Golden Arrow Resources Corp’s (CVE:GRG) chairman, president and chief executive officer Joseph Grosso provided an end of year update for investors on Tuesday.
“As the holiday season is upon us and a new year is just around the corner, we take this opportunity to provide you with an update on our exploration and development activities in 2016, particularly the progress of the option agreement with Silver Standard Resources for the combination of Golden Arrow's Chinchillas project and Silver Standard's Pirquitas mine.
“As of the end of September, 2016, Silver Standard has invested approximately $11mln to advance the project toward prefeasibility. In 2016, work completed included a phase VI drill program, an upgraded resource estimate, metallurgical studies, engineering studies, environmental monitoring and community relations programs. the environmental report, which is the major mine permit application, was submitted to the authorities in September.
Currently at Chinchillas, there are two drills working to complete detailed geomechanical and hydrogeological programs in and around the designed open pit by mid-December. Exploration work is also continuing both at Chinchillas and regionally to delineate additional potential ore feed for the proposed operation.
The work at Chinchillas has progressed on budget and on time. Golden Arrow ends the year on several additional very positive notes:
- The company's market visibility has noticeably increased this year. This has resulted in a very desirable daily trading volume varying from 500,000 shares to 800,000 shares per day, including in Canada, the United States and Europe.
- The share price has also performed well, showing as much as a 600% increase during the year and bringing the market capitalization of the company from approximately $13mln at the beginning of the year to nearly $75mln today.
- The company has approximately $8mln cash on hand, plus eight million unexercised warrants which could be materialized into approximately $5mln.
- The company has started preliminary work on its latest project, Antofalla, in Catamarca province.”