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TSX Venture Exchange (TSX-V): GRGF Frankfurt Stock Exchange (FSE): G6AOTCQB Venture Market (OTCQB): GARWF
VANCOUVER, British Columbia, Jan. 12, 2024 /PRNewswire/ — Golden Arrow Resources Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF), (“Golden Arrow” or the “Company”) is pleased to announce that Nueva Golden Explorations Chile SpA (“NGE”), a wholly-owned subsidiary of the Company, entered into an option agreement (fully executed on January 9, 2024) (the “Option Agreement”) with Sociedad de Servicios Andinos SpA (“SSA”). Pursuant to the Option Agreement, NGE has granted SSA the option (the “Option”) to subscribe for 333 shares of NGE’s capital (each, a “Share”), equivalent to approximately 25% of the issued and noteworthy Shares at the time of trading. of the Option, subject to the terms and conditions of the Option Agreement. The shares are not convertible or otherwise exchangeable for common shares of the Company. SSA does not deal at arm’s length with the Company. No finder fees are paid for this transaction.
To exercise the option, the SSA must make a contribution of US$ 5,000,000 (its equivalent in Chilean pesos), as follows:
(i) $2,000,000 in cash, in six biweekly installments of $333,333 on February 1, 2024, and
(ii) the provision of heavy drilling machinery, rental of Array trucks, and any other goods or requirements for the progression of the cash operations of the San Pietro Project (as described below) with an aggregate price of USD 3,000,000 through July 2025.
Joseph Grosso, Chairman, CEO and President of Golden Arrow commented, “We are very pleased with this arrangement with SSA as this deal represents the equivalent of approximately 7 million Canadian dollars of non-dilutive financing for Golden Arrow, in a difficult market. The investment will allow us to complete an aggressive exploration and drilling program to continue evaluating San Pietro’s many targets, and in support of our first NI 43-101 mineral resource estimate for the project which we are aiming to complete by the end of year.”
San Pedro Project
NGE owns a 100% interest in the San Pietro iron, copper, gold and cobalt oxides project in Chile (the “San Pietro Project”). The San Pietro project covers approximately 18,500 hectares, about 100 kilometers north of Copiapó. Located between and adjacent to Capstone Copper’s Manto Verde mining assets and the Santo Domingo allocation, the San Pietro allotment sits in the middle of a potential new copper-cobalt region within an active and well-developed mining district that is home to all primary iron oxides. Copper and Gold Deposits (“IOCG”) in Chile. La proximity of the San Pietro assignment to other mining assignments in the region does not provide any guarantees to clients of the San Pietro assignment.
The San Pietro assignment hosts several targets with strong IOCG cobalt mineralization. In 2023, the Company completed approximately 4,000 metres of diamond drilling in thirteen holes to load approximately 34,000 metres of old drilling at San Pietro into the database. All tested targets reported high mineralization intervals, as indicated in the Company’s press releases of June 13, June 27 and July 12. With the finishing touch to this agreement with SSA, the Company is refining its geological modeling to finalize the required spacing and drilling schedule for an NI 43-101. The full exploration drilling program and resource delineation for 2024 will be announced in the coming weeks.
About Sociedad de Servicios Andinos SpA:
SSA is a company based in Copiapó whose main activities are Diamond drilling, Heavy Equipment Services and Logistics. They are currently carrying out drilling and water supply with cistern trucks at Filo del Sol project, for Lundin Group.
SSA’s main shareholder is also the majority shareholder of AGV GROUP, a leading mining services company in Argentina, with a ten year partnership with Grosso Group companies in Argentina, including Golden Arrow.
About the Golden Arrow:
Golden Arrow Resources Corporation is a mineral exploration company with a proven track record of building valuable and basic steel discoveries and converting them into exceptional deposits.
Golden Arrow is actively exploring its flagship property, the complex San Pietro iron oxide, copper, gold and cobalt allocation in Chile, as well as a portfolio that includes approximately 125,000 hectares of potential housing in Argentina.
The Company is a member of Grupo Grosso, a resource control organization and a pioneer in exploration in Argentina since 1993.
ON BEHALF OF THE COUNCIL
“Joseph Grosso” _____________________________M. Joseph Grosso, Executive Chairman, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may include forward-looking statements. Forward-looking statements relate to long-term events and situations and involve inherent dangers and uncertainties. All statements, other than statements of past fact, that relate to activities, events or developments that the Company believes, expects or forecasts will happen or are likely to happen in the long term, including, but not limited to, statements regarding the proceeds of the options transaction and the use thereof; the Company’s plans for its mining properties; the Company’s business strategy, plans and outlook; the Company’s long-term monetary or operating performance; long-term exploration and exploitation plans (including the 2024 exploration drilling and resource delimitation program); the progression of the Company’s geological modelling; and the finishing touch of a mineral resource estimate in accordance with NI 43-101 (and the timing thereof) are forward-looking statements.
Forward-looking statements are subject to a number of dangers and uncertainties that could cause the Company’s actual effects to differ materially from those discussed in the forward-looking statements and, even if such actual effects were known or substantially known, they could not possibly be It is guaranteed that they will have the expected consequences or effects on the Company. Factors that may also cause actual effects or events to differ materially from existing expectations include, but are not limited to: the effect of COVID-19; dangers and uncertainties related to the ability to obtain, modify or possess licenses, leases or surface rights; hazards related to technical difficulties related to mining activities; and the option that long-term exploration, progression or mining effects may not be consistent with the Company’s expectations. Actual effects would likely differ materially from those currently expected in such statements. The proximity of the San Pietro Project to other mining projects in the region does not offer any guarantee for the clients of the San Pietro Project. Readers are encouraged to consult the Company’s public disclosure documents for a more detailed discussion of items that could possibly expect long-term effects. The Company undertakes no legal responsibility to publicly update or revise any forward-looking statements, except as required by applicable law.
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SOURCE Golden Arrow Resource Corporation
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