-- Posted Thursday, 11 April 2013 | | Disqus

Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce the results of the final 19 drill holes from the 35 hole Phase II program at the Chinchillas silver project in Jujuy, Argentina, 30 kilometres northeast of Silver Standard Resources Inc.'s Pirquitas silver mine and 85 kilometres north of Glencore International plc's Aguilar silver-lead-zinc mine. Golden Arrow has drilled 13,500 meters (76 holes) during Phase I and II drilling. The mineralized zone begins at surface and continues at depth and remains open to expansion at depth and to the north, east and west.

Drilling highlights include:

• 108m @ 125 g/t Ag, 1.2% Pb in CGA-77, including:
• 3m @ 712 g/t Ag, 7.7% Pb
• And 10m @ 308 g/t Ag, 1% Pb and 0.7% Zn
• 20m @ 379 g/t Ag, 2.1% Pb in CGA-89, including:
• 3m @ 1593 g/t Ag, 2.2% Pb
• 93m @182 g/t Ag, 1.4% Pb, 0.5% Zn, in CGA-90 including:
• 2m @ 2614 g/t Ag, 5.3% Pb, 1.6% Zn

The Company's Phase II drill program at Chinchillas has successfully concluded, with a total of 7,286 metres completed. Results from the program will be combined with results from the previous 41 drill holes, for a total of over 13,500 metres of drill data. This data will be used to define the first NI 43-101 compliant silver-lead-zinc resource and complete the associated technical report, which is underway. The technical report will include the results of metallurgical testing, for which the final results are pending. A Phase III drill program is also being planned, and will proceed following the completion of the resource estimate work.

"We are excited with these results which expand the known mineralization by as much as 220 metres from the previously defined Silver Mantos zone, and indicates a large high grade silver area in the basement of the zone, which will be included in our next drill program." stated Brian McEwen, VP Exploration and Development.

Drilling Highlights

The latest drill results continue to expand the Silver Mantos zone to the west, southwest and south. Drilling encountered both near-surface disseminated manto-style mineralization hosted within volcanics and Pirquitas-style breccias and infill mineralization associated with feeder structures within the basement schists.

At Silver Mantos, drill hole CGA-77 tested the feeder zone to mineralization, and successfully encountered 108 metres at 125 g/t silver and 1.3% lead with three higher grade intersections, including 3 metres at 712 g/t silver and 7.7% lead. Hole CGA-88 stepped out 65 metres from the zone, and intersected 60 metres at 104 g/t silver and 1.1% lead, and includes a section in the basement rocks of 3 metres at 905 g/t silver and 4.8% lead. The western step-out holes returned the highest grade silver results of the Phase II program: CGA-89 stepped out 75 metres and had several long intersections of silver, most notably 20 metres at 379 g/t silver and 2.1% lead, including 3 metres with 1593 g/t silver and 2.2% lead. CGA-90 approximately 100 metres north of CGA-89 and stepped out 65 metres from the previously defined zone, returned 93 metres at 182 g/t silver, including 2 metres at 2614 g/t silver, 5.3% lead and 1.6% zinc.

Preliminary modeling of all drill data indicates that holes CGA-88; -77; -89; -60; -45; -90 confirm an area of 160 metres by 200 metres of high grade silver in the basement. This northeast-southwest corridor is open to expansion along strike and at depth.

Table 1 summarizes the highlights from the latest 19 drill holes. A map showing locations is available at http://www.goldenarrowresources.com/s/Chinchillas.asp?ReportID=495989 .

Table 1. Highlights of Drill Results

ZONE	HOLE	Note	From (m)	To (m)	Length (m)	Ag (g/t)	Pb (%)	Zn (%)
SILVER MANTOS	CGA-77	Feeder zone	75	183	108	125	1.3
		including	75	78	3	523	3.9	2.5
		and	92	95	3	712	7.7
		and	132	142	10	308	1.0	0.7
	CGA-78	275m SW drilled off target	no significant mineralization
	CGA-79	150m SW step-out	82	87	5	137	1.0
	CGA-80	West edge	30	56	26	125
			183	202	19	161	0.8
	CGA-81	50m S step out	20	22	2	39	0.8	3.0
	CGA-82	50m S step-out	10	18	8	69		0.6
	CGA-83	190m NW step-out	No significant mineralization, hole incomplete.
	CGA-84	infill	146	184	38	76	0.5	0.6
	CGA-86	80m SW step-out	119	125	6	171	0.8
			167	171	4	437	0.5
	CGA-87	210m SW step-out	6	25	19	101
			34	52	18	91
	CGA-88	65m SW step-out	24	34	10	100		0.6
			45	105	60	104	1.1
		including	86	89	3	905	4.8
	CGA-89	75 m W step-out	3	41	38	67	0.7	1.3
			49	66	17	255	1.9
			72	92	20	379	2.1
		including	87	90	3	1593	2.2
			100	144	44	133	1.0
			158	159	1	225
	CGA-90	65m W step-out	72	165	93	182	1.4	0.5
		including	83	85	2	2614	5.3	1.6
			179	184	5	102	1.0
	CGA-91	50m E step-out	71	90	19	119	0.6	1.4
		including	71	73	2	620
Central Block	CGA-63	Between zones	130	133	3	54		1.5
	CGA-64	Between zones	25	30	5			1.7
Socavon del Diablo	CGA-67	55m W step-out	58	74	16			1.2
	CGA-85	Feeder	44	49	5	62	1.4	0.7
		230m W Socavon	155	187	32			0.8
	CGA-92	re-drill of CGA-51	35	47	12	113	1.7	1.6
			55	71	16	72	1.3	3.4

Intercepts are calculated using a cut-off grade of 20g/t for Ag and 0.5% for Pb and Zn. True widths have not yet been confirmed, pending completion of the geological model.

About the Chinchillas Project

The Chinchillas project is located in the prolific Bolivian silver--zinc-tin belt which extends into northern Argentina. Golden Arrow has the option to earn a 100% interest in the Chinchillas project (details in Golden Arrow's News Release dated August 3rd, 2011). The Company believes that Chinchillas has the potential to host a large silver-zinc-lead deposit. Chinchillas is a Tertiary aged diatreme volcanic complex that has erupted through the Paleozoic basement schists. The resulting depression or basin, filled with volcanic breccias and tuffs is at least 1.5km in diameter.

The Silver Mantos zone is situated in the western third of the basin. Shallow disseminated silver mineralization occurs within the volcanic breccias and tuffs. This is concentrated in two and locally three mineralized layers or "mantos" ranging between 2 and 48 metres thick, averaging 12 metres in thickness. In this Phase II drill program, a second style of mineralization has been identified in, and at the contact with, the Ordivician basement pelites and sandstones. This "Pirquitas-style" is characterized by silver, lead and zinc in structures and breccias within the basement schists, occurring beneath the volcanic hosts, as seen at Silver Standard Inc.'s Pirquitas silver deposit located 30 kilometres southwest of Chinchillas (www.silverstandard.com).

The Socavon del Diablo zone is situated in the eastern third of the basin and mineralization was previously defined by drilling over an area of 3.5 hectares (250 m by 150 m). Mineralization includes mantos style within favourable shallow dipping volcanic tuff horizons and crosscutting feeder structures and hydrothermal breccias.

Qualified Person

The technical information contained in this release has been prepared by Bruce Smith, Chartered Professional MAusIMM Geologist and Golden Arrow's Exploration Manager and has been reviewed by Brian McEwen, P.Geol., VP Exploration and Development, both Qualified Persons as defined in National Instrument 43-101.

Methodology and QA/QC

Analyses of the drill core were performed by Alex Stewart Assayers, in Mendoza, Argentina, an internationally recognized assay service provider. All samples were analyzed by method ICP-MA-39 that consists of a four acid digestion followed by ICP-OES detection. Silver results >200 Ag g/t were re-analyzed by fire assay with a gravimetric finish on 50-gram samples. Lead and zinc results >10,000 ppm were re-analyzed by a 3 acids and ICP-OES detection. The Company followed industry standard procedures for the work carried out on the Chinchillas Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate and standard samples were inserted into the drill core sample sequence sent to the laboratory for analysis. Golden Arrow detected no significant QA/QC issues during review of the data.

Table 2. Drill hole location and orientation data

Hole ID	Easting	Northing	Elevation (m)	Azimuth	Depth	Total Length (m)
CGA-63	3473169	7512138	4113	116	-50	156
CGA-64	3473035	7512158	4119	116	-50	141
CGA-67	3473474	7512158	4084	276	-75	81
CGA-77	3472597	7512295	4137	0	-90	206
CGA-78	3472410	7512112	4169	0	-90	99
CGA-79	3472511	7512176	4151	300	-65	120
CGA-80	3472690	7512400	4125	0	-90	231
CGA-81	3472783	7512049	4145	250	-55	101
CGA-82	3472700	7512130	4147	230	-55	104
CGA-83	3472489	7512522	4126	270	-65	37
CGA-84	3472732	7512215	4130	300	-65	231
CGA-85	3473979	7512228	4065	36	-60	235
CGA-86	3472589	7512188	4149	300	-65	204
CGA-87	3472451	7512158	4158	300	-65	150
CGA-88	3472595	7512237	4142	300	-65	186
CGA-89	3472529	7512301	4136	74	-79	198
CGA-90	3472574	7512410	4128	270	-78	201
CGA-91	3472867	7512244	4118	0	-90	150
CGA-92	3473531	7512168	4083	0	-90	201

About Golden Arrow:

Golden Arrow is a Vancouver-based explorer and prospect generator focused on identifying, acquiring and advancing precious and base metal projects in Argentina with the goal of achieving a world class discovery. The core focus will be on advancing its flagship Chinchillas Silver Project located in Jujuy, Argentina. Golden Arrow has a strong treasury which will allow the company to drill its Chinchillas Silver Project over the coming months with the aim of publishing the first NI43-101 resource calculation on Chinchillas in the first half of 2013. Golden Arrow will continue to execute its strategy to leverage the Company's exploration exposure by attracting partners to fund work on its other high quality mineral projects. Golden Arrow is a member of Grosso Group, a management company specialized in resource exploration, and working in Argentina where it is highly regarded and trusted since 1993.

ON BEHALF OF THE BOARD

"Carlos H. Fernandez Mazzi"
_______________________________
Mr. Carlos H. Fernandez Mazzi, President & CEO

For further information please contact:

Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@goldenarrowresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

-- Posted Thursday, 11 April 2013 | Digg This Article | Source: GoldSeek.com

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