Golden Arrow Triples Chinchillas; Cancels Mogote Deal


July 24, 2013: Vancouver, B.C. – Golden Arrow Resources Corp. (Stock Profile – TSXV:GRGhas been granted additional concessions that surround the Chinchillas project, effectively tripling the area of the entire property to 1,160 hectares. The mining authority has granted the concessions as well as the drill permit for the newly acquired area.

The mineralization delineated at the Chinchilla silver project is open in all of these directions, and the potential to expand the current resource is high. To date the silver resource is 32.6 million ounces silver equivalent indicated and 72.2 million ounces silver equivalent inferred (1). This additional ground will be the focus of the next phase of exploration, with surface mapping, geochemical sampling and geophysics all planned. The phase III drill program will incorporate additional drill targets. The objective of the phase III drill program is to increase the size of the recently released indicated and inferred silver-lead-zinc resource (see news release dated May 9, 2013).

In addition, Golden Arrow is undertaking an internal economic analysis of the Chinchillas project to determine whether to complete a preliminary economic assessment prior to, or after, completing the drill program. The internal review is being co-ordinated by independent consultant Ken Kuchling, a mining engineer specializing in economic reviews.

Golden Arrow has also engaged the services of Knight Piesold Ltd. (KPL) of Vancouver to commence engineering studies for the Chinchillas project. The work will include a preliminary mine development plan, as well as the commencement of environmental and social baseline studies. KPL is an international consulting company providing engineering and environmental services for the mining, power, water, transportation and construction sectors. KPL has offices in Mendoza, and has provided engineering services for several prominent mining projects in Argentina, including the Pirquitas, Alumbrera and Gualcamayo.

Concurrent with the engineering studies, Golden Arrow is continuing its metallurgical testing program with Inspectorate Exploration & Mining Services Ltd. Initial flotation results were very positive for the recovery of silver, lead and zinc (see news release dated May 6, 2013). The company is now engaged in optimizing the flow sheet with the goal of producing a separate high-grade, silver-bearing lead concentrate and a zinc concentrate.

The project web page has links to the technical report, as well as interactive three-dimensional models and sections of the deposit, provided by Corebox.

With respect to the company’s Mogote project in San Juan province, the company discloses that pursuant to the investment, exploration and option agreement dated Sept. 2, 2010, between the company and Vale Exploracion Argentina SA, Vale provided notice of its decision to terminate the agreement effective 30 consecutive days from the notice date of July 5, 2013. Golden Arrow’s management wish to thank Vale’s technical team for its outstanding professionalism during the term of the joint venture, and the company will remain in contact with Vale to discuss possible future endeavours.

For more information on Golden Arrow Resources – CLICK HERE.


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