Arrow Minerals caps “transformative” FY2021 with sights set on Burkina Faso and Western Australia
Arrow Minerals Ltd (ASX:AMD) has highlighted a transformative 12 months ending June 30, 2021, with the company entering into several commercial agreements to acquire access to high-quality exploration permits, divesting non-core assets whilst retaining value options and growing the technical capability of the team.
The company is positioned well for an exciting year ahead, as it builds on its ongoing discovery success in Burkina Faso.
Arrow now has access to over 1,200 square kilometres of contiguous exploration ground in the highly prospective gold-rich Paleoproterozoic Boromo belt, an area referred to as the Vranso Project.
The company will also benefit from exposure to upside on its three joint ventures – the Arrow-Fortuna Silver JV in Burkina Faso, the 1% NSR carried on its Western Australian Plumridge nickel JV with IGO, and the recently signed farm-out agreement with Electrostate on the Malinda Lithium project in Western Australia.
Within the Vranso Project in Burkina Faso, exploration is focussed on the Divole East and West permits.
Arrow has made a new discovery on the Divole West permit – the Dassa Gold deposit.
Dassa sits within a 5-kilometre long zone of highly anomalous gold in soil and auger sampling, the full extent of which remains to be tested.
Further auger and reverse circulation (RC) drilling continue to expand the known footprint of this significant discovery that remains open along strike, down-dip and at depth.
Exploration drilling was also conducted on the Divole East Permit, with 2,385 metres of RC drilling completed at the new Poa prospect, identifying gold mineralisation that extended the Divole East mineralised corridor to a strike-length of 7.5 kilometres.
In Western Australia, at the company’s 100% owned Strickland Project, seven drill holes were completed to test airborne geophysical anomalies.
Downhole geophysical surveys identified an off-hole downhole electromagnetic anomaly in one of those holes that sits beneath the completed drilling and corresponds with a thick and highly anomalous copper intersection in nearby drilling.
Plumridge Nickel Project
At the Plumridge Nickel Project, Arrow opted to convert its contributing 10% to a 1% NSR (net smelter royalty).
This will enable Arrow to focus its resources on its high-quality precious and base metals projects while retaining exposure to any IGO success at Plumridge.
Arrow’s board and management team was bolstered during the year by the appointment of Hugh Bresser as Technical Director.
Hugh brings a breadth and depth of highly relevant experience to the company and will serve on the board and as a hands-on technical expert.
Strong financial position
The work completed over the past twelve months has allowed Arrow to gain value from its non-core assets and paved the way to add to its gold discoveries in Burkina Faso.
Arrow’s strong financial position enables the company to organically grow the Burkina Faso gold inventory through ongoing discovery success as well as follow up on the positive results at Strickland.