Dec 05, 2011
Golden Arrow Extends High-Grade Porphyry Copper-Gold Mineralization at Caballos, Argentina
Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC, WKN: A0B6XQ, "Golden Arrow" or the "Company") is pleased to announce significant progress at its 100% owned Caballos Porphyry Copper project located along the Chilean border in western La Rioja Province, Argentina in an emerging porphyry copper-gold belt that is currently the focus of a number of large drilling programs.
Golden Arrow commenced a program of geological mapping and sampling in October at the start of the Andean summer field season. Initial results have confirmed and extended high-grade porphyry copper and gold mineralization discovered last season which included 12m averaging 2.4% within an 18m continuous chip sample in an area with limited exposure (see September 8, 2011 News Release). Polished section microscope work indicates the majority of mineralization is primary chalcopyrite disseminated in diorite porphyry host, with lesser secondary copper oxides.
This field season a new mineralized porphyry exposure has been located beneath 0.5m of soil cover 50m uphill from the initial discovery outcrop. A composite chip sample collected from a 6m hand trench averaged 0.60% copper and 0.35 g/t Au over 5m. In addition, 600m southwest of these principal outcrops, a 10m wide dioritic porphyry outcrop with similar visible copper mineralization (assays pending) has recently been identified.
Although the extent of the mineralized outcrop is limited, and there are non-mineralized intermediate rocks outcropping between and around the mineralized zones, Golden Arrow interprets this style of mineralization as being significant and it may represent dykes or apophyses emanating from a large buried copper -- gold porphyry body.
The Caballos property is located in a developing porphyry district at the intersection between the south end of the Maricunga Copper-Gold Belt with the northern extent of the El Indio Gold-Silver Belt. Advanced projects in the area include El Moro (65km SW with proven and probable reserves of 8.17 million ounces of gold and 6.1 billion pounds of copper1 ), Los Helados (22km to SW with intercepts including Hole LH 16 with 701 metres of 0.67% copper and 0.30 g/t gold2 ) and Caserones (21km to the NW with 1.3 billion tonnes copper-moly3 ) on the Chilean side of the border and Josemaria (25km 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 (38km to SW with intercepts including VRC 28 with 222m of 0.66% copper2 ).
Golden Arrow's technical team is currently completing soil lines over the prospective areas of cover sediments and talus. A bulldozer has mobilized to Caballos to improve road access and cut trenches to facilitate sampling in areas of cover. In January 2012, a program of IP / Resistivity is planned to aid in definition of drilling targets.
The Caballos property is located in the Andean Cordillera with elevations ranging from 4,000m to 4,500m above sea level. A paved highway and good gravel roads allow easy access to the eastern part of the property and work can be conducted for 7 to 8 months of the year.
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. In total, 6 quality control samples (10% of all 61 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, Chartered Professional MAusIMM Geologist, Golden Arrow's Exploration Manager and a Qualified Person as defined in National Instrument 43-101.
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 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 a 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
Mr. Joseph Grosso, President & CEO
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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.
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