Golden Arrow Completes Step-out Drilling from the Discovery Hole on Poncha Gold Project
Mon May 4, 12:46 PM
ca.news.finance.yahoo.com
Golden Arrow Resources Corporation (GRG – TSX.V) (“Golden Arrow” or the “Company”), is pleased to announce that it has completed the previously announced diamond drill program on the Poncha Gold Project in San Juan Province, Argentina. Drilling of 50m step-out holes totaling 2175m targeted extensions to the strong mineralized zone intersected by reverse circulation discovery hole RCPC13 (266 metres of 1.2 g/t Au, including 61m averaging 3.04 g/t Au and 7.16g/t Ag announced on March 27, 2008) within the 2km by 2km South Target epithermal precious metal anomaly.
The discovery hole (RCPC13) intersected mineralization over a 266m interval, between 129m and 395m depth and ended in anomalous mineralization. A drill rig capable of reaching greater depths than drills used in previous programs was utilized to test for depth extensions to the mineralized zone with the deepest hole reaching 598m.
Assays are expected to be received in the next several weeks.
Golden Arrow is earning up to a 100% interest in the Poncha Project from Teck Resources Limited’s subsidiary, Teck Cominco Argentina Ltd. (“Teck”), by fulfilling expenditure and tenure maintenance requirements subject to Teck’s option to re-earn up to a 65% interest in the Poncha property (see News Release dated April 10, 2007).
About Golden Arrow:
The Company has an impressive portfolio of highly prospective properties in the most prolific regions of South America namely; Argentina, Peru and Colombia and is well financed. The Company expects to receive its first royalty income by 3rd quarter 2009 from its 1% NSR on Yamana’s Gualcamayo project where start-up and commissioning commenced at Gualcamayo with the first gold pour in December 2008 (see Yamana News Release dated January 12, 2009). Golden Arrow has 29.8 million shares outstanding and its properties hold great potential to materialize value for shareholders.
About The Grosso Group:
The Company is a member of the Grosso Group, founded in 1993 and is recognized as a leading pioneer of mineral exploration in Argentina, Peru and of late Colombia. The group operates with the objective of creating investor value through the growth of the member companies which include: Golden Arrow Resources (TSXV: GRG.V), Blue Sky Uranium (TSXV: BSK.V) and IMA Exploration (Amex/TSXV: IMR). The Grosso Group has a history rich in successes which include: the discovery of two multi-million ounce precious metal deposits, partnerships with industry majors such as Barrick Gold, Newmont Mining, Viceroy/Yamana, Teck Resources Limited and Rio Tinto, Joseph Grosso being the only person to ever be honoured as Argentina’s Mining Man of the Year, two dividends of tax-free shares to shareholders and in 2009 Golden Arrow expects to begin receiving quarterly royalty revenues from Yamana’s newest gold mine; the Gualcamayo, where members of the Grosso Group participated in the original discovery in the late 90’s. For more information, please visit our website at: www.grossogroup.com
ON BEHALF OF THE BOARD
“Joseph Grosso”
________________________
Mr. Joseph Grosso, President & C.E.O.
For further information please contact Joseph Grosso, President & CEO or our Corporate Communications department at 604-687-1828 or toll free 1-800-901-0058 or fax 604-687-1858.
The TSX Venture Exchange does not accept responsibility for the adequacy or the 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.
2009 Number 7 |
