08:00 AM EST, 02/28/2025 (MT Newswires) -- Golden Arrow Resources ( GARWF ) reported Friday the results of an initial resource estimate for the San Pietro copper-gold-iron-cobalt project in Chile.

According to the estimate, the project hosts 492 million tonnes of ore in the inferred category grading 0.23% copper, 0.05 grams per tonne (g/t) gold, 14.43% iron and 99 parts per million cobalt, including 2.5 billion pounds of copper and 770,000 ounces of gold.

"We are eager to continue our work as we are confident that there is plenty of potential remaining to increase the size and grades of these resources, as well as identify others within our vast property holdings," said Brian McEwen, Golden Arrow's vice president of exploration and development.

The estimate was based on 32,733 meters of drilling mostly from the Rincones target as well as the adjacent Colla high cobalt-iron target.

Golden Arrow said its next phase of drilling will focus on delineating higher grade breccias and mantos within the resource area, while also planning an extensive metallurgical sampling program.

The company's share price closed 8.3% lower on Thursday to $0.055 on the TSXV.