08:48 AM EDT, 04/24/2024 (MT Newswires) -- Golden Arrow Resources ( GARWF ) on Wednesday said it began drilling the first hole of an approximate 10,000-metre diamond drilling campaign at the San Pietro Iron-Copper-Gold-Cobalt Project in Chile.

The goal of the 2024 campaign is to provide additional drill data to facilitate the first mineral resource estimate for the project.

The focus of the program will be the advanced Rincones target where the 2023 drill program hit significant new intercepts that extended the mineralized zone, including 64.2m averaging 0.86% copper, 0.20 g/t gold, 196 g/t cobalt and 26.9% iron, starting at 42.8m depth in hole SP-DDH-12.

The first several holes of this new campaign will complete a grid pattern to verify the spacing sufficient for classifying resources, as suggested by the modelling work completed to date. This will be followed by additional infill holes as required based on continued modelling. Following the infill holes at Rincones, up to 3,000 metres of drilling will be used to test for new mineralization at other high-potential target areas throughout the project.

"We are completely funded and underway on a resource delineation drill program, at a time when copper and gold prices are reaching exciting highs supported by strong long-term forecasts," Brian McEwen, vice-preside exploration and development at Golden Arrow, said in a statement. "This could translate to intense interest in San Pietro moving forward."