Golden Ar­row to ac­quire At­lantida project in Chile

Stockwatch Daily - - MINES & METALS - Mr. Joseph Grosso re­ports

GOLDEN AR­ROW Re­sources Corp. has signed de­fin­i­tive agree­ments to ac­quire the 3,450-hectare At­lantida cop­per-gold project in Chile’s third re­gion. At­lantida is an ad­vanced project that com­bines min­eral rights from two sep­a­rate own­ers and in­cludes an ex­ten­sively drilled cop­per-go ld de­posit with a his­tor­i­cal re­source es­ti­mate. By con­sol­i­dat­ing the land pack­age, Golden Ar­row be­lieves there is po­ten­tial to iden­tify new min­er­al­iza­tion and de­fine a sig­nif­i­cant cop­per-gold re­source.

Pre­vi­ous ex­plo­ration at At­lantida re­sulted in a his­tor­i­cal re­source es­ti­mate of 427 mil­lion tonnes av­er­ag­ing 0.43 per cent cop­per equiv­a­lent. The re­source in­cludes a deep por­phyry cop­per-gold tar­get and a near-sur­face skarn with higher gold grades, which to­gether cover an area of ap­prox­i­mately 225 hectares. Sit­u­ated within the con­sol­i­dated At­lantida prop­erty, this skarn zone is lo­cated on the western edge of the claim host­ing the his­tor­i­cal re­source and ex­tends onto an ad­ja­cent claim (now un­der op­tion by Golden Ar­row) that has his­tor­i­cal work­ings but has had limited mod­ern ex­plo­ration. Golden Ar­row’s due dili­gence sur­face rock sam­ples in this area re­turned up to 3.7 grams per tonne gold and 1.98 per cent cop­per, pro­vid­ing an ex­cel­lent tar­get for new min­eral re­sources. In ad­di­tion, based on the pre­lim­i­nary due dili­gence re­view, Golden Ar­row be­lieves the project is prospec­tive for dis­cov­ery of sim­i­lar tar­gets else­where within the con­sol­i­dated At­lantida prop­er­ties.

“Ex­pan­sion into this area of Chile that is host to mul­ti­ple world-class cop­per and gold de­posits broad­ens our op­por­tu­ni­ties to ac­quire ad­vanced projects like At­lantida, in or­der to po­ten­tially quickly build re­sources and value for our share­hold­ers,” com­mented Joseph Grosso, ex­ec­u­tive chair­man, chief ex­ec­u­tive of­fi­cer and pres­i­dent. “Golden Ar­row has built an ex­cel­lent port­fo­lio of pre­cious and base me­tal as­sets in Ar­gentina which we con­tinue to ex­plore.”

Golden Ar­row has com­pleted le­gal and tech­ni­cal due dili­gence on the project. The com­pany is plan­ning an ag­gres­sive pro­gram to de­lin­eate and drill test tar­gets through­out the project area. The At­lantida project will be man­aged un­der New Golden Ex­plo­rations Inc., a 100-per- cent-owned sub­sidiary of Golden Ar­row.

About the At­lantida gold-cop­per project

The At­lantida project in­cludes two sep­a­rate land pack­ages that Golden Ar­row has con­sol­i­dated into a sin­gle project through the sign­ing of two de­fin­i­tive agree­ments. The first agree­ment in­cludes a 48-month earn-in with min­i­mal costs in the first year and to­tal payments of $4-mil­lion (U.S.). There is a 2-per-cent net smelter roy­alty payable, with half avail­able for re­pur­chase un­der cer­tain terms. The sec­ond agree­ment in­cludes a

24-month earn-in pe­riod for a to­tal of $2-mil­lion (U.S.) and a 1-per-cent net smelter roy­alty that can be re­pur­chased in full un­der cer­tain terms.

The to­tal land area of the con­sol­i­dated project is ap­prox­i­mately 3,450 hectares. The project is road ac­ces­si­ble and is lo­cated 60 kilo­me­tres north­east of Copi­apo at an al­ti­tude of 1,700 me­tres above sea level. There is an abun­dance of both out­crop and old work­ings.

We seek Safe Har­bor.

Erika Flores con­densed this news re­lease (erikaf@stock­watch.com).

Niko­laos Ca­cos, John Blun­dell Gam­mon, Joseph Ni­cola Grosso, Al­fred Leonard Hills, Louis Paul Sal­ley, David An­drew Terry

(GRG) Shares: 101,974,517

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