Golden Arrow Reports Final Phase V Drill Results at Chinchillas Silver Project, including 442 g/t silver and 4.8% lead over 17 metres
Vancouver, BC / Marketwired / March 30, 2016 / Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow") is pleased to announce the results of assaying of the final 17 drill holes in the Phase V drilling program at the Chinchillas Silver Project in Jujuy Province, Argentina. The drilling program was part of the Chinchillas Project pre-development activities, funded by Silver Standard, which are being undertaken to evaluate the feasibility of creating a combined mining business with Silver Standard's Pirquitas mine, as announced October 1st, 2015.
"With the successful completion of the Phase V program we now look forward to completing the resource estimate update as we continue to advance the project towards the pre-feasibility level along with the engineering, permitting and environmental studies that are underway," commented Brian McEwen, Golden Arrow's VP Exploration and Development. "Our team is also initiating the next phase of the exploration program that will continue to advance new targets, including the Chinchillas South zone located in the contiguous property, where positive drill results have extended the project's potential by up to 1,500 metres south of the Chinchillas deposit." Selected highlights from these drill holes include:
- 219 g/t silver and 2.2% lead over 42 metres in CGA-287, including
- 442 g/t silver and 4.8% lead over 17 metres
- 169 g/t silver and 2.7% lead over 20 metres in CGA-293, including
- 1,393 g/t silver and 7.7% lead over 1 metre
- 182 g/t silver, 1.3% lead and 0.6% zinc over 35 metres in CGA-295, including
- 456 g/t silver, 3.3% lead and 1.4% zinc over 4 metres
The Phase V drill program started on October 19th 2015 and approximately 15,000 metres of drilling has been completed. Previous results from the program were reported in news releases dated December 2nd 2015, December 16th 2015, January 11th 2016, January 20th 2016, February 4th 2016 and March 3rd, 2016. The Phase V program successfully accomplished several goals including: infill drilling in the Silver Mantos and Mantos Basement zones to upgrade the Mineral Resource categories; the completion of five geotechnical holes to support slope angle recommendations for the potential future pits; the completion of six shallow holes water well holes to characterize ground waters in the project area; and condemnation drilling around the deposit.
Table 1 below includes the assay results from 17 diamond drill holes totaling 2,785 metres in length. A map of the drill hole locations is available on the Chinchillas map page on the Golden Arrow website at:
https://www.goldenarrowresources.com/i/maps/2016-03-30_NRM_GRG_GnKc2P.pdf.
Chinchillas Deposit Geology The Chinchillas deposit is a volcanic vent system in which explosive volcanic activity produced diatreme breccias and tuffs in the upper part of the vent and brecciated the underlying Ordovician basement meta-sediments. Silver-lead-zinc mineralization in the tuff and tuff breccia units is disseminated within thick mantos (layers), and in the basement is mainly within the fractures of the breccias. Mineralization occurs in four main zones: to the west is situated the Silver Mantos tuff-hosted zone and the Mantos Basement zone; to the east is situated the Socavon del Diablo ("Socavon") tuff-hosted zone and the Socavon Basement zone. The zones are described in detail in the most recent NI 43-101 Technical Report, filed under Golden Arrow's SEDAR profile dated November 2nd 2015.
Drill Hole Details Mineralized intercepts greater than 20g/t silver, or 0.5% lead or 0.5% zinc are reported in Table 1.
Five holes (CGA-282 to CGA-286) were drilled in the northern part of the Silver Mantos area as part of the on-going infill program. All had a depth less than 83 metres and intercepted near-surface high-grade mineralization as expected.
Holes CGA-287, CGA-288 and CGA-292 to CGA-295 were deeper holes targeting mineralization in proximity to the tuff-basement contact. Mineralization was encountered at the upper Silver Mantos tuffs and in the Mantos Basement unit below the contact.
Hole CGA-297 was drilled along the western edge of the Mantos Basement zone, and returned minimal intercepts, indicating this is the limit of mineralization in this area.
At the northwest part of the Silver Mantos, hole CGA-290 confirmed the continuation of mineralization to the east, at depth in the tuffs, as reported in hole CGA-132 (see news release dated January 6th, 2015).
Hole CGA-296 was collared at the south part of the Silver Mantos area, and intercepted several mineralized layers in the tuffs with high grade in zinc.
Hole CGA-243, as reported in the News Release dated January 20th 2016, originally ended at 54 metres all in the tuffs of the Silver Mantos. In order to complete an infilling in the Mantos Basement in this location, this hole was deepened to 243 metres intercepting additional mineralization in the Silver Mantos and at the lower Mantos Basement.
Holes CGA-289 and CGA-291 were drilled in the South Chinchillas zone, approximately one kilometre south of the main Chinchillas deposit, and approximately 60 and 100 metres northeast of water well hole CGA-272W, respectively. These holes were drilled to test the depth extension of mineralization identified in CGA-272W, as reported in the news release dated March 3rd, 2016. Both holes confirmed high-grade silver intervals within a mineralized envelope of zinc. As with CGA-272W, mineralization in the high-grade areas can be described as five to ten centimetre veinlets with banded black silver sulphides±sphalerite±pyrite. Additional fine stockworking of sphalerite and pyrite form a zinc halo. This mineralization style has similarities with the high-grade veins and breccias seen at the Pirquitas mine.
Table 1. Drill Intercepts >20g/t for Ag or >0.5% for Pb or Zn Drill intercepts can be found here:
https://www.goldenarrowresources.com/s/NewsReleases.asp?ReportID=743906&_Type=News-Releases&_Title=Golden-Arrow-Reports-Final-Phase-V-Drill-Results-at-Chinchillas-Silver-Proj...