Golden Arrow Resources Corporation reported that it has completed its shallow diamond drilling campaign and its first induced polarization ("IP") geophysical program at the Tierra Dorada gold project in Paraguay. These programs continue the work at the Alvaro area to delineate high-grade, quartz vein-hosted gold prospects and refine targets for full-scale follow-up drilling programs. Highlights of the combined programs include: Showings 1, 2 and 4 were tested through 41 shallow diamond drill holes totaling 550 metres; results include: 143.5 g/t gold over 0.5m, within 6m averaging 14.53 g/t gold at 3-9m depth (DHTD18, Showing 1); and 11.8 g/t gold over 3.16m, within 7.75m averaging 6.09 g/t gold at 1.70-9.35m depth (DHTD35, Showing 2). 4.2 km2 IP survey covered Showings 1-4 and surroundings; multiple new targets identified, including: 1,700 m anomalous trend including Showing 1, open to the NE & SW; SW extent connects to broad higher chargeability anomaly; A coincident chargeability and resistivity anomaly identified 250m SW of Showing 2; and a higher chargeability zone coincident with sub-outcrops of ferriferous gneiss northwest of Showing 3. Overall, the shallow drilling program has provided key insights into the location and behavior of gold mineralized veins at Alvaro, which, along with the new geophysical results, will aid in refining the targets for the next stage of work, which is expected to include at least 2,000 metres of diamond drilling by the end of the first quarter of 2021. Golden Arrow's current prospecting permit in the Alvaro area allows drill holes up to twenty metres in depth. The objectives of this initial shallow drilling program were to follow and characterize the high-grade mineralized quartz vein structures below the surface and confirm the continuity of gold mineralization in the veins. The program included 41 holes totaling 550 metres of NQ diamond core drilling. The holes tested three of the four more prospective gold vein showings where surface and trench sampling has returned multiple high-grade gold assays. In most cases the quartz veins were intercepted at a depth of 5 to 10 metres down hole. The average core recovery for the entire program was 74%; hole DHTD-30 was discarded due to very poor recovery. Visible gold was observed within the quartz veins in four holes, and due to the possibility of coarse gold in the veins, the intervals with quartz veins were not split and whole core was submitted for assay.  Drilling confirmed the continuity of several of the veins and gold mineralization at depth, however in some cases, veins showed little continuity below the surface, due to either a lenticular vein shape or as a result of fault displacements. As shown in Table 1, below, approximately half the holes returned intercepts of greater than 0.5 g/t gold, with a best interval of 6.0 metres at 14.53 g/t gold, including 0.5 metres at 143.50 g/t gold, in hole DHTD-18 at Showing 1. Hole DHTD-17 intercepted the same vein closer to surface, and returned 2.53 g/t gold over 2.95 metres. Quantec Geoscience Chile completed IP and resistivity surveys with both Gradient and Pole-Dipole ("P-DP") arrays at the Alvaro target area. The gradient array covered an area of 4.2 km2 around Showings 1 to 4. Gradient array lines were spaced every 100 metres utilizing 25 metres dipole receivers. Additionally, two P-DP lines (50 metre dipoles with n-levels 1 to 10) were completed perpendicular to the main trend of mineralization, with a total length of 4.6 km. The geophysical surveys were designed to detect and delineate veins, hydrothermal alteration, faults and lithologic contacts below the 2 to 6 metres of soil and saprolite cover. The results of the Gradient Array surveys were presented as plan maps of IP chargeability and resistivity. P-DP Array surveys were deployed over key anomalous areas to enhance the imaging of potential drill targets. The P-DP results were presented as pseudo-sections of chargeability and resistivity, and as 2D inversion models presenting cross-sections of the project area, imaging the ground to approximately 140 metres depth. Multiple new anomalies were identified from the Quantec survey. With the exception of the outcrops at Showing 3, all the geophysical anomalies detected in these surveys are covered by soil overburden.  The veins at Showings 1 and 4 coincide with chargeable and resistive lineaments detected by the Gradient Array survey, as was expected. The anomalous chargeable and resistive trend correlating to Showing 4 has been traced over 850 metres strike extent. Showing 1 is centrally located on a parallel anomalous trend delineated by the gradient surveys over 1,700 metres of strike extent which remains open to both the northeast and southwest. A similar anomalous trend has been identified in the gradient data at a position 250 metres to the northwest of Showing 4, indicating a future target of investigation. The southwest portions of these three trends lead into an extensive overburden-covered area of increased chargeable response coincident with a complex system of resistive lineaments, indicating the potential for additional exploration targets. This broad chargeable target area remains open to the west and south. Showing 2, where several of the shallow drill holes intersected high-grade gold, coincides with a resistive lineament trending WSW-ENE, which has been delineated by the Gradient Array surveys over 900 metres of strike extent and which remains open to the west. This feature exhibits weak chargeability response. Several similar trends are evident to the north and south of Showing 2, the most conspicuous being a strongly resistive and chargeable east-west lineament detected 250 metres to the south of the showing in an overburden covered area. Showing 3 is an extensive feature of anomalous gold responses trending northeast-southwest, as illustrated in Figure 1 and was not tested with the current shallow drilling program. Two chargeable trends have been delineated by the geophysical surveys crossing the Showing 3 trend at a shallow oblique angle. Anomalous gold values have been sampled at positions proximal to the points of intersection, suggesting a structural relationship with mineralization. Geological mapping in the vicinity of Showing 3 suggests the zone of increased chargeability located a short distance to the northwest coincides with sub-outcrops of ferriferous gneiss. Initial rock sampling of the exposed unit returned no gold values, however, additional investigation is planned for the geophysical and geochemical anomalies detected in this area. The two P-DP lines indicate that the chargeable trends evident in the gradient data extent to depths below the maximum depth of the survey. The P-DP 2D models will be used to interpret local targets, structures and lithologies and will be utilized for planning follow-up work and drill targeting.