-6 Zinc Zone
-20 m at 183.1 g/t Ag and 8 m at 228.8 g/t Ag in CHD-15 Silver Manto
*Silver Equivalents (AgEQ) were calculated using US$ 31.70/oz for
Silver, US$ 0.93/lb for lead and US$0.91/lb for Zn; metallurgical
recoveries and net smelter returns are assumed to be 100%.
Additional project information can be viewed at the Company's web site
The Company has also received a quarterly royalty payment of
US$608,451 from its 1% NSR on Yamana Gold Inc.'s Gualcamayo Gold mine
in San Juan, Argentina.
The technical information contained in this release has been prepared
by Bruce Smith, Chartered Professional MAusIMM Geologist and Golden
Arrow's Exploration Manager and has been reviewed by Dr. Gerald G.
Carlson, Ph.D., P.Eng., Head of Exploration for Golden Arrow, both
Qualified Persons as defined in National Instrument 43-101., and the
work is believed to have been carried out in a professional manner.
Analyses of the surface samples were performed by Alex Stewart
Assayers, in Mendoza, Argentina, an internationally recognized assay
service provider. The Company followed industry standard procedures
for the work carried out on the Chinchillas Project with a quality
assurance/quality control (QA/QC) program. 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 identifying, acquiring and advancing 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 specialized in resource
exploration, and working in Argentina where it is highly regarded and
trusted since 1993. Golden Arrow offers exceptional exposure to
Argentina's vast mining potential.
1Pirquitas Mine Reserves from Silver Standard Resources Inc.'s
2El Quevar Mine Resources from Golden Mineral's website.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso, President & CEO
For further information please contact:
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.