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