The property spans 3,500ha and is prospective for copper and gold. Credit: Phawat/Shutterstock.

Mining exploration company Golden Arrow Resources has finalised an option agreement with Latin Metals to acquire up to a 100% interest in the Huachi copper-gold property in Argentina.

The agreement marks Golden Arrow’s third project to be optioned in Argentina.

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As per the definitive option terms, Latin Metals can earn a 75% interest in Huachi over four years.

This requires $1m (C$1.37m) in exploration expenditure and $1m in cash payments to Golden Arrow.

Upon securing a 75% interest, Latin Metals has a 90-day top-up right allowing for the acquisition of the remaining 25% for a $2m cash payment.

The payment must be made to Golden Arrow within the specified period. If Latin Metals declines the top-up right, a joint venture will be formed in which Latin Metals will hold 75% stake, with Golden Arrow retaining a 25% interest.

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Both parties will fund future expenditure based on their shares. Should a party’s interest fall below 15%, it converts to a 1% net smelter return (NSR) royalty.

Future funding will be proportional to each party’s stake. This ensures continued collaboration on the Huachi project.

Exploration work and cash payments will begin after environmental permit approval. The permit will authorise drilling and other exploration activities.

Huachi spans 3,500 hectares (ha) and is prospective for copper and gold. It forms part of Golden Arrow’s 120,000ha portfolio in Argentina.

Located in San Juan Province, the Huachi property is adjacent to Latin Metals’ Esperanza copper-gold project.

Golden Arrow president and CEO Nikolaos Cacos said: “This agreement marks the third strategic option agreement we have signed in recent years as part of our efforts to advance our non-core assets.

“Success on any of these projects is good for Golden Arrow and our shareholders. Huachi now joins our Mogote Copper-Gold project that is under option to Mogotes Metals as part of their Filo Sur project, and our Caballos Copper-Gold project that is under option to Hanaq Argentina.”

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