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Golden Arrow Options Purulla Porphyry Cu-Mo Project and Receives
Royalty Payment from Gualcamayo
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Golden Arrow Resources Corporation (GRG -- TSX.V) ("Golden Arrow" or
the "Company") is pleased to announce that it has entered into an
option agreement with a private Argentinean claim owner to earn an
undivided 100% interest in the Purulla Porphyry Copper-Molybdenum
(Cu-Mo) Project in Catamarca Province, Argentina. The Purulla Project
includes two licenses totalling 5,000ha. Terms are summarized below.
The Company believes that a significant untested porphyry Cu-Mo target
has been identified at Purulla. The project covers a 1,000m by 300m
zone of leached quartz-iron oxide stockwork with intense argillic
alteration and anomalous Mo-Cu within a broader zone of alteration.
This alteration zonation, along with IP chargeability anomalies
identified at depth, are consistent with the presence of a porphyry
Cu-Mo system with potential for a significant supergene-enriched Cu
zone at depth. The property is drill-ready with permits and targets
for a 2010 drill program.
The Company is also pleased to announce that it has received $343,218
USD from Yamana Gold Inc. ("Yamana") for the quarter ended September
30, 2009 for its 1% net smelter returns royalty on Yamana's Gualcamayo
gold mine, located in San Juan, Argentina. The next scheduled payment
is to be made on January 31, 2010.
Geology and Mineralization:
The Purulla Cu-Mo porphyry property is located within a prominent NW-SE
trending structural corridor along which several large Miocene-aged
copper porphyries occur in NW Argentina and Chile (i.e. the Bajo de la
Alumbrera Porphyry Cu-Au-Mo mine, NW Argentina and the El Salvador
Cu-Mo mine, Chile).
The Purulla project is underlain by Palaeozoic meta-sedimentary
basement rocks cut by Miocene-aged dioritic intrusions and capped by
coeval volcanic flows at the intersection of prominent northwest and
northeast trending strike-slip faults. A 1,000m long by 300m wide zone
of intense argillic alteration with well-developed quartz-iron oxide
stockwork is exposed at the base of a deeply incised creek. A larger
envelope of less intense argillic and propylitic alteration is observed
in both basement meta-sedimentary rock and the Miocene magatic rocks.
Geochemical sampling of the exposed quartz-iron oxide stockwork has
returned strongly anomalous molybdenum (up to 381 ppm) with elevated
copper (up to 272 ppm). Inverted chargeability readings from IP lines
run over the zone suggest deep weathering of sulphides from surface
down to 100-150m. This opens the possibility that original copper
mineralization has been leached and remobilized downwards into a
secondary enriched supergene zone, leaving little Cu but still
significant Mo in surface outcrops. The strongly leached surface
exposures with low Cu but significant Mo are characteristic of the
large Chilean porphyry copper deposits Escondida, El Salvador and
Potrerillos which occur in a similar environment.
Collectively the geological, geochemical and geophysical evidence
suggest that Purulla is a large well developed and un-tested porphyry
Cu-Mo target. The property is drill-ready with Environmental Impact
Statements approved for drilling. Golden Arrow is currently in the
process of collecting and integrating the pre-existing data, and is
planning a drill program for 2010 to test for a potential supergene Cu
zone and mineralized Cu-Mo porphyry at depth.
The agreement requires Golden Arrow to make payment of US$100,000 on
signing (completed) and further payments totalling US$1,025,000 over
three years to acquire 100% of the properties.
The contents of this News Release were prepared by Bruce Smith, AUSMIM,
Golden Arrow's Exploration Manager and a Qualified Person as defined by
National Instrument 43-101.
ON BEHALF OF THE BOARD
"Joseph Grosso"
Mr. Joseph Grosso, President & C.E.O.
For further information please contact Joseph Grosso, President & CEO,
or Corporate Communications at 1-800-901-0058, or 604-687-1828 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) 2009 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
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Golden Arrow Resources
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EXPLORATEUR |
CODE : GRG.V |
ISIN : CA3808001026 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Golden Arrow Res. est une société d’exploration minière d'or basée au Canada. Golden Arrow Res. détient divers projets d'exploration en Argentine. Ses principaux projets en exploration sont GUALCAMAYO (GOLDEN ARROW), PENASCUDO (GOLDEN ARROW), COSTA (GOLDEN ARROW), VICTORIA AND LAS BAYAS, VARITAS, POTRENILLOS, PONCHA, VALLE DEL CURA, MOGOTES, SAN JOSE (GOLDEN ARROW) et ANTIGUYO en Argentine et RIO TABACONAS au Perou. Golden Arrow Res. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 6,8 millions CA$ (5,4 millions US$, 4,8 millions €). La valeur de son action a atteint son plus haut niveau récent le 05 avril 2007 à 1,50 CA$, et son plus bas niveau récent le 12 octobre 2023 à 0,07 CA$. Golden Arrow Res. possède 97 280 000 actions en circulation. |