Golden Arrow Resources Corp (CVE:GRG) is encouraged by its first diamond drilling at its Antofalla silver-gold-base metal project in Argentina, which has identified a new target.
The programme, which saw 11 holes sunk in the Dome zone, identified a new target at the Cizalla Norte zone consisting of silver and base metal mineralisation, the firm said, adding that this new target has emerged as a new focus of potential.
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"We are encouraged by the program results, particularly from this new shear zone which appears to have some similarities to mineralization at Chinchillas," said Brian McEwen, the firm's vice president of exploration and development.
"With just two drill holes into this 650-metre-long shear belt, the target remains open for expansion in both directions and to depth.
"In addition, the array of current targets in the Dome Zone covers an area of over 1600 hectares, so further geophysics and follow-up drilling is required to properly determine the full potential of the project.
"We have made the second option payment to the vendor so that we are able to proceed."
Hole DDA-07 returned up to three metres averaging 191 grams per tonne (g/t) silver. In the same hole, multiple intersections over a 70-metre interval in the adjacent sandstone were well mineralised, the firm added. Assays here included one metre averaging 283 g/t silver and 2.1% zinc, three metres averaging 131 g/t silver, and one metre averaging 110 g/t silver, 1.7% lead and 4.1% zinc. The hole ended in mineralisation at 275 metres depth, said Golden Arrow. Another highlight assay was 34m at 0.23 g/t of gold and 10 g/t silver.
Golden Arrow owns a 25% share of Puna Operations, its joint venture operated by SSR Mining. There are more than 8 years' forecast production and upside potential at the Pirquitas-Chinchillas silver project. Golden Arrow is also actively exploring on its more than 200,000 hectares of properties in Argentina.