Golden Arrow Resources Corporation announced the results of assaying of an additional 27 drill holes in the Phase V drilling program at the Chinchillas Silver Project in Jujuy Province, Argentina. The results were 58 metres averaging 177 g/t silver, 0.9% lead in CGA-206; 50 metres averaging 136 g/t silver, 2.4% lead and 0.5% zinc in CGA-208; 49 metres averaging 673 g/t silver, 4.0% lead and 0.8% zinc in CGA-210 Including 13 metres averaging 1,589 g/t silver, 7.5% lead and 1% zinc; 30 metres averaging 637 g/t silver, 2.1% lead in CGA-219 Including 9 metres averaging 1,896 g/t silver, 3.8% lead; and 66 metres averaging 233 g/t silver, 0.7% lead in CGA-223 Including 8 metres averaging 910 g/t silver. To the end of 2015, over 10,393 metres of drilling in 80 core holes was completed, comprised mainly of infill holes in the Silver Mantos and Mantos Basement zones to upgrade the Mineral Resource categories, plus five geotechnical holes to support slope angle recommendations for the potential future pits.

Following the holiday break, the program has now recommenced and will include additional infill drilling focused in the Silver Mantos area, drilling to characterize ground waters in the project area as well condemnation drilling. Holes CGA-204 to CGA-208 and CGA-210 are situated within the western edge of the deposit, and were drilled to infill the Mantos Basement zone. In addition to some mineralization in the upper Silver Mantos units, all holes report wide intervals (from 15 to 58 metres) with significant grades of silver (from 122 to 673 g/t).

Many of these intervals contain additional shorter intercepts of higher grade, such as 1,589 g/t silver over 13 metres in CGA-210. CGA-211 tested a southeast extent of the Mantos Basement, and returned one intercept of 3 metres averaging 291 g/t silver and 0.8% lead in this unit at 48 metres below surface, near the contact with the Silver Mantos. This intercept indicates that the mineralization remains open to the south and east in this area.

Holes CGA-212 to CGA-214 tested the southern part of the deposit where the tuff-basement contact is deep. CGA-212 did not reach the Mantos Basement unit but at 185 metres intersected the previously identified deep mantos layer. This contained three significant intercepts over a 24 metre interval with an average of 181 g/t silver, 2.6% lead and 0.5% zinc. The remaining two holes in this area returned several intervals of mineralization, including some with a dacite unit at depth.

The remaining holes, from CGA-215 to CGA-230 were drilled to infill the central higher-grade near- surface portion of the Silver Mantos zone, and as such were mostly less than 100 metres in length. Results show good grades and widths in all holes, with the best intercept returning 30 metres averaging 637 g/t silver and 2.1% lead, including nine metres of 1,896 g/t silver and 3.8% lead, in CGA-219.