Golden Arrow Resources Corporation announced results from ten additional holes of its Phase IV drill program at the Chinchillas silver, lead, zinc deposit in Jujuy Province, Argentina. In particular, hole CGA-139 steps out 48 metres, extending the Mantos Basement zone mineralization to the west, while hole CGA-146 extends a zone of mineralization on the North Slope by 40 metres, also to the west. Hole CGA-143 is an infill hole that confirms the continuity of a deep body of mineralization between several previously drilled holes.

Mineralized intercepts are reported for ten drill holes that targeted several zones throughout the deposit. The western portion of the deposit includes the upper Silver Mantos zone and lower Mantos Basement zone. The eastern portion of the deposit includes the upper Socavon del Diablo zone, with the lower Socavon Basement zone.

The zones are all part of a volcanic vent system in which explosive volcanic activity produced diatreme breccias in tuffs in the central part of the vent (Silver Mantos and Socavon) and brecciated the underlying Ordovician basement schists (Mantos Basement and Socavon Basement). Drill core from these holes was subject to visual inspection and qualitative analysis using a hand-held X-ray fluorescence (XRF) spectrometer for silver, lead and zinc. Intervals of the core deemed prospective for mineralization were prioritized and sent to the laboratory for analysis. The remainder of the core will be analyzed in subsequent batches.

Holes CGA-137, 138, 140, 141 and 142 stepped out from the Silver Mantos side of the deposit starting at the north and running along the western edge, ending with CGA-142 to the southwest. These holes targeted expansion of the Mantos Basement mineralization in these directions. Intercepts of the typical brecciation in this area were limited to mainly short intercepts and/or low grades.

It appears that the potential to further expand resources in these areas is limited. Note that hole CGA-137 was only assayed in the interval from 33 to 74 metres, and hole 142 has not been assayed. Hole CGA-139 is situated on the central western edge of the Silver Mantos, between CGA-138 and CGA-140, and stepping out approximately 48 metres to the west of Phase III hole CGA-122.

CGA-139 intersected the continuation of the silver and lead mineralized breccia in the older hole, returning several high-grade intercepts, including 14 metres grading 207g/t silver and 1.9% lead. Hole CGA-143 is an infill hole in the Silver Mantos side of the deposit and was planned to test the continuity of Mantos-style mineralization at depth which was previously detected by the surrounding holes CGA-126, CGA-95 and CGA-44. In addition to intersecting high-grade mineralization near surface (15 to 40m) results from CGA-143 confirmed the presence of a thick Mantos-style mineralized body at depth between 171 and 234m.

This deep mantos mineralization will be tested with additional holes to confirm the size of the body, but these results are expected to add to the resource. Hole CGA-144 is an exploration hole drilled on the southern extent of the Socavon del Diablo zone, with the hypothesis of connecting the Socavon to the deep zinc mineralization of CGA-110, which is situated on the opposite side of the dacite dome that bounds the Socavon zone to the south. However, CGA-144 intercepted 190 meters of dacite and ended in dacite, unable to reach the mineralized basement breccias.

Hole CGA-145 is an exploration hole, drilled below a small historic adit where mineralized basement breccias were mined. The hole confirmed mineralization close to surface, and additional drilling will be done in this area to define the scope of mineralization. Hole CGA-146 is located on the North Slope where previous drill holes CGA-75 and CGA-107 detected mineralized intervals in basement brecciated rocks just below the contact with the tuffs.

Results from CGA-146 show the continuity of this mineralization 40 m to the west of CGA-107, including 20 metres grading 109 g/t silver, 1% lead and 0.9% zinc, (170 g/t silver equivalent). Further drilling will be done to test the expansion potential of this mineralization to the west. The hole was not assayed from surface to 110 metres.