Mar 01, 2012 (ACCESSWIRE-TNW via COMTEX) — Golden Arrow Resources Corporation CA:GRG -3.13% (fra:GAC)(wkn:A0B6XQ)(wkn:”Golden Arrow” or the “Company”) is pleased to announce that a recently completed surface exploration program has discovered a large copper-gold porphyry target at its 100% owned 26,300 ha Caballos Project, Argentina. The magnetic core zone of the interpreted porphyry system measures 300 m by 800 m.
Previously announced sampling on the margin of the magnetic core survey encountered 12 m averaging 2.4% Cu within an 18m continuous chip sample and a nearby hand trench produced a composite chip sample that averaged 0.60% copper and 0.35 g/t Au over 5m (see news release dated December 5, 2011). The completed 2012 program included an IP/Resistivity geophysical survey, a detailed ground magnetic survey, geological mapping and additional surface rock and talus fine geochemical sampling.
Caballos is a road accessible project, located in a developing porphyry district at the intersection of the southern end of the Maricunga Copper-Gold Belt and the northern extension of the El Indio Gold-Silver Belt. Advanced projects in the area include El Moro (65 km SW with proven and probable reserves of 8.17 million ounces of gold and 6.1 billion pounds of copper1), Los Helados (22 km to SW with intercepts including Hole LH 16 with 701 metres of 0.67% copper and 0.30 g/t gold2) and Caserones (21 km to the NW with 1.3 billion tonnes copper-moly3) on the Chilean side of the border, Josemaria (25 km SW with Inferred resource of 4.4 million ounces of contained gold and 3.9 billion pounds of contained copper2) and Filo del Sol in Argentina (38 km to SW with intercepts including VRC 28 with 222m of 0.66% copper2).
The magnetic core of the interpreted porphyry system, 300 m by 800 m in dimensions as defined by the detailed ground magnetic survey, is largely covered by talus. Widely scattered outcrops occur on the southern fringe of this core and include an exposure of quartz-magnetite stockwork porphyry, where a 2 m composite chip sample assayed 0.91 g/t Au and 0.23 % Cu. The recently completed IP/Resistivity survey, conducted by Quantec Geoscience, shows a large chargeability high that closely correlates with the interpreted magnetic porphyry core.
Talus fine sampling has been completed in the southern half of the porphyry target, defining an 1100m by 400m area with elevated with copper geochemistry (+50 ppm Cu envelope with a high of 1667 ppm Cu) and, in an overlapping but slightly reduced area, a gold geochemical anomaly (+20 ppb Au envelope with a high of 149 ppb Au), both centered on the quartz-magnetite stockwork.
Golden Arrow is currently infilling with further IP/Resistivity lines and additional talus fines geochemical sampling over the buried northern sector of the interpreted porphyry system. The coincidence of magnetic high, chargeability high, elevated gold and copper geochemistry and classic porphyry alteration combines to present a compelling copper gold porphyry drill target.
The technical information contained in this release has been prepared by Bruce Smith, MAusIMM (Chartered Professional) Geologist, 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.
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 Caballos Project. Blank, duplicate, and standard samples were assayed for quality assurance/quality control (QA/QC) purposes. Golden Arrow detected no significant QA/QC issues during review of the data.
1 Goldcorp Inc. website ( www.goldcorp.com )
2 NGex Resources Inc. website ( www.ngexresources.com )
3 Pan Pacific Copper website ( www.ppcu.co.jp )
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 a 1% NSR on Yamana Gold Inc.’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 South America since 1993.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso, President & CEO
For further information please contact:
Corporate Communications Tel: 1-604-687-1828 Toll-Free: 1-800-901-0058
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.
Copyright 2012 ACCESSWIRE-TNW
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