Arrow Minerals to pass on tax credits to shareholders, T1 assays pending
Follow-up drilling will target the T6 and T8 prospects at this stage
Arrow Minerals Ltd (ASX:AMD) will pass on $409,086 worth of tax credits to its shareholders under the Federal Government’s Exploration Development Incentive (EDI) scheme.
Eligible shareholders as of 5.00pm on 29 June 2018 will be issued the EDI credits which can be claimed in FY2018.
READ: Arrow Minerals drills out gold in three targets at T2 prospect
Most recently, Arrow identified bedrock gold mineralisation in its maiden aircore drilling program at the T2 prospect within the Strickland Gold Project in Western Australia.
Drilling discovered three new gold-in-bedrock anomalies known as T2a, T2b and T2c ranging from 1.0 to 3.5 kilometres in strike length.
T1, T2, T6 and T8 prospects all now drilled
Arrow completed a 19,000-metre aircore drill program during the June quarter targeting the T1, T2, T6 and T8 prospects.
Drilling at the T6 Prospect delineated four bedrock gold anomalies, with one hole intersecting 56 metres at 0.8 g/t gold from surface.
Drill results from the T8 prospect delineated a 1.8×0.4 kilometre gold bedrock anomaly which remains open to the south along a mineralised structure.
Assay results from 412 aircore holes drilled at T1 remain pending and are expected this month.
Strong financial position
Arrow remains in a strong financial position with cash, receivables and investments in listed companies totalling $5.0 million.