Golden Arrow Resources Corp (TSX-V:GRG, OTCQB:GARWF) said it has commenced the first exploration program at its new 100% held San Pietro copper-gold-cobalt project in Chile.
The Vancouver, British Columbia-based mining exploration company told investors it has retained two Chilean project geologists with extensive experience in geologic systems like those in and around San Pietro. The program has commenced with detailed surface mapping and sampling and is expected to include trenching and an updated geophysical program in the next six months.
At the same time, it said the crew is engaged in re-logging much of the 34,000 metres of historic drill core. This work will modernize and build the database for the main prospects to refine the targets for a subsequent resource delineation drill program, the company added.
READ: Golden Arrow shifts focus to Chile and Argentina as Tierra Dorada Gold project in Paraguay returns anomalous gold
"We are pleased to have boots on the ground so quickly at this new and exciting project, particularly when they are occupied by such well-qualified individuals,” Golden Arrow vice president for exploration and development Brian McEwen said in a statement. “Our new geologists are supported by local field technicians and project management staff to ensure smooth operations as we ramp up our activities at San Pietro. We anticipate a busy and productive second half of the year as we refine targets for drilling and building resources."
The San Pietro project includes 18,448 hectares of exploration and exploitation concessions in the Atacama region of Chile, approximately 100 kilometres north of Copiapo in an active mining district that is home to all the major iron-oxide copper-gold (IOCG) deposits in Chile.
Golden Arrow noted that 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. However, it cautioned investors that its proximity to other mining projects in the area does not provide any assurances with respect to the prospects at San Pietro.
Prior to 2013, the company said the project saw approximately US$15 million in historic exploration work, including over 34,000 metres of drilling, over 1,000 surface samples and multiple geophysical surveys.
The Rincones target was the primary focus of the historic work, with multiple drill holes returning significant copper, gold and cobalt assays, including 28 metres averaging 1.14% copper, 0.12 grams per tonne gold, and 335 parts per million cobalt, in hole RA-12-DH-003.
The company said its due diligence review confirmed the considerable potential of the known targets and identified areas where new interpretations and additional work are expected to improve the prospects for resources.
Golden Arrow is actively exploring a portfolio that includes an epithermal gold project in Argentina, a base-metal project in the heart of a leading mining district in Chile and over 180,000 hectares of properties in Argentina.
Contact the author at stephen.gunnion@proactiveinvestors.com