Golden Arrow Resources (TSX-V: GRG) has terminated its option to acquire a 75% stake in the Libanesa silver-gold project in Argentina's Santa Cruz province.
The company said it would focus instead on its new 100% owned San Pietro copper-gold-cobalt project in Chile and other projects in Argentina.
The 145-sq.-km Libanesa project, owned by Mirasol Resources (TSX-V: MRZ), is located about 70 km west from the port of Puerto Deseado and 40 km northwest of Yamana Gold's (TSX: YRI; NYSE: AUY)) Cerro Moro mine.
Golden Arrow conducted a detailed surface work program late last year to refine the previously defined targets and evaluate additional areas within the property.
In March, it kicked off a maiden diamond drilling program. Golden Arrow currently has six projects in Argentina and two in Chile.