Golden Arrow Resources Corporation (CVE:GRG) (OTCQB:GARWF) (FRA:G6A) said it plans to start drilling at its Rosales copper project in Chile in August this year after a positive transient electromagnetic (TEM) surface geophysical survey at the property.
The survey has thrown up a high priority target, which is an anomaly measuring 850 by 500 metres (m), with its shallowest part being estimated at around 100m depth. A second large conductive anomaly lies around 500m to the southeast, and is open to the south.
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Following the TEM survey, Golden Arrow commissioned a 440 line-kilometre (km) ground magnetic survey throughout the project to detect possible porphyry targets at depth. This is earmarked for completion by the end of June.
"The TEM survey has performed even better than expected, and we are excited to have identified significant areas with near-surface anomalies that are prospective for sulphide copper mineralization," said Brian McEwen, Golden Arrow's vice-president of exploration and development.
"Drill testing these is now our priority and we plan to start that imminently," he said.
A tender for reverse circulation (RC) drilling of up to 2,000m has been put out for bid, with a plan to begin drilling in August.
Rosales is road-accessible and covers 3,444 hectares of 100%-held mineral claims (not including 900 additional hectares under application). It sits less than 90km from the mining centre of Copiapo.
Initial reconnaissance identified two general areas of prospective mineralization - the Margarita Mine trend (MMT), and the NW target.
Transient or time-domain electromagnetic profiling is one of the best proven geophysical techniques for detecting conductive sulphide minerals, noted Golden Arrow.
TEM was originally developed in Canada and has been credited with many mining discoveries over five decades. Unlike IP surveys, TEM data are largely unaffected by disseminated pyrite mineralization and can detect and delineate conductive sulphide bodies within larger disseminated formations, it added.
Contact the writer at giles@proactiveinvestors.com