Golden Arrow Resources set to buy back own shares
The firm said it believes the recent share price has not reflected the underlying value of the group's property portfolio
Company
CVE:GRG
Golden Arrow Resources Corporation is a mining exploration company with a successful track record of creating value by making precious and base metal discoveries and advancing them into exceptional deposits. Golden Arrow is actively exploring its flagship property, the advanced San Pietro iron oxide-copper-gold-cobalt project in Chile, and a portfolio that includes nearly 125,000 hectares of prospective properties in Argentina.
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The firm said it believes the recent share price has not reflected the underlying value of the group's property portfolio
It is carrying out extensive mapping, sampling, and ground magnetic surveying at the Esperanza and Puzzle properties
Initial work includes a minimum of 2,500 metres in 12 holes, to test the Bondadosa, Flor de Espino and Rucas veins
It now has the right to earn 100% of the project over a 74-month period, and has escalated work commitments in the first three years including a minimum 2,500 metre drill program in 2020
It has engaged Baybak for a period of six months for financial communication, media relations and market development
Mapping and sampling at the Alvaro target, one of four previously-identified targets, identified a new quartz vein prospect
Golden Arrow's sale of its 25% interest in the joint venture which owned Chinchilla to SSR Mining in a C$44.4 million transaction was completed in September
The portfolio currently includes multiple projects with discovery potential including our newly acquired properties in Chile and Paraguay
The property includes the Puzzle and La Esperanza exploration properties, which cover 1,952 hectares and 9,968 hectares respectively
The financing was boosted thanks to increased investor demand
The non-brokered private placement consists of up to 4 million units priced at $0.20 per unit
Vancouver-based Golden Arrow’s assets span the mining life cycle, from a number of discovery-stage projects to the silver-producing Chinchillas mine
Shares of Golden Arrow were up in the US as operating partner SSR Mining released production figures from Chinchillas
The Argentina-focused exploration company plans to use the funds for general working capital
Each unit consists of one share and one transferable share purchase warrant
The financing will see the Vancouver-based company issue up to 8.5 million units at $0.30 apiece
Golden Arrow Resources Corp's joint venture partner, Puna Operations Inc, reported annual and fourth quarter 2018 operational results , as well as provided the 2019 guidance for the Chinchillas project in Argentina
The company recently announced the start of the Chinchillas operation in Jujuy Province, Argentina
Completion of certain infrastructure projects at Chinchillas and Pirquitas is scheduled for the first quarter of next year.
Using SSR's processing plant for Chinchillas ore represents tremendous savings in capex and time to production, the company said