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.

The Mogote copper-gold project in Argentina, owned by Golden Arrow Resources (TSXV:GRG), will be optioned up to 85% to Syndicate Minerals. The Australian mineral exploration company will have the option to earn an 85% interest in the Mogote project, which has already undergone 12,000 metres of drilling. An Argentinean subsidiary of Golden Arrow Resources will sign the agreement.

Golden Arrow has been looking to develop secondary value streams, and joint venture projects like this one from its 180,000-hectare property portfolio in Argentina portfolio are one way of doing that. Joseph Grosso, executive chairman, president, and CEO of Golden Arrow Resources, commented: “We look forward to this partnership with Syndicate to advance Mogote, providing another excellent opportunity for us to build value for our investors at no cost to us. Our previous success at Chinchillas left us strongly funded for exploration without further dilution to our shareholders and our team is focused on repeating that achievement at our new 100% held San Pietro copper project in Chile while continuing to advance our other core projects through our five-step exploration process.”

Syndicate Minerals will need to spend $5 million on exploration in the following five years and pay $1.9 million in additional cash for the period to earn an initial 80% interested in the Mogote Project. This option earn-in is the first step, to be followed by the option to complete a feasibility study for the additional 5% of the project. Golden Arrow Resources and Syndicate Minerals will form a joint venture company, which will be responsible for advancing the Mogote project. Some provisions for dilution have been made.

Mogote

The project holds over 8,000 hectares in the northwest San Juan province of Argentina, where 12,000 metres of drilling have already been completed. The project contains several areas of high-grade mineralization with potential for open-pit mining operations. A number of geophysical anomalies have been identified as well that are yet to be drill tested. It holds potential for multiple porphyries and epithermal targets which would be valuable to the project and both companies.

Golden Arrow has also initiated drilling at the Libanesa project, which will drill up to 2,000 metres in holes from 75 to 250 metres in d depth. The company’s other projects also include Cerro Redondo, Legunita, and Lagunita West, where testing will begin shortly

Copper porphyries are commonly found in the Andes mountain range. They are large igneous intrusions that contain high levels of copper and other valuable metals. Epithermal deposits are another type of target that is often found in the same region as porphyries. These are hot springs that can leave behind high-grade mineralization, including gold and silver.

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.