Golden Arrow Resources Corp. has entered into a binding letter of intent (LOI) with Mirasol Resources Ltd. for an option to acquire a 75% undivided interest in Mirasol’s Libanesa silver-gold project in the province of Santa Cruz, Argentina.
Under the terms of the LOI, Golden Arrow may exercise the option by incurring certain exploration expenditures and making staged cash payments over 6 years.
Libanesa is a drill-ready project hosting several diversified geological, geochemical, and geophysical supported drill targets. Based on the work to date, Cerro Plomo is the principal target and is characterised by a mineralised Au/Ag hydrothermal breccia that is exposed at surface, and both chargeability and resistivity geophysical anomalies at depth.
Trench results include:
- 6 m at 0.8 g/t Au, 243.8 g/t Ag, and 0.4% Pb.
- 10.5 m at 0.98 g/t Au, 53.4 g/t Ag, and 0.9% Pb.
- 11 m at 1.21 g/t Au, 13.5 g/t Ag, and 1.4% Pb.
Additional targets within Libanesa include the peripheral polymetallic veins at the Libanesa Main prospect, as well as the Lagunita prospect, which has reported rock chip values up to 7.2 g/t gold.
Joseph Grosso, Golden Arrow Executive Chairman, President and CEO, comments:
“Libanesa presents an excellent opportunity for discovery and provides Golden Arrow with a new exploration entry into this exciting area of Santa Cruz, which hosts multiple high-grade gold and silver mines.”