Canada-headquartered mining exploration company Golden Arrow has agreed to purchase up to 100% of the Flecha de Oro gold project.

Located in Rio Negro province of Argentina, Flecha de Oro gold project consists of two exploration properties, Puzzle and La Esperanza.

Under a definitive agreement signed by the company, Golden Arrow will pay $2.093m in scheduled instalments to the vendor for seven years to acquire the stake in the two properties.

Golden Arrow president and CEO Joseph Grosso said “Flecha de Oro is an excellent complement to our portfolio of active gold projects in Chile and Paraguay, and it continues our work in Argentina, where the Grosso Group has been successfully exploring for over 25 years.

“Rio Negro is a very good jurisdiction where another Grosso Group company, Blue Sky Uranium Corp, has succeeded in making discoveries. We look forward to similar achievements at this project.”

The project’s due diligence sampling confirmed high-grade gold mineralisation with 5m grading 13.1g/t gold and 0.2m grading 11.2g/t gold from chip samples across two parallel quartz veins.

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During geological mapping, the exploration team gathered samples of rock, soil and stream sediment for analysis at Bureau Veritas Mineral laboratories.

In addition, in-house equipment was used for the magnetic survey and a consulting geophysicist processed the data.

The company is now conducting additional ground magnetic surveys at the project. The surveys will be followed by further surface sampling, mapping, trenching and drilling once the targets are identified.