Golden Arrow - 165 Million Oz Silver Eq Resource
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Golden Arrow Resources increases the Chinchillas resource estimate by over 60%
September 1, 2014
Golden Arrow Resources (GRG.V) has announced an excellent resource update on its Chinchillas project in Argentina’s Jujuy province after another 9,000 meter drill program. The indicated resources are currently at 95.9 million silver-equivalent ounces at an average grade of almost 4 ounces per tonne. Additionally, there’s another 68.7 million silver equivalent ounces in the inferred resource category. This means that the total resource estimate has increased by approximately 60% compared to the previous resource estimate where the PEA was based on.
This means that the updated PEA which is currently being completed will undoubtedly increase the NPV of the Chinchillas project as the mine life will very likely be extended. On top of that, VP of Exploration Bria McEwen stated that the deposit remains open in most directions, so further resource increases aren’t unlikely. Additionally, the large low-grade zone which could contain up to 200 million silver-equivalent ounces provides further leverage to the silver price.
We will release an updated report on Golden Arrow Resources as soon as it files its technical report on this resource update.