Golden Arrow Drills 64m of 0.86% Cu, 0.20g/t Au, 196g/t Co & 25.9% Fe at central Rincones Target, San Pietro Project, Chile

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VANCOUVER, BC, July 12, 2023 /PRNewswire/ - Golden Arrow Resources Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF), ("Golden Arrow" or the "Company") is pleased to report results for the remaining six holes of the 4,000 metre Phase 1 drilling program at the Company's flagship San Pietro Iron-Copper-Gold-Cobalt Project in Chile. All six holes reported herein are from the Rincones target, which is the most advanced target and the focus of the Company's first resource delineation plan for the project.

Brian McEwen, VP Exploration and Development for Golden Arrow, commented, "We are thrilled with the results from our first drilling at Rincones. This program was about improving our understanding of the geology and structure of the project so that we could move on to more detailed work, followed by a resource delineation program. We met our original objective at Rincones, confirmed our updated model and found excellent mineralization where we hoped, which is fantastic and means we can move forward quickly with the next program. What's more, the surprises from drilling were all positive, including strong copper and cobalt mineralization in the largely undrilled central area of the target, and generally stronger gold mineralization than anticipated."

The 6 holes drilled in Rincones successfully validated the geological model described previously and in all cases they encountered Cu-Co-Au-Fe mineralization. Holes SP-DDH-07 and -12 confirmed the presence of wide mineralized packages close to surface below 10 to 15 metres of alluvium cover, providing confidence for conducting new exploration at covered targets. Rincones remains the most advanced target of the project and based on the Company's work and interpretation it appears that mineralization is open in all directions. With the information collected from this program, a new 3D geological model is being constructed which will help to define priority targets for the next drilling phase.

Figure 1 is a plan map of the Rincones drill holes, and a full summary of mineralized intervals is shown in Table 1. A summary of the best results follows.

Hole SP-DDH-12 was drilled into the sparsely tested central part of the Rincones target area and tested the depth extent of a newly mapped copper-bearing magnetite outcrop. Results are highlighted by:

• 64.2 m @ 0.86% Cu, 0.20 g/t Au, 196 g/t Co and 25.9% Fe starting at 42.8m depth, and
• 75.0 m @ 0.23% Cu, 0.03 g/t Au and 67 g/t Co starting at 243 m depth, followed by a short high-grade Co-Fe interval of 3.3 m @ 0.22% Cu, 0.05g/t Au, 333 g/t Co and 33.37% Fe.

Hole SP-DDH-05, drilled 300 metres southwest of SP-DDH-12 in the southern Rincones area, returned:

• 79.8m @ 0.29% Cu, 0.05g/t Au and 179g/t Co, including 15.3m @ 0.64% Cu, 0.10 g/t Au and 388g/t Co at 272.1m depth.

Figure 2 is the 1200 metre section marked A-B in Figure 1, including holes SP-DDH-05, SP-DDH-11 and SP-DDH-12. It demonstrates the continuity of mineralization and the potential for expansion of mineralization, particularly into the central area, with additional drilling.

Hole SP-DDH-07 filled in a 250-metre gap between historic holes in the northern part of the target. This hole had a best interval of:

• 87.7m @ 0.34% Cu, 0.08 g/t Au and 238 g/t Co, starting at 38.2 m depth, with 4 higher grade internal intervals, such as 10.55 m @ 0.83% Cu, 0.12 g/t Au and 183 g/t Co.

San Pietro is situated adjacent to the Santo Domingo mine development project owned by Capstone Copper Corp. Santo Domingo hosts similar styles of iron-oxide, copper, gold and cobalt mineralization to that observed at San Pietro in deposits with reported measured and indicated resources, inclusive of reserves, of 536,548kt averaging 0.30% Cu, 0.04g/t Au, 229ppm Co and 25.7% Fe (see Santo Domingo Project, Region III, Chile, NI 43-101 Technical Report. Prepared by Maycock et al, effective February 19, 2020, www.capstonecopper.com). [Investors are cautioned that proximity to these deposits does not indicate that similar mineralization will occur at San Pietro, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario, however Golden Arrow uses these deposits as models to guide the exploration process.]

Modeling of drill results from the Phase 1 program and the historic database is underway to refine priority targets for the next drill program of approximately 4,000m, which is expected to commence in September.

The San Pietro Project is hosted by andesite units in a Cretaceous-aged volcano-sedimentary sequence associated with intrusive rocks including granodiorites and diorites of similar age. The Project is located east of the Atacama Fault system, a major north-south regional structure, which was instrumental in controlling the emplacement of the ore deposits in the area.

Mineralization at San Pietro is typical of an iron-oxide, copper, gold ("IOCG") system, with the addition of cobalt, and occurs in breccias, veins and mantos within a zone of K-feldspar-chlorite alteration. These structures are rich in magnetite and specularite and in some cases calcite and are mainly developed along NW-SE lineaments.

Within the 180km² land package, the Company is focused on the Rincones advanced exploration target for completing an initial mineral resource estimate. This target formed the core of the historic work, with 46 widely spaced holes drilled in an area of approximately 2.6 by 1.6 kilometres, resulting in numerous intervals with significant copper, gold and cobalt*. The historic drill holes were roughly split into a north and south grouping, with a central area that had seen minimal drilling.

In 2022, Golden Arrow's detailed mapping program recognized two small outcrops of magnetite mantos partially covered by alluvium in the central Rincones target area. Mapping of these outcrops helped to develop the model of a sequence of fine and porphyritic andesites with sills of microdiorites interbedded with mantos of magnetite replacing part of the andesites. The entire sequence is dipping approximately 45° to the SW and is cross-cut by NW striking specularite veins and breccias that are interpreted to be feeders of the copper-cobalt mineralization is disseminated in the magnetite mantos. The main objective of the original Phase 1 drill plan at Rincones was to test this model with two drill holes, SP-DDH-05 and SP-DDH-06, both in the southern part of the target area. After logging the core from those holes, the team was satisfied that the model was sound, and four additional holes were added to the program at Rincones. The location of all six drill holes is shown in Figure 1 and Table 1 includes highlights of mineralized intervals. The following is a summary of the geology and mineralization of the six holes.

Drill hole SP-DDH-05 was collared in the area of the best historic copper intercepts, 125 metres west from historic hole RADDH-02, which had a best interval* of 34 metres averaging 1.2% Cu, 0.21 g/t Au and 579 g/t Co. SP-DDH-05 encountered a series of magnetite bodies up to 11 metres in width which appear to have replaced some of the andesitic units, as seen in the interval from 236 to 247 metres where iron grades reached 41.65% Fe. Chalcopyrite, pyrite and specularite mineralization crosscut both the andesites and the magnetite replacement bodies, both in the form of subvertical veinlets and as disseminations in the matrix. An example of this mineralization can be seen in the interval of 15.3 metres with 0.64% Cu, 0.10 g/t Au, 388 g/t Co and 22.68% Fe starting at 272.15 metres depth.

SP-DDH-11 encountered the typical sequence seen at Rincones of andesites/microdiorites/magnetite replacement bodies and intercepted multiple well-mineralized intervals from 68 metres to over 400 metres depth. This hole was drilled north of SP-DDH-05, extending the known mineralization by 80 metres in that direction.

Drill Hole SP-DDH-12 was drilled into a previously untested area in the central part of the Rincones target to assess the depth extent of an outcrop of magnetite manto. This outcrop was unmapped and unsampled prior to Golden Arrow's 2022 work, from which a grab sample returned assays of 0.46% Cu. 0.18 g/t Au and 111 g/t Co in sample CD001469 (see News Release dated May 18, 2023). The modeled magnetite manto was successfully intercepted at 84.3 m down-hole, in a 19-metre interval that returned 0.91% Cu, 0.20 g/t Au, 257 g/t Co and 42.5% Fe. This manto interval was within the best overall intercept of the six holes completed at Ricones; 64 metres starting at 42.8 metres depth averaging 0.86% Cu, 0.20 g/t Au, 196 g/t Co & 25.9% Fe. This 64-metre interval also included higher grade copper-cobalt-gold mineralization in veinlets and crackle breccias, such as 17.8 m averaging 1.45% Cu, 0.37 g/t Au and 303 g/t Co starting at 65 m depth. Several wide intervals of this type were encountered throughout the hole. Mineralization continues throughout the hole, and a second, long (75 metre) well-mineralized interval was intercepted starting at 243 metres downhole.

The success of hole SP-DDH-12 is considered highly significant as it confirms the prospectivity for identifying significant mineralization in an area that has seen little previous drilling between the northern and southern portions of the Rincones target. The section in Figure 2 illustrates the magnetite-replaced mantos and mineralization encountered in holes SP-DDH-05, SP-DDH-11 and SP-DDH-12 across approximately 300 metres.

Drill hole SP-DDH-06 was collared 370 metres southeast of SP-DDH-05, in an area with a lower concentration of historic drilling. This hole intercepted the same typical sequence seen at Rincones and again confirmed the proposed model held up in this area. This hole was not as well mineralized as the others drilled in this phase, but copper was hosted in the microdiorites and andesites in the form of veinlets of specularite-chalcopyrite-pyrite.

Within the northern grouping of historic drill holes at Rincones a gap of 230 m was identified between two well-mineralized holes. Phase 1 drill hole SP-DDH-07 was collared to test the area between hole RA12DH-009 and hole RARC-17, the latter of which had results including 36 metres with 1.25% Cu and 0.32 g/t Au starting at 18 metres depth. Hole SP-DDH-07 encountered a series of high-grade Cu-Co-Au intervals between 38.2 and 126 metres that averaged 0.34% Cu, 0.08 g/t Au and 238 g/t Co. Up to 66 metres downhole depth, mineralization occurs as oxides in the form of chrysocolla, malachite, brocantite, limonites and specularite. Beneath that depth the sulphide minerals chalcopyrite, chalcocite, pyrite and specularite are the dominant form of mineralization in veinlets hosted in andesites.

The final hole of the program, SP-DDH-13, was collared 110 metres east of the known mineralization in the northeast part of the Rincones target. This hole confirmed the continuity of magnetite replaced bodies within the andesitic sequence (between 70 and 79 metres depth) and at the contact with the microdiorite (from 165 to 179 metres depth). Adjacent to the second manto a crackle breccia welded with specularite that included disseminated chalcopyrite and pyrite was observed from 157 to 165 metres depth.

Table 1. Highlights of Drill Intervals, Rincones Target
[Cu Grade >0.20% or Co Grade >200 g/t or Au Grade >0.2 g/t or Fe Grade 30%]