Golden Arrow has signed agreements to acquire the 3,450 hectare Atlantida copper-gold project in Chile’s 3rd Region.
Image: A native copper. Photo: courtesy of Native_Copper_Macro_Digon3.jpg: “Jonathan Zander (Digon3)"/ derivative work: Materialscientist (talk)/Wikipedia.
Atlantida is an advanced project which 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 mineralization 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. 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 historic resource, and extends onto an adjacent claim (now under option by Golden Arrow) that has historic workings but has had limited modern exploration.
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.
“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, CEO & 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% owned subsidiary of Golden Arrow.
Source: Company Press Release