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.”
