Golden Arrow Resources Corp (TSX-V:GRG, OTCQB:GARWF) reported that it has granted Sociedad de Servicios Andinos SpA (SSA) the option to acquire a significant stake in the San Pietro project in Chile.
New Golden Explorations Chile SpA (NGE), its wholly-owned subsidiary, had granted SSA the option to subscribe for 333 shares in the capital of NGE, amounting to approximately 25% of the issued and outstanding shares upon exercise of the option.
The company received conditional approval of the transaction from the TSX Venture Exchange in January 2024 and subsequently, NGE received a total of US$616,817 in cash option payments from SSA.
SSA is obligated to conduct drilling services at the San Pietro project, for which they have procured a new diamond drilling rig along with other necessary equipment and personnel.
The teams from Golden Arrow and SSA are currently on-site at the project, making final preparations to commence the new drilling campaign.