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Re: News Release - Sunday, June 06, 2010
Golden Arrow Identifies Gold-Silver
Mineralization over 3km on
Potrerillos Project, Frontera District,
Argentina
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Golden Arrow Resources Corporation (GRG - TSX.V) ("Golden Arrow" or
the
"Company") is pleased to report analytical results from its
recently-completed prospecting and geochemical sampling program on its
100% owned 4,000ha Potrerillos Project located in the Frontera District
just 8km east of Barrick Gold Corporation's Veladero gold-silver mine
(12.2 Moz gold equivalent reserves*) in San Juan Province, Argentina.
A total of 103 rock chip samples were collected at the Panorama Zone in
the central portion of the property. Individual assays ranged up to 8.4
g/t gold, 1,000 g/t silver and 6.2 % copper (see Table 1 below).
Results to date suggest the Panorama Zone may represent the upper level
of a Veladero-type mineralized system.
Golden Arrow is now planning an intensive exploration program for
Potrerillos to comprehensively evaluate the large target area with
geological mapping, expanded geochemical sampling, extensive mechanized
trenching, and ground geophysical surveys to delineate targets for
drill-testing. Work will commence when the Andean exploration season
begins in the fall.
Frontera District:
Golden Arrow controls 100% of 7 properties totaling 12,488ha in the
Frontera District of northwestern San Juan province which is one of the
most prolific gold--silver mining camps in South America and lies at
the northern end of the El Indio metallogenic belt. This district
contains Barrick Gold Corporation's world class Pascua Lama Project,
which is currently under development and contains 17.8 Moz Proven and
Probable Gold Reserves, with 671 Moz Silver contained within the gold
reserve*, and their Veladero Mine with Proven and Probable reserves of
12.2 million ounces of gold equivalent*. Golden Arrow's Potrerillos and
Rio de los Taguas properties are both located within 8km of the Pascua
Lama and Veladero gold-silver deposits (see Figure 1:
http://www.goldenarrowresources.com/i/maps/Potrerillos-Tenure-area.jpg
).
Potrerillos Project:
The 4,000ha Potrerillos Project is 100% owned by Golden Arrow and is
located just 8km east of the Veladero gold-silver mine. Access is
excellent due to the all-season Veladero mine road which passes
immediately to the south of the project. Three main exploration
targets have previously been identified on the property: Panorama,
Fabiana and Narrelle during exploration campaigns in 1999-2001 by the
Company. Most previous work on the project was focused on the Fabiana
and Narelle zones, respectively located on the western and eastern
areas of the property. The current work program targeted the Panorama
Zone where previous very limited sampling had identified high-grade
gold-silver mineralization on surface of up to 15.4 g/t gold and 2900
g/t silver.
During two recent field campaigns 103 rock chips were collected, of
which 14 had values over 1 g/t gold, or 100g/t silver or 1% copper.
Grades ranged up to 8.4 g/t gold, 1000 g/t silver and 6.2 % copper (see
Figures 2:
http://www.goldenarrowresources.com/i/maps/Potrerillos-Target-areas-Ag
-ppm.jpg; and 3:
http://www.goldenarrowresources.com/i/maps/Potrerillos-Target-areas-Au
-ppm.jpg). Mineralization is associated with elevated
As-Ba-Mn-Mo-Pb-Zn. Sampling highlights are presented in Table 1 below.
Table 1: Potrerillos Sampling highlights - April 2010 Program
Sample # Sample Description Au (ppm) Ag
(ppm) Cu (%) Mo (ppm)
GA 12178 breccia 1m chip
0.21 201.0
0.00 0
GA 20706 qtz vein
1m
0.91 431.0
0.00 62
GA 20709 banded vein 1m
2.54 172.3
0.00 36
GA 20717 Massive qtz/Barite
1.45 146.6
0.00 2
breccia
float
GA 20718 Massive qtz/Barite
1.16 119.2
0.00 1
breccia
float
GA 20779 Stockwork qtz,
1.90 169.0
0.02 1
barite,
sulphides
GA 20790 Stockwork qtz,
2.39 266.0
0.01 1
barite,
sulphides
GA 20794 stockwork barite
<0.01
24.7 2.09 2
veinlets
GA 20795 native
Cu,
<0.01
16.6 6.19 1
veinlets
qtz/calcite
GA 20803 breccia 2 m chip
1.33 456.0
0.00 200
GA 20804 breccia 3 m chip
0.79 148.1
0.00 345
GA 20821 Stockwork qtz, ba,
8.42 1,000.0 0.01
1
sulphides
GA 20823 Stockwork qtz,
0.25 134.6
0.00 1
ba,
sulphides
GA 20824 Stockwork qtz,
1.12 117.3
0.00 6
sulphides
Note 1 ppm = 1 gram/tonne
The above high-grade samples and widely dispersed anomalous values
occur in a north-south trending area 3,000m long by 600m wide, called
the Panorama Zone because Panorama Ridge is an excellent vantage point
to look directly over the Veladero Mine and Pascua Lama deposit just a
few kilometers to the west.
Golden Arrow geologists interpret the Panorama Zone as the upper
expression of a high sulphidation epithermal precious-base metal
mineralized system. The Panorama Zone area has very limited outcrop due
to extensive cover by talus deposits. Where exposed the host volcanic
rocks are generally variably stockwork veined with quartz, calcite and
barite veins ranging in size from centimeters up to 3m width. Sampling
also identified gold-silver mineralized breccia targets, and
sub-horizontal layers of silica barite breccia up to several meters
thick, also associated with significant gold-silver mineralization.
The Company followed industry standard procedures for the work carried
out on the Potrerillos Project. 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, 5 quality control
samples (4.8% of all 103 samples) were analyzed. Golden Arrow detected
no significant QA/QC issues during review of the data.
Analyses of the samples were performed by Alex Stewart Assayers, in
Mendoza, Argentina, an internationally recognized assay service
provider. The technical information contained in this release has been
prepared by Bruce Smith, AUSIMM, Golden Arrows Exploration Manager and
a Qualified Person, and 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.
About Golden Arrow:
Golden Arrow is well positioned for growth of shareholder value with a
royalty income from its 1% NSR on Yamana Gold Corp.'s Gualcamayo Gold
mine in San Juan Argentina, which has paid the Company US$ 1,564,277
over the past 14 months, an attractive portfolio of highly prospective
exploration projects, a pipeline of acquisition opportunities under
review and only 35.7 million shares issued and outstanding.
ON BEHALF OF THE BOARD
"Joseph Grosso"
Mr. Joseph Grosso, President & C.E.O.
*from Barrick Gold Corporation 2009 Annual Report
For further information please contact Joseph Grosso, President & CEO,
or Investor Relations at 1-800-901-0058, or 604-687-1828 ext.248, or
fax 604-687-1858.
The TSX Venture Exchange does not accept responsibility for the
adequacy or the accuracy of this release.
This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming
work programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated in such statements.
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Copyright (c) 2010 GOLDEN ARROW RESOURCES CORPORATION (GRG) All rights
reserved. For more information visit our website at
http://www.goldenarrowresources.com/ or send
mailto:info@goldenarrowresources.com
.