Golden Arrow Resources Corp. signed agreements to consolidate and acquire the Atlantida copper-gold project, which consists of two land packages in Chile totaling around 3,450 hectares.
The company said Oct. 11 that the first deal, worth US$4 million, includes a 48-month earn-in period with minimal costs in the first year and a 2% net smelter royalty, which can be halved under certain terms.
Meanwhile, the second agreement, worth US$2 million, consists of a 24-month earn-in period and a 1% NSR that can be repurchased in full under certain terms.
Atlantida hosts an extensively drilled copper-gold deposit with a historical resource estimate. It is situated within a metallogenic belt limited by the Atacama fault system to the west and the Domeyko fault system to the east.
Golden Arrow said it has completed legal and technical due diligence on the project as it plans an aggressive program to delineate and drill test targets. Atlantida will be managed under Golden Arrow unit New Golden Explorations Inc.
Executive Chairman, CEO and President Joseph Grosso said acquiring the advanced project broadens the company's opportunities and helps it build resources and value for shareholders.