Golden Arrow Resources Corporation announced that it has initiated an IP-resistivity geophysical survey at its new San Pietro Copper-Gold-Cobalt Project in Chile. The IP survey will be completed this month and is the final drill-targeting work prior to the commencement of the Company's first diamond drilling program in February. The focus of the exploration program in the last six months has been to build and confirm the already extensive database and modernize interpretations at the main prospects, to refine targets for drilling.

Mapping and sampling was undertaken throughout the more than 18,000 hectares of property, detailed 1:2,000 scale mapping was completed at the first two of the four most advanced targets, and additional work on the other targets is on-going. Contracted geophysical consultants with broad experience in IOCG systems have nearly completed the review and reinterpretation of historic geophysical data from throughout the project area. The new Induced Polarization (IP) resistivity geophysical survey at the Colla target will provide the final set of data to focus the first Golden Arrow drill program.

The Colla target hosts the best cobalt intervals from historic drilling, including a 32-metre interval in hole CO-11-DH-002 that averaged 414 g/t Co and included a single intercept of 1,040 g/t Co. [This drilling was carried out by previous operators and has not been independently verified by the Company's Qualified Person. Reported intervals are core lengths and true thickness has not been estimated at this time.] The IP survey, performed by GEO-3 consultants, will cover an area of 700 x 1,000 metres, and provide a 3D model with a depth of up to 500 metres.

The aim of the program is to detect chargeability anomalies that correlate with pyrite concentrations, as cobalt is commonly found within pyrite at the prospect. A drill contractor has been secured and the initial program will include approximately 2,500 metres of diamond drilling, with up to 20,000 metres currently planned for the year. Further details will be announced prior to the commencement of the program.

Golden Arrow announced that it has terminated its final property option in the Flecha de Oro Project in Argentina. Per the option agreement announced on June 8, 2020, there were no minimum work commitments. Having completed field mapping, sampling and ground geophysics, Golden Arrow has determined that it will not be proceeding with the option and has informed the vendor.