Golden Arrow Resources (TSXV:GRG) has provided an update on its exploration activities in Chile and Argentina. The company is currently drilling the second hole of an approximately 10,000-meter diamond drilling campaign at the San Pietro Iron-Copper-Gold-Cobalt Project in Chile, with the aim of facilitating the first Mineral Resource estimate for the project later in 2024.

Brian McEwen, VP Exploration and Development for Golden Arrow, commented in a press release: “Our field teams are fully engaged on exciting gold, copper and base metal projects both in Chile and Argentina. Drilling is progressing well at San Pietro, with the first hole already providing excellent information that will help our resource modelling. Argentina is once again a hotbed of activity, and our field work is generating excitement both internally and with potential partners in the exploration community. We look forward to strong news flow this summer and through the fall, which we think will be further supported by a robust commodity market.”

The first hole of the 2024 program (SP-DDH-14) was drilled in a sparsely tested central part of the Rincones target, to a downhole depth of 401.2 meters. Logging of the core identified four magnetite manto bodies with thicknesses of over 10 meters, starting at approximately 42 meters downhole, with visible chalcopyrite and pyrite noted. Additionally, at 350 meters down-hole, a 35-meter-wide specularite breccia with visible chalcopyrite was intercepted, which had not been identified in previous drilling. Preliminary modeling of the new information from SP-DDH-14 indicates continuity of the magnetite manto bodies with previous holes on the north and south sides of the target, and the presence of a significant new sub-vertical specularite breccia body structure.

At the Yanso Project in Argentina, the company has identified multiple targets, including the original gold target named “FAP,” which is related to a dacitic intrusive body, with a 300-meter long by 90-meter wide zone of intense phyllic and kaolinite alteration. The IP-Resistivity survey showed a good correlation between low chargeability and the intense argillic-mineralized zone, and the magnetic survey confirmed the presence of a magnetic dipole that may be associated with a buried intrusive. Three backhoe trenches across the target resulted in averages from channel samples.

Detailed geological mapping detected three additional targets that are partially outcropping along a +3km belt of alteration: FAN, Cortadera, and FAS. At the FAS target, rock chip samples collected from altered sandstones returned assays ranging between 0.13% and 1.47% Cu and between 0.5g/t and 94 g/t Ag.

In addition to the gold targets, the 2023 field program identified and sampled new zinc-lead mineralization approximately 12km north of FAP. The zinc-lead mineralization is hosted in a thick package of the Ordovician limestones of the San Juan Formation and shows similarities in style to the historic La Helvecia zinc-lead mine. Sampling of an initial creek boulder of interest at the new zinc-lead target returned an assay of 9.7% Zn, and follow-up mapping discovered a NW/vertical feeder that led to a mineralized strata-bound body up to 2 meters wide that returned samples ranging from 3.5% to 18.8% Zn. Other subparallel bodies were also identified, with samples returning assays up to 40.1% Zn.

At the Potrerillos Project, the company re-evaluated historic targets during the 2024 field season to update the project database and evaluate the potential for continued work or joint venture. Two main targets were defined, and 244 rock samples were collected. At the North Block, a Low Sulphidation epithermal system has been identified, with gold-silver mineralization hosted in the Tillito Formation. From a total of 53 rock samples taken during this field season, 13 reported anomalous gold (>0.13 g/t Au), averaging 0.72 g/t Au and 80 g/t Ag in quartz veins, stockworks, and silicified tuffs. At the South Block, copper mineralization is hosted in various units of the Paleocene-aged Rio La Sal Formation, with samples returning assays up to 2.66% Cu and 130 Ag g/t.

The company has the necessary permits to drill at Potrerillos and may initiate a new drill program in the next field season. Interpretation of all the data is ongoing in order to refine drill targets.

Highlights from the results are as follows: 

• Multiple magnetite mantos that correlate with similar bodies in adjacent holes, and new specularite breccias confirmed in first drill hole of 2024 campaign at the central Rincones target, San Pietro Iron-Copper-Gold-Cobalt Project, Chile
• Gold and Zinc target delineation at Yanso Project, Argentina, including up to 40% zinc in surface samples at new limestone-hosted stratabound target; 2024 exploration program initiated.
• 2024 field season completed at Potrerillos Gold-Silver-Copper Project, Argentina; new reconnaissance sampling and trenching advanced multiple targets.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.