Golden Arrow Initiates Next Phase of Drilling Golden Arrow Initiates Next Phase of Drilling in Pre-Development Program at Chinchillas Silver Project, Argentina
Vancouver, BC / Marketwired /May 25, 2015 / Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce that it has commenced a 6,500 metre Phase VI drilling and exploration program at the Chinchillas silver project in Jujuy Province, Argentina. The drill program will focus on exploration and condemnation drill holes, as well as infill holes as necessary.
The previous Phase V, 15,000 metre, drill program was successful in converting a significant portion of the resources within the high grade Silver Mantos area to the measured and indicated categories required for prefeasibility or feasibility level engineering. (See Golden Arrow New Release, April 12th 2016.) The Phase V and VI drill programs are part of the Chinchillas Project pre-development activities, funded by Silver Standard Resources Inc. (TSX:SSO;NASDAQ:SSRI, "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.
Paul Benson, President and CEO of Silver Standard commented in The Northern Miner, dated May 18th, 2016,
"So far the studies demonstrate that Chinchillas would make quite a simple open pit that could carry the life of Pirquitas into the next decade." Prior to commencing the Phase IV drill program, the team completed mapping and trenching of several prospective areas to define the drill targets. Drilling has started in the Chinchillas South target area, which extends from the main Chinchillas deposit approximately 1.5 kilometres to the south. The area has been previously tested by only eight drill holes in the Phase III and Phase V drill campaigns. Results included multiple intercepts of silver, lead and zinc in most holes, such as: 69 g/t silver, 1.1% lead and 1.9% zinc over 15 metres in CGA-272W, including 165 g/t silver, 2.0% lead and 3.6% zinc over 3 metres; and 15 metres averaging 181 g/t silver, 1.1% lead in CGA-113 (see news releases dated March 3rd, 2016 and May 29th, 2014).
Brian McEwen, Vice President, Exploration and Development, commented, "Results to date indicate that we could be looking at a much bigger mineralizing system than we originally envisioned. This next phase of drilling along with recently completed exploration program will test the true potential outside of the main Chinchillas area."
Field work will continue and may include additional geophysical surveys in areas of the property not previous covered.
Engineering, metallurgical, and environmental studies continue by Silver Standard as part of the business combination option pre-development activities. (See news release dated October 1st 2015.)
Qualified Persons The technical information in this news release has been reviewed and approved by Brian McEwen, P.Geol., VP Exploration and Development and a Director of the Company. Mr. McEwen is a Qualified Person as defined in National Instrument 43-101, and has reviewed and approved the contents of the news release.
About Golden Arrow: Golden Arrow Resources is a Vancouver-based exploration company focused on creating value by making precious and base metal discoveries and advancing them into exceptional deposits. The Company is currently focused on its Chinchillas Silver Project located in the mining-friendly Province of Jujuy, Argentina. Exploration has progressed rapidly since the acquisition of the project in late 2011. The innovative transaction announced October 1st 2015, positions the Company to maximize shareholder value by fast-tracking Chinchillas to production and becoming a 25% owner of the Pirquitas silver mine.
ON BEHALF OF THE BOARD
"Joseph Grosso"
Mr. Joseph Grosso
Executive Chairman, President, CEO and Director