Golden Arrow Resources Corporation
TSX VENTURE : GRG
FRANKFURT : GAC

Golden Arrow Resources Corporation

April 23, 2007 09:15 ET

Golden Arrow Commences Two-Rig Drill Program on Poncha Gold-Copper Project in San Juan Province, Argentina

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 23, 2007) - Golden Arrow Resources Corporation ("Golden Arrow") (TSX VENTURE:GRG)(FRANKFURT:GAC)(WKN A0B6XQ) is pleased to announce that it has commenced a 10-12 hole 3,000m diamond drill program on the Poncha gold-copper project in San Juan Province, Argentina. Two diamond drill rigs have been mobilized to the project in order to facilitate a more rapid and cost-effective program. Golden Arrow recently entered into an option agreement with Teck Cominco Limited's subsidiary Teck Cominco Argentina Ltd. ("Teck Cominco") to earn an undivided 100% interest in the interest held by Teck Cominco in the 3,000 ha drill-ready Poncha gold-copper project (See April 10, 2007 News Release).

Teck Cominco has discovered a potentially large gold-mineralized hydrothermal system on the Poncha property with two target-types identified. A bulk tonnage gold-copper zone in a porphyry environment occurs on the northern part of the property; samples have assayed up to 7,200 ppm copper and 4.7 g/t gold, and a structural and breccia-related higher-grade gold target in an epithermal setting is located 2km to the south; grab samples have yielded up to 42.49 g/t gold. The current drill program will initially focus on the 2km by 2km southern gold target.

At the southern gold target no drilling has been carried out to date on the high grade gold veins (surface grab samples up to 42.49 g/t gold) on the southern part of the property which may indicate gold focusing along a breccia margin. Three WNW-ESE trending gold-mineralized "corridors" (250m wide by 1km long) have been defined by surface geochemical sampling (rock and talus fines), geophysical interpretation of lineaments (ground magnetic and IP/Res surveys) and mapping of available outcrop/subcrop, and offer potential for discovery of a high grade gold deposit. Two previous drillholes on the southern target, collared 500m apart, returned intercepts of long low grade gold (DDH-PC-1: 9m grading 0.53g/t gold; DDH-PC-2: 9m grading 0.66 g/t gold) and locally higher grade (1m grading 3.38 g/t gold) gold mineralization with strongly anomalous zinc values (DDH-PC-2: 41m grading 0.2% zinc).

Analysis of the alteration, structural setting and geochemistry of the southern target area indicates the potential for gold mineralization in large, structurally controlled breccia bodies or structural zones of "intermediate sulphidation" affinity (e.g. Kelian, Indonesia, 8Moz gold, Rosia Montana, Romania, 8.5Moz gold, and Fruta del Norte, Ecuador).

The work to date on the Poncha Project, reported on herein, was carried out by Teck Cominco. All analytical work was carried out by Alex Stewart (Assayers) Argentina S.A., an internationally accredited assay laboratory. Dr. David A., Terry, P.Geo., a Qualified Person for Golden Arrow Resources Corporation has also reviewed the information contained in this news release.

ON BEHALF OF THE BOARD

Mr. Joseph Grosso, President & C.E.O.

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.

2007 Number 8

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Golden Arrow Resources Corporation
    Joseph Grosso
    President & CEO
    1-800-901-0058 or (604) 687-1828
    (604) 687-1858 (FAX)
    or
    Golden Arrow Resources Corporation
    Jack Barnes
    Manager Investor Relations
    1-800-901-0058 or (604) 687-1828
    (604) 687-1858 (FAX)
    Email: info@goldenarrowresources.com
    Website: www.goldenarrowresources.com