Golden Arrow Resources Corp. (GARWF)

[ComstockRoyalty]

April 21st, 2016 Chinchilla Silver UPDATE -

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 12, 2016) - Golden Arrow Resources Corporation (TSX VENTURE:GRG)(GAC.F) (WKN:A0B6XQ) ("Golden Arrow" or the "Company") is pleased to announce an updated Mineral Resource Estimate prepared in accordance with Canadian National Instrument 43-101 ("NI 43-101") for the Company's 100% owned Chinchillas Silver Deposit in Jujuy Province, Argentina.

The recently completed Phase V drill program successfully converted more than fifty million ounces of silver equivalent ("AgEq") resources to the Measured and Indicated ("M+I") categories, at the base cut-off grade. This includes 17 million ounces of AgEq as Measured resources in the central part of the Silver Mantos zone, and expansion of Measured plus Indicated to the north, south and at depth. In addition, the average grade of M+I increased from 125 g/t to 142 g/t AgEq.

The updated resource estimate is 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. Between October 2015 and February 2016, approximately 15,000 metres of diamond drilling was completed at the deposit in the Phase V program. The main objective of the program was to infill the Silver Mantos area of the deposit with sufficient density to convert a significant portion of the resource estimate reported July 31st, 2015 to M+I, as required for the studies being completed by Silver Standard.

Highlights of the Mineral Resource Estimate:

New Measured Resource of 17 million ounces of AgEq at 149 g/t AgEq grade. (3.6 million tonnes grading 115g/t silver, 0.56% lead, 0.38% zinc at a 45g/t AgEq cut-off)
Increase in Indicated Resources by 34 million ounces to 138 million ounces AgEq. (30.6 million tonnes grading 88g/t silver, 0.85% lead, 0.60% zinc at a 45g/t AgEq cut-off)
Average grade increased from 125g/t AgEq to 142 g/t AgEq in Measured and Indicated.
Inferred Mineral Resource of 90 million ounces of AgEq at 85 g/t AgEq grade (32.9 million tonnes grading 42g/t silver, 0.44% lead and 0.76% zinc at a 45g/t AgEq cut-off)
Deposit continues to remain open to expansion

Details of the mineral resource estimate methodology, including metals pricing and equivalency calculations, a comparison with the previous estimate, sensitivity analysis to cut-off grades and sampling QA/QC can be found in the section below.

A NI 43-101 Technical Report supporting disclosure of this mineral resource and containing addition details will be filed by Golden Arrow on SEDAR within 45 days of this press release.


http://finance.yahoo.com/news/golden-arrow-announces-upgraded-estimate-202837420.html