TSX-V-listed Golden Arrow is expanding into Chile with the acquisition of the 3 450 ha advanced Atlantida copper/gold project.
Atlantida combines mineral rights from two separate owners and includes an extensively drilled copper/gold deposit with an historic resource estimate. By consolidating the land package, Golden Arrow believes there is potential to identify new mineralisation and define a significant copper/gold resource.
Previous exploration at Atlantida resulted in an historic resource estimate of 427-million tonnes averaging 0.43% copper equivalent.
Golden Arrow’s due diligence surface rock samples in this area returned up to 3.7 g/t gold and 1.98% 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.
The first agreement includes a 48-month earn-in with minimal costs in the first year and total payments of $4-million. There is a 2% net smelter royalty (NSR) 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 and a 1% NSR that can be repurchased in full under certain terms.
Golden Arrow is already active in Argentina. The company owns a 25% share of Puna Operations, a joint venture operated by SSR Mining, with more than eight years of forecast production and upside potential at the Pirquitas-Chinchillas silver mining project. It is also actively exploring on its more than 200 000 ha of properties in Argentina.