Golden Arrow Resources Corporation reported the first results from the Phase 1 diamond drilling program at the Company's San Pietro Iron-Copper-Gold-Cobalt Project in Chile. These first results from two completed holes are from the Colla target, an early-stage exploration prospect with high cobalt and iron in limited historic drilling, located approximately two kilometres southwest from the main Rincones target. Hole SP-DDH-02 was collared nearly 500m from the historic holes, testing an IP geophysical anomaly.

The hole returned multiple intervals of copper, gold, cobalt and iron, highlighted by: 34m averaging 0.41% Cu, 0.07 g/t Au, 466 g/t Co and 18.0% Fe at 257m depth, including 11m averaging 0.98% Cu, 896 g/t Co and 30.9% Fe; 8.60m averaging 0.83% Cu, 0.04 g/t Au and 1156 g/t Co at 472.4m depth; 2.90m averaging 7.39 g/t Au and 119 g/t Co at 354.85m depth. Of note, the final interval noted above was highest gold results ever reported at the project. The results of hole SP-DDH-02 opens a new prospective area that appears parallel to the main Colla specularite breccia, and is open for lateral extension to the north and south as well as in the undrilled area between holes.

Drill hole SP-DDH-09 tested the continuity of mineralization in specularite breccias where limited historic drilling had returned multiple high cobalt results, including the best cobalt interval at the project: 414 ppm Co over 32 m starting at 116 m downhole in historic hole CO11DH-002. Hole SP-DDH-09 intercepted what is believed to be the same breccia body as historical hole CO11DH-002, located 485 metres to the south, and historic hole CO11DH-003, located 286 metres to the north. The new hole returned multiple shallow intervals with highly elevated cobalt, including a best of intercept of 11.25m averaging 483 g/t Co starting at 130.55m depth.

Additional Project & Phase 1 Drill Program Details: The San Pietro Project is hosted by andesite units in a Cretaceous volcano-sedimentary sequence associated with intrusive rocks including granodiorites and diorites of similar age. The Project is located east of the Atacama Fault system, a major north-south regional structure, which was instrumental in controlling the emplacement of the ore deposits in the area. Mineralization at San Pietro is typical of an IOCG system, with the addition of cobalt, and occurs in breccias, veins and mantos within a zone of K-feldspar-chlorite alteration.

These structures are rich in magnetite and specularite and in some cases calcite and are mainly developed along NW-SE lineaments. Within the 180km2 land package, the Company is focused on the Rincones advanced exploration target for completing the first resource estimation. This target formed the core of the historic work, with 46 widely-spaced holes drilled in an area of approximately 2.6 x 1.6 km, resulting in numerous intervals with significant copper, gold and cobalt.

Golden Arrow completed six diamond drill holes at Rincones in Phase 1 drilling to test new geologic interpretations and is awaiting final results prior to continuing on with more detailed drilling and deposit modeling. Three other targets were tested in the Phase 1 program. These targets are considered early-stage exploration and provide excellent potential for adding significant zones of mineralization to the project.

Results from Colla are the first to be received. Colla Target: The Colla target is located just over 2 km southwest of Rincones. Four historic holes were drilled here, at wide spacing over a strike length of 2.2 kilometres.

These holes returned high grades of cobalt and iron over significant widths, including the best interval of cobalt on the property: 414 ppm Co over 32 m starting at 116 m downhole in CO11DH-002. The first successfully completed hole in the current drilling program was SP-DDH-02, which tested a high chargeability anomaly (more than 30 mv/v) obtained from a recent 3D IP/Resistivity survey that covered an area of 700 x 1000 metres. The aim of the geophysical survey was to detect pyrite concentrations that correlate with chargeability anomalies, as cobalt is commonly found within pyrite at the prospect.

The hole succeeded in detecting packages of magnetite replacement bodies from 74.15 to 76 m depth and from 280 to 291 m. These intercepts may correspond to small magnetite bodies outcropping in the area with copper and cobalt anomalies of up to 0.27 % Cu and 91 Co g/t from rock chip samples. The hole also intercepted specularite veinlets and breccias with pyrite (cobalt) and chalcopyrite as from 257 to 267 m deep. Additionally, the high-grade gold interval of 2.90 m averaging 7.39 Au g/t corresponds to a hydrothermal crackle breccia with magnetite in the matrix.

The second area to be tested at Colla was the main specularite breccia body which had been partially tested by 4 historic holes (see Golden Arrow news release dated March 17, 2022). Holes SP-DDH-03 and 04 attempted to drill this area but failed to pass through a fault system at the contact of the breccia. Hole SP- DDH-09 was therefore drilled 84 metres SW of these holes and closer to the main breccia target to avoid the fault.

This hole confirmed the continuity of the specularite breccias and the extension of magnetite mantos delineated at surface by the new detailed mapping, with several high-grade cobalt intercepts. Together with the surface rock chip channel samples collected by Golden Arrow the Longitudinal Section C-D demonstrates the continuity of the cobalt mineralization from surface to at least 250 metres vertical depth. Core from hole SP-DDH-03 was assayed but did not return any significant intervals.

Core from hole SP-DDH-04 was not assayed. Hole SP-DDH-09 was collared over 500 m from SP-DDH-02; the horizontal distance from the end of SP-DDH-02 to the collar of SP-DDH-09 is approx. 250m.