Golden Arrow Resources Corporation Vale Commences 4,700 m Drill Program at Mogote, Argentina
(via Thenewswire.ca)
Golden Arrow Resources Corporation (TSX-V: GRG, FSE: GAC (WKN:
A0B6XQ), "Golden Arrow" or the "Company") is
pleased to announce that it has been informed by Vale S.A.
("Vale") that it has commenced a 4,700 m drill program on
the Company's Mogote copper-gold-silver porphyry/epithermal project in
San Juan Province, Argentina.
The initial drill program will target both porphyry copper-gold and
precious metal epithermal mineralized zones identified during Vale's
2010-11 field program. This drill program may be expanded, depending
on initial drill results and the results of the surface exploration
program.
The proposed 2011-2012 program has a surface exploration component
that includes reconnaissance geological mapping and sampling, a 24
line km Induced Polarization ("IP") survey at Filo Este,
Filo Central and Stockwork Hills at the southern end of the project
area and 116 line km of ground magnetic and radiometric surveying at
Filo Central and the Stockwork Hills zones.
Vale Exploracion Argentina S.A.is earning a 70% interest in Golden
Arrow's Mogote and Purulla projects by completing $US 6.8 million in
exploration expenditures and making $US 2.3 million in cash payments
to Golden Arrow over 3 years, in addition to making underlying vendor
payments of $US 1.025 million with regard to the Purulla project (see
September 9, 2010 News Release).
About Mogote:
The 100% owned 8,300ha Mogote copper-gold-silver porphyry/epithermal
project is centrally-located in the prolific Vicuna District of
northern San Juan Province which includes NGEx Resources Inc.'s
Josemaria copper-gold deposit in Argentina and Goldcorp Inc./New
Gold's El Morro gold-copper porphyry deposit in Chile. The Mogote
property covers multiple large porphyry/epithermal targets. Most of
the work to date on the property has focused on the Filo Este and Filo
Central targets on the northern portion of the property where
trenching and drilling intersected wide intervals of
copper-gold-silver mineralization (i.e. 489.3m averaging 0.23 g/t
gold, 2.6 g/t silver and 0.17% copper in MOG-04-1A*). Three additional
targets in the south-central portion of the property, including the
large Zona Colorida anomaly and Stockwork Hill, have seen only limited
surface sampling prior to the recent work by Vale. Included in the
agreement with Vale are additional claims totaling 3,150ha on the
Chilean side of the international border adjacent to Mogote to cover
potential extensions to mineralized zones.
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 Company is well positioned for growth of shareholder
value with a royalty income from its 1% NSR on Yamana Gold Corp.'s
Gualcamayo Gold mine in San Juan, Argentina, a joint-venture with Vale
on two properties, an attractive portfolio of highly prospective
exploration projects and a pipeline of new opportunities under review.
Golden Arrow will continue to execute its strategy to leverage the
Company's exploration exposure by attracting partners to fund work on
its portfolio of high quality mineral projects. Golden Arrow is a
member of Grosso Group, a management company specialized in resource
exploration, and working in South America since 1993.
About Vale S.A.:
Vale is the second-largest metals and mining company in the world and
the largest in the Americas, based on market capitalization. It is the
world's largest producer of iron ore and iron ore pellets and the
world's second-largest producer of nickel. Vale also produces copper,
thermal and coking coal, phosphates, potash, cobalt and platinum group
metals ("PGMs"). To support its growth strategy, Vale is
actively engaged in mineral exploration efforts in 24 countries around
the globe. Vale is committed to the pursuit of sustainable growth by
operating with respect for the natural environment and being an
ethically and socially responsible company.
ON BEHALF OF THE BOARD
"Joseph Grosso"
_______________________________
Mr. Joseph Grosso, President & CEO
For further information please contact:
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@goldenarrowresources.com
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that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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