VANCOUVER, BC, May 11, 2022
/CNW/ - Golden Arrow Resources Corporation (TSXV: GRG)
(FSE: G6A) (OTCQB: GARWF), ("Golden Arrow" or the
"Company") is pleased to announce that it has optioned its
Mogote Copper-Gold Project, in San Juan Province, Argentina ("Mogote" or the "Project") to
Australian-based Syndicate Minerals Pty ("Syndicate"). This is the
third property option completed by the Company since early 2021, as
part of its strategy to build a secondary value stream through
joint-venture advancement of non-core exploration projects from the
Company's more than 180,000-hectare property portfolio in
Argentina.
"We look forward to this partnership with Syndicate to
advance Mogote, providing another excellent opportunity for us to
build value for our investors at no cost to us. Our previous
success at Chinchillas left us strongly funded for exploration
without further dilution to our shareholders and our team is
focused on repeating that achievement at our new 100% held San
Pietro copper project in Chile,
while continuing to advance our other core projects through our
five-step exploration process," commented Joseph Grosso, Golden
Arrow's Executive Chairman, President and CEO.
Golden Arrow executed the
Definitive Agreement (the "Agreement") through its wholly-owned
Argentinean subsidiary. The agreement gives Syndicate the
opportunity to earn an 85% interest in Mogote. An initial 80%
interest can be earned by spending $5
million on exploration at the Project over five years and
making cash payments of $1.9 million
over five years, including a payment on signing of $150,000. After completion of the option earn-in,
Syndicate has the option to complete a feasibility study and earn a
further 5% interest. After that, a joint venture company will
advance the Project on a pro rata basis, with provisions for
dilution.
The Mogote project includes over 8000 hectares of property in
the northwest of San Juan province and has seen only 12,000 metres
of drilling but has multiple porphyry and epithermal targets.
Mogote is directly south and adjacent to the new Vicuña copper
district established by the Lundin group of companies, including
the Filo del Sol, Josemaria and Los Helados deposits. The Mogote
property abuts the Filo del Sol property, where the large porphyry
copper-gold system associated with a high-sulphidation epithermal
copper-gold-silver deposit is located approximately two kilometres
to the north. Los Helados, one of the largest undeveloped
copper-gold resources in the world, is approximately 25 kilometres
to the north of Mogote, and the Josemaria feasibility-stage copper
project is approximately 15 kilometres to the northeast
[Golden Arrow cautions
that proximity to a mineral resource, deposit, or mine does not
indicate that mineralization will occur on Golden Arrow's property, and if mineralization
does occur, that it will occur in sufficient quantity or grade that
would result in an economic extraction scenario.]
Syndicate Minerals is a private Australia-based mineral exploration company
focusing on uncovering the next generation of mineral deposits.
They have projects across Australia exploring for gold, copper, lithium,
and tin. They have a strongly funded treasury and are focused on
expanding their asset portfolio in Latin
America.
Qualified Persons
The exploration programs are designed by the Company's
geological staff and results are reviewed, verified (including
sampling, analytical and test data) and compiled under the
supervision of Brian McEwen,
P.Geol., VP Exploration and Development to the Company. Mr.
McEwen is a Qualified Person as defined in National Instrument
43-101 and has reviewed and approved the contents of the news
release.
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 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 an epithermal gold project in
Argentina, a district‑scale
frontier gold opportunity in Paraguay, a base-metal project in the heart of
a leading mining district in Chile
and more than 180,000 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.
All statements, other than statements of historical fact, that
address activities, events or developments the Company believes,
expects or anticipates will or may occur in the future, including,
without limitation, statements about the Company's plans for its
mineral properties; the Company's business strategy, plans and
outlooks; the future financial or operating performance of the
Company; and future exploration and operating plans are
forward-looking statements.
Forward-looking statements are subject to a number of risks
and uncertainties that may cause the actual results of the Company
to differ materially from those discussed in the forward-looking
statements and, even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on, the Company.
Factors that could cause actual results or events to differ
materially from current expectations include, among other things:
the impact of COVID-19; risks and uncertainties related to the
ability to obtain, amend, or maintain licenses, permits, or surface
rights; risks associated with technical difficulties in connection
with mining activities; and the possibility that future
exploration, development or mining results will not be consistent
with the Company's expectations. 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, unless required pursuant to applicable laws.
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SOURCE Golden Arrow Resources Corporation