Golden Arrow Resources Corporation (CVE:GRG) (OTCQB:GARWF) told investors that fieldwork is now underway at its recently staked Rosales copper project in Region III in Chile, sending shares higher.
"It's very exciting to have boots on the ground for the first time at our new Rosales project, particularly as we see the price of copper continuing its upward trend over the $3.00 mark," noted Brian McEwen, Golden Arrow's vice-president of exploration and development, in an exploration update on Monday.
READ: Golden Arrow Resources kicks off drilling at Tierra Dorada gold project in Paraguay to define targets
"Golden Arrow remains primarily focused on precious metals, but this project was too good an opportunity to pass up, providing 100% ownership at a very low entry cost, with excellent exploration, and market, upside."
Rosales spans 1,450 hectares and lies 90 kilometres (km) from the mining centre of Copiapo. It is already home to priority target areas, which are characterized by zones of near-surface copper stockwork mineralization, including the Margarita Trend target and the NW target, Golden Arrow said.
The current work is set to include soil sampling and a geological mapping program. Several hundred soil samples will be taken along with a 1:5,000 scale mapping of the Margarita Trend and the NW targets.
Elsewhere, at the Tierra Dorada gold project in Paraguay, the 500 metre shallow-hole diamond drilling program initiated in late August at the Alvaro target is proceeding and drilling is expected to continue until around the end of the month, with assay results of sampling to follow, the firm said.
Meanwhile, at its The Flecha de Oro gold project in Rio Negro Province, Argentina, field work has been suspended since the spring due to coronavirus (COVID-19) travel and work restrictions.
Ahead of a possible prolonged suspension, Golden Arrow has negotiated amendments to the option agreements for the Esperanza and Puzzle properties that delay 50% of the upcoming September payment to July of next year, and extend the subsequent payment to July 2022.
The firm also told investors it had now processed data results received in the early summer to refine targets for follow-up when field work resumes.
In addition, the team will soon be submitting an Environmental Impact Report (EIR) for the new Maquinchao property at Flecha de Oro - a required step in the permitting process for exploration.
Shares nudged up over 5% on Monday to stand at C$0.20 each.
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