Golden Arrow Resources Corporation (TSX:GRG) proved one of the rare exceptions on a disastrous Wednesday, by actually gaining ground.
The Vancouver-based Golden Arrow has entered into an option agreement to acquire a 100% interest in the highly prospective Tierra Dorada Project, a district-scale high-grade gold project covering an area of 640 km2 (63,854 ha) in two blocks in southeastern Paraguay.
Said CEO Joseph Grosso, "Paraguay is considered one of the last frontiers of mineral exploration in South America with excellent prospects for a major gold discovery. This fits our strategy of broadening jurisdictional activity to regions that exhibit exceptional opportunities for world class discoveries using Grosso Group's core principles of respect for locals."
Golden Arrow's due diligence sampling included rock chip assays that ranged from 3.3 grams per ton (g/t) to 15.1 g/t gold collected along a 2.5 km trend of sub-outcropping quartz veins; visible gold locally observed.
Shares in GWG were trading half a cent, or 3.2%, midday Wednesday, to 16 cents – achievement enough with the markets in free-fall -- on 145,000 shares.
