Golden Arrow drills six m of 1.69 g/t Au at Poncha
2009-06-15 19:30 ET - News Release
Shares issued 20,657,655
GRG Close 2009-06-15 C$ 0.58
Mr. Joseph Grosso reports
GOLDEN ARROW REPORTS PONCHA DRILL RESULTS
Golden Arrow Resources Corp. has released analytical results for the recently completed diamond drill program on the Poncha gold project in San Juan province, Argentina. Four drill holes of HQ core totalling 2,175 metres (m) were drilled on 50-metre step-outs targeting extensions to the mineralized zone intersected by reverse circulation hole RCPC13 (266 metres of 1.2 grams per tonne (g/t) gold (Au) announced in Stockwatch news on March 27, 2008) within the two-kilometre-by-two-kilometre South target epithermal precious-base metal anomaly at the end of the last drill program on the project.
All four of the drill holes completed intersected anomalous gold mineralization in multiple intervals. Anomalous gold mineralization correlates well with elevated silver mineralization and overlaps with more widespread intervals of anomalous zinc mineralization, as has been observed in other drill holes previously completed on the South Target zone. Drill core assays ranged from greater than 0.01 g/t to 6.34 g/t gold, from 10,000 ppm zinc (greater than 1%). Analytical length-weighted average intercept highlights from the drilling program are presented in the table.
ASSAY HIGHLIGHTS FROM 2009 PONCHA DRILL PROGRAM
Collar Depth (m) Sample Width (m) Gold (g/t) Silver (g/t) Zinc (%)
From To
DDH-PC15 71.0 77.0 6.0 1.16 7.6 0.29
DDH-PC15 364.0 381.0 17.0 0.33 1.8 0.00
DDH-PC16 194.0 236.0 42.0 0.37 3.9 0.09
including 221.0 227.0 6.0 1.69 16.5 0.37
DDH-PC17 41.0 64.0 23.0 0.24 4.5 0.05
DDH-PC17 457.0 463.0 6.00 0.81 2.1 0.26
DDH-PC18 181.0 191.0 10.0 0.21 6.5 0.11
DDH-PC18 221.0 223.0 2.0 1.39 1.9 0.26
DDH-PC18 338.0 354.0 16.0 0.17 1.4 0.02
Note: g/t = grams/tonne
The anomalous gold-silver-zinc mineralization that characterizes the South Target was intersected in all four holes completed in the current program. The comparatively higher gold grades and longer mineralized interval intersected in RCPC13 was not picked up in the 50m step-out holes drilled vertically below and along strike from two directions, thereby limiting its potential size and extent.
All holes were cored through sequences of porphyritic dacite volcanic flows cut by widespread hydrothermal brecciation and brittle shearing. The four holes displayed varying degrees of argillic alteration (clay+pyrite) and sphalerite concentrations over most of their length. Pyrite mineralization is generally above 1% in all drill core with wide zones (tens of metres) of brecciation and shearing containing 2-5% pyrite and discrete metre wide intervals of semi-massive (+10%) pyrite. Hole DDH-PC18 intersected fractured and pyrite altered basement phyllite between 557m and 563m. Intervals of elevated gold-silver-zinc mineralization occur in all rock types encountered and do not display a strong correlation with pyrite content or degree of shearing or brecciation. Anomalous gold-silver-zinc mineralization has been detected in all 16 drill holes completed to date in the South Target. The alteration system is very large, covering at least 2km2; to date clear controls on higher-grade zones have not been defined.
Golden Arrow is earning up to a 100% interest in the Poncha Project from Teck Resources Limited's subsidiary, Teck Argentina Ltd. ("Teck"), by fulfilling expenditure and tenure maintenance requirements subject to Teck's option to re-earn up to a 65% interest in the Poncha property (see News Release dated April 10, 2007). The Poncha property includes the North Target, an outcropping copper gold porphyry system, and South Target (focus of the current drill program). The Company will be evaluating its plans for future work on the Poncha Project over the South American winter.
The Company followed industry standard procedures for the work carried out on the Poncha Project. All core from the program was cut using a diamond saw blade with samples representing 1m intervals being sent for analysis and the remainder retained in core boxes stored at the companies warehouse in Mendoza. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the lab for quality assurance/quality control (QA/QC) purposes. In total, 105 quality control samples (4.8% of all 2148 samples) were analyzed. Golden Arrow detected no significant QA/QC issues during review of the data.
Analyses of the drill core samples were performed by Alex Stewart Assayers, in Mendoza, Argentina, an internationally recognized analytical services provider. The drill program was carried out under the supervision of Bruce Smith, AUSIMM, Golden Arrows Exploration Manager and a Qualified Person as defined by National Instrument 43-101, who prepared the technical information contained in this release. It has been reviewed by Dr. David A. Terry, P.Geo., director and Vice President Exploration for Golden Arrow, and a Qualified Person as defined in National Instrument 43-101.
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