Golden Arrow Resources Corp. entered a definitive agreement to acquire the Flecha de Oro gold project in Argentina.
The company can own the property by making staged payments to the vendor totaling US$2.1 million over seven years and granting a 1% net smelter royalty, which can be slashed to 0.25% for US$1 million.
Flecha de Oro comprises two properties: the 1,952-hectare Puzzle and the 9,968-hectare La Esperanza.
Golden Arrow said Sept. 25 that its due diligence and reconnaissance work confirmed high-grade gold in surface samples and identified numerous trends of quartz veins and stockworks at surface, with the potential to delineate larger zones of mineralization.
The company plans to complete ground magnetic surveys at the project before proceeding with other exploration work that includes additional surface sampling, trenching and diamond drilling.
