Arrow Minerals well placed to expand on discoveries and explore new opportunities
Exploration during the year focused on the Divole West permit block in Burkina Faso, leading to a gold discovery at Dassa prospect
The company has resumed its core businesses of exploring for gold and base metals in West Africa and Western Australia.
Robustness of industry
In the company's annual report chairman Dr Frazer Tabeart said: “This is a testament to the robustness of our industry, our stakeholders and particularly our wonderful employees who have all made personal and financial sacrifices over the year to keep the company in good standing.
“On behalf of the entire Board of Directors, I would like to thank Arrow’s shareholders for their continued support and look forward to advancing our new and existing exploration projects during the next 12 months.”
Exciting discovery at Divole West
Exploration during the year focused on the Divole West permit block in Burkina Faso, leading to a gold discovery at the Dassa prospect.
This new discovery was defined by 6,175 metres of reverse circulation (RC) drilling and is part of a 5-kilometre-long zone of highly anomalous gold values in soil and auger sampling.
Further auger drilling and ongoing RC drilling continues to expand the known footprint of this “exciting discovery”.
Best assay results in drilling to date include:
➢ 3 metres at 15.1 g/t gold;
➢ 13 metres at 3.8 g/t gold; and
➢ 17 metres at 1.6 g/t gold.
More work planned for Divole East
Exploration also continued elsewhere in Burkina Faso, with 2,385 metres of RC drilling completed at Divole East.
This resulted in gold mineralisation intersections of up to 17 metres at 1.2 g/t gold and 3 metres at 3.7 g/t gold.
With the grant of an extension of the licence, more work is planned for the coming year.
New Nako and Boulsa targets
Geochemical sampling and geological mapping continued at Nako and Boulsa, with new targets defined.
These will provide a strong pipeline of new opportunities for evaluation in Burkina Faso.
Roxgold farm-out deal
Arrow has also signed a farm-out agreement with Roxgold Inc (TSE:ROXG) of Canada wherein Roxgold can earn up to 70% in Arrow’s Hounde South project in southwest Burkina Faso.
The move will allow Arrow to focus on its core project at Divole as well as Nako and Boulsa.
At the Strickland project in Western Australia, analysis showed that the large Arrow tenement holdings can be divided into two large blocks.
They are a northern block that is prospective for orogenic gold deposits and a southern block that contains three discrete areas hosting anomalous geochemistry typical of copper-gold volcanogenic massive sulphide (VMS) deposits.
The VMS potential will be tested with airborne geophysics in the coming months, followed by drilling if warranted.
Plumridge Nickel Project progress
At the Plumridge Nickel Project, Arrow’s joint venture partner IGO Ltd (ASX:IGO) increased its interest in the project to 90% through the expenditure of $5 million.
Reverse circulation and diamond drilling of EM conductor plates has commenced and will continue throughout 2020/21.
Arrow’s 10% interest is free carried to the end of 2020, with an ongoing 10% contribution to exploration thereafter or a reversion to a royalty stake.
Board and management changes
The final transition of Arrow to a global explorer with interests in Africa and Australia was cemented with several board and management changes.
Directors Steven Michael and Nicholas Ong left the company and were replaced by new directors Howard Golden and Thomas McKeith.
Company secretary Matthew Foy resigned and was replaced by joint company secretaries Catherine Grant-Edwards and Melissa Chapman.