Golden Arrow Resources (GRG.V) announces it was granted additional mineral exploration concessions surrounding the Chinchillas silver discovery, tripling the size of the project to almost 1,200 hectares. The new concessions come with a drill permit, so once the company delineates drill targets on these new concessions Golden Arrow can start drilling rightaway.
The company has also updated the market about the termination of the Joint Venture with Vale (NYSE:VALE) on the Mogote project in Argentina’s San Juan province. This is obviously disappointing news, but perhaps not unexpected looking at the recent market volatility. Let’s not forget Vale has spent a considerable amount of money and man-hours on this project, so Golden Arrow can built on these past exploration programs.
With the termination of the Mogote Joint Venture, Golden Arrows’ Chinchillas project will obviously remain the company’s primary exploration focus.
Disclosure: The author holds a long position in Golden Arrow Resources. Golden Arrow is a sponsoring company. Please see our disclaimer for current positions.