Arrow Minerals confirms nickel-copper potential of the Plumridge Nickel Project
JV partner IGO has completed a considerable amount of exploration, resulting in the identification of clusters of mafic/ultramafic intrusions.
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Arrow Minerals Limited is an exploration and development company focused on delivering long-term shareholder value through the discovery of economic mineral deposits. The company has implemented a systematic science-based exploration philosophy whilst remaining commercially nimble to ensure we capture and retain value.
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JV partner IGO has completed a considerable amount of exploration, resulting in the identification of clusters of mafic/ultramafic intrusions.
The T1a prospect is defined by a 2.8x0.6 kilometre gold-in-bedrock anomaly.
The company has identified mineralised intrusions and splays off the main fault which will be the focus of future drill programs.
Two new surveys are planned at the project during the March quarter of 2019.
Notably, this is the second acquisition of shares from the managing director in recent weeks.
The full results of the 14,000-metre drilling campaign are expected by December.
Previous drilling and exploration at the project suggests good potential for gold.
The company will receive C$1 million in cash and 2 million shares in Canadian company Pacton Gold Inc.
Exploration to date at T1 will enable more defined targeting for deeper drilling.
The company will retain rights to explore and extract lithium and post-transaction will hold a 3.3% interest in Pacton.
Assays from the T1 prospect are expected to be received this month.
The 26,000-metre aircore program is targeting gold anomalies identified by soil sampling.
Croesus has purchased 10.9 million shares in a series of acquisitions since mid-April.
Steven Michael previously worked as a mining analyst for Macquarie Bank
Drilling of the last prospect T1 is underway with assays from T2 expected next.
The sale increases Arrow's cash position and allows it to focus on core projects.
Prospects T8 and T6 have been drilled with aircore drilling now underway at T2.
The deal provides Arrow access to C$500,000 of near-term cash funding.
Drilling is looking for concentrations of nickel-copper-cobalt sulphides.
The Strickland project covers over 100 strike kilometres of greenstone belts and straddles the Evanston and Yuinmery Shear Zones.