Vancouver-based explorer Golden Arrow Resources (TSX-V: GRG) has entered into a Definitive Agreement with Mineria Activa SpA to acquire up to 100% of the Indiana gold-copper project in Chile. Indiana is located approximately 35 kms from Golden Arrow's new Atlantida copper-gold project.
The advanced-stage gold-copper project features a near surface deposit of high-grade gold and copper vein-hosted mineralization, with an historic resource estimate. The Indiana project includes an historic inferred mineral resource estimate of over 600,000 ounces of gold equivalent, 13,000 metres of diamond drilling completed in over 40 holes, 2,000 chip and trench samples and high potential for additional mineralization and new resources throughout the property.
"With the addition of the advanced-stage Indiana Project to the recently acquired Atlantida Project, we solidify our presence in Chile, emphasizing our commitment to the rapid identification of new resources," Joseph Grosso, Golden Arrow's President & CEO said in a media statement.
Terms for the Definitive Agreement are a $100,000 payment on signing, followed by $15M in payments staged over 48 months. Prior to Golden Arrow making the last payment of $7M at the end of year four, MSA has the option of retaining 25% of the project.