Golden Arrow Renegotiates Indiana Project Deal & Moves Forward with Drill Program
Golden Arrow Renegotiates Indiana Project Deal & Moves
Forward with Drill Program
TSX Venture Exchange (TSX-V):
GRG
Frankfurt Stock Exchange (FSE):
G6A
OTCQB Venture Market (OTCQB):
GARWF
VANCOUVER
,
Jan. 6, 2020
/CNW/ -
Golden Arrow Resources Corporation (TSX-V: GRG, FSE: G6A, OTCQB: GARWF), ("Golden
Arrow" or the "Company")
is pleased to announce that the Company has renegotiated the terms of its option agreement (the "
Agreement
")
with the vendors of the
Indiana
gold-copper project in
Chile
("
Indiana
" or the "
Project
"). The Indiana Project represents a near-term
production target with upside potential, and includes a permit for mining in the area of an historic resource with two ramps allowing access for
exploration and development.
Golden Arrow
has amended the definitive agreement with the property owner, Mineria Activa SpA, ("
MSA
"), a Chilean private equity
investment management firm focused on exploration to production-stage assets in the Mining sector.
Golden Arrow
now has the right to earn
100% of the Project over a 74-month period, expiring in
December 2024
, and the total cost of
US$15.1M
has not changed. However, the
payment made prior to the end of 2019 was reduced to
US$150,000
, and the subsequent payment due in one year is reduced to
US$200,000
.
Golden Arrow
has escalating work commitments in the first three years including: a minimum 2,500 metre drill program in 2020
and a further minimum 2,500 metre drill program and commencement of preliminary engineering studies before the end of 2021.
"
The
Indiana
project has the potential to be rapidly advanced towards mining, and to be a base to build on with additional projects in the
area,"
stated
Joseph Grosso
, Executive Chairman, CEO & President of
Golden Arrow
.
"By renegotiating the terms, we have de-risked the
project in a way that is more appropriate for our exploration and development focus, allowing us to build value through exploration and look
to monetize the asset through sale, or partnered development
."
The Company will commence a 2500 metre drill program in the first quarter of this year to confirm and further delineate high-grade
mineralization prior to planning additional drilling and commencing engineering studies.
Qualified Persons
The technical contents of this release have been reviewed and approved by
Brian McEwen
, P.Geol., VP Exploration and Development to the
Company and a Qualified Person as defined in National Instrument 43-101.
About
Golden Arrow
:
Golden Arrow Resources Corporation is a mining exploration company with a successful track record of creating value by making precious
and base metal discoveries and advancing them into exceptional deposits. The Company is well-leveraged to the price of gold, having recently
monetized its Chinchillas silver discovery into a significant holding in precious metals producer SSR Mining Inc.
Golden Arrow
is actively exploring a portfolio that includes advanced projects in
Chile
, a district-scale frontier opportunity in
Paraguay
, and
more than 185,000 hectares of properties in
Argentina
.
The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in
Argentina
since 1993.
ON BEHALF OF THE BOARD
"Joseph Grosso"
_______________________________
Mr.
Joseph Grosso
,
Executive Chairman, President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore
involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers
are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected
future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
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SOURCE
Golden Arrow Resources Corporation
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For further information:
Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email:
CO: Golden Arrow Resources Corporation
CNW 14:04e 06-JAN-20