Announcement • Jul 27
Golden Arrow Resources Corporation Provides Update on Surface Exploration Program at Atakama Gold Project and Plans Initial Drill Program
Golden Arrow Resources Corporation has provided an update on its ongoing surface exploration program at the Atakama Gold Project in Chile. The program has advanced the four priority near-surface gold targets identified to date—Paula, Lolita Norte, Dos Marias and Cerro Sur—across the nearly 10-kilometre width of the property. Key results and observations from the four target areas include: The gold in the four zones is mainly structurally hosted in north-to-northwest trending quartz-carbonate-barite-specularite-rich veins and breccia zones with dominant quartz-sericite alteration. Paula: 2025 trenching identified a core mineralized zone of 380 metres long by 77 metres wide including five trenches with greater than 1 g/t Au over more than 20 metres. Additional sub-parallel mineralized zones trenched up to 200 m away, and follow-up detailed mapping supports a broader mineralized zone than initially indicated. The target is open in all directions. Lolita Norte: +3.5 km-long gold-hosting vein system with rock chip sample highlights including 1.5m @ 4.75 g/t Au and 0.35 m @ 20.5 g/t Au. Dos Marias: +3km-long target with identified gold in extensive shear zones up to 20 metres wide along a northwest-trending structure. Cerro Sur: +8km-long target with highlight rock chip samples of 0.45 m @ 29.72 g/t Au and 1.7m @ 10.81 g/t Au. Historic drilling at this target provides the only sub-surface geological information to date. This systematic work has strengthened the Company's understanding of these targets and is guiding the next phase of exploration, including a planned initial drill program at the most advanced target, Paula. Since 2025, Golden Arrow's technical team has mapped a large percentage of the more than 9,000 hectares of concessions, collected 983 surface rock samples and 693 trench samples, and relogged over 4,600 metres of historic drill core. Current work includes detailed mapping (1:1,000 scale) at Paula and additional trenching and sampling at Paula, Lolita Norte and Cerro Sur. Geophysical surveys, including IP-Resistivity and ground magnetometry, will be carried out to assist in exploring the extent of mineralization at Paula and to refine drill targets. Drilling is currently permitted using a maximum of forty drill platforms, and the Company anticipates launching the first drill program at the Paula target in September, subject to financing. In addition, the Company is working to include the Atakama Project under the previously issued Environmental Qualification Resolution (RCA). The RCA includes several authorizations and allows for an additional 80 drilling platforms. This process is expected to be completed in September. The Atakama Gold Project is an exploration stage project that includes 9,469 hectares of exploration and exploitation concessions. The project is located 100 kilometres north of Copiapó in the mining-friendly Atacama Region of Chile. The Atakama project sits in Chile's Cretaceous Iron Belt, which hosts large iron-oxide-copper-gold (IOCG) deposits such as Manto Verde (approximately 10km to the west) and Candelaria (approximately 100km to the south). Several known IOCG deposits ring the project, including the Company's previously discovered Rincones deposit. The current working model interprets the mineralization observed to date at Atakama as epithermal/mesothermal and corresponding to the upper part of an intrusive-related system. In this model, iron- and silica-rich fluids separated, with iron-rich fluids creating deeper IOCG mineralization and silica-rich fluids creating shallower gold mineralization. Observations that to date support this interpretation include: near-surface IOCG mineralization to the west, zones of silica lithocap, and quartz pods. Notably, alluvial or colluvial cover conceals large portions of the project. Paula is the most advanced of the four targets. It covers an area of approximately 1100 by 1200 metres on the easternmost part of the property. At Paula, fine grained andesites, tuffs and volcaniclastic rocks form the main mapped geological units and are intruded by a micro-diorite, with some areas of substantial gravel cover. The gold system is characterized by an earlier stage alteration assemblage associated with a north-south structural system with veins, breccias, and fractured zones containing tourmaline, quartz, carbonates, and barite in oxidized zones with limonite. The system was originally identified within an area of approximately 1 kilometre by 750m where chip channel sampling returned intervals including 10.0m averaging 1.88 g/t Au. To date at Paula, the technical team has collected 211 surface rock samples, completed more than 1200 m of trenching that produced 693 samples, conducted ground magnetics geophysical surveying, and mapped the target at a scale of 1:1000. The 2025 trenching program at Paula included 17 trenches to test the one-kilometre-long mineralized breccia vein system and a smaller parallel structure approximately 200 metres to the west. Higher gold values appear to correlate with tourmaline, in areas of stronger brecciation and replacement. Notably, trenches 11 through 16 span 380 metres of strike and up to 76.7 metres width at the south end of the main breccia vein system in the south zone, and all returned intervals of greater than 1 g/t Au over more than 10 metres, including five trenches with 1g/t Au over more than 20 metres. Gravel cover conceals the north-south oriented structures along their strike extents, leaving untested potential in those directions. The team opened the trenches across structures using an excavator, and many trenches returned mineralization at the east or west extents of the trenches, indicating that mineralization may continue in those directions as well. In addition, recent detailed mapping suggests that the main mineralized zone may be significantly wider than the initial trenches indicated, reaching over 100 metres. The new trenching program will continue testing the zone for expansion. Table 1 summarizes trench results as originally reported January 12, 2026. Lolita Norte: Three kilometres west of Paula, Lolita Norte hosts a similar gold-bearing structural system that Golden Arrow interprets as the northern extension of the Lolita-Madura gold vein system. Mapping at Lolita Norte has identified east and west sectors to the system. In the east, a coarse granite hosts mineralization associated with a 20-metre-wide north-south oriented structure that dips 70° to the west and is associated with quartz-sericite alteration. A first tourmaline quartz event fills the structure, followed by veins and breccia of quartz-calcite-siderite plus jarosite and later barite and carbonates with specularite.
