Golden Arrow to acquire Atlantida project in Chile
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.
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Nikolaos Cacos, John Blundell Gammon, Joseph Nicola Grosso, Alfred Leonard Hills, Louis Paul Salley, David Andrew Terry
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