Golden Arrow Resources Corporation (TSXV: GRG) has initiated an IP-resistivity geophysical survey at its new flagship San Pietro Copper-Gold-Cobalt (IOCG) Project in Chile.
The IP survey will be completed this month and is the final drill-targeting work prior to the commencement of the Company’s first diamond drilling program in February.
“It’s been a very busy six months at San Pietro and the work done by the team so far has highlighted the copper and cobalt potential at multiple targets and expanded the areas of interest,” VP Exploration and Development, Brian McEwen, said.
“Against the backdrop of the exciting regional plans announced by Capstone Copper to integrate their IOCG mining and development projects that surround San Pietro, the team is ready to make big strides at the project in 2023.
“The first drilling campaign will test several targets, but it will be just the tip of the iceberg for this year’s full drill program. Concurrent with this phase of drilling we will be continuing the field evaluation and refinement of additional targets throughout the large property area.”
The focus of the exploration programme in the last six months has been to build and confirm the already extensive database and modernize interpretations at the main prospects, to refine targets for drilling. Mapping and sampling was undertaken throughout the more than 18,000 hectares of property, detailed 1:2000 scale mapping was completed at the first two of the four most advanced targets, and additional work on the other targets is on-going.
Contracted geophysical consultants with broad experience in IOCG systems have nearly completed the review and reinterpretation of historic geophysical data from throughout the project area. The new Induced Polarization (IP) resistivity geophysical survey at the Colla target will provide the final set of data to focus the first Golden Arrow drill programme.
The Colla target hosts the best cobalt intervals from historic drilling, including a 32-metre interval in hole CO-11-DH-002 that averaged 414g/t Co and included a single intercept of 1,040g/t Co.
The IP survey, performed by GEO-3 consultants, will cover an area of 700m x 1000m, and provide a 3D model with a depth of up to 500m. The aim of the program is to detect chargeability anomalies that correlate with pyrite concentrations, as cobalt is commonly found within pyrite at the prospect.
A drill contractor has been secured and the initial programme will include approximately 2,500m of diamond drilling, with up to 20,000m currently planned for the year. Further details will be announced prior to the commencement of the programme.
About the San Pietro Project
The San Pietro Project includes 18,448 hectares of exploration and exploitation concessions in the Atacama region of Chile, approximately 100km north of Copiapo in an active mining district that is home to all the major Iron-oxide copper-gold (IOC) deposits in Chile. There is excellent mining infrastructure in the area, and the property is situated between and adjacent to Capstone Copper’s Santo Domingo IOCG mine development project and Mantoverde IOCG mine property.
Prior to 2013, under previous ownership, the Project saw over 34,000m of drilling in 83 holes, over 1,000 surface samples and multiple geophysical surveys. Extensive hydrothermal alteration and mineralization was identified, and four main targets delineated: Rincones, Radiss Norte, Colla and Rodeo. A resurgence in commodity prices and interest in the cobalt market, combined with a central location in a new copper-cobalt district, makes San Pietro a flagship project for value creation in Golden Arrow’s portfolio.
Other Updates
Golden Arrow has terminated its final property option in the Flecha de Oro Project in Argentina. Per the option agreement announced on June 8, 2020, there were no minimum work commitments. Having completed field mapping, sampling and ground geophysics, Golden Arrow has determined that it will not be proceeding with the option and has informed the vendor.
For further information please visit: https://goldenarrowresources.com
