Golden Arrow Resources Corp. renegotiated the option agreement with the vendors of the Indiana gold-copper project in Chile and now has the right to earn a 100% stake over 74 months, expiring December 2024.
The total US$15.1 million cost of the earn-in under the definitive agreement with property owner Mineria Activa SpA has not changed, the company said Jan. 6. Previously, the payments were staged over 48 months.
The company will start a 2,500-meter drill program in the first quarter to confirm and further delineate high-grade mineralization before planning additional drilling and kicking off engineering studies, it said.
Golden Arrow has escalating work commitments in the first three years, including at least 2,500 meters of drilling in 2020, and has further minimum 2,500-meter drilling and start of preliminary engineering studies before the end of 2021.