The market has strongly supported Arrow Minerals’ recent tin rattle that netted it $3m this week. The funds will be used to accelerate mineral exploration at the company’s Burkina Faso tenure with a particular focus on its Dassa prospect. A discovery hole at the Dassa discovery early last year quickened a few pulses with an intercept of 17 metres @ 3.3 g/t gold.
The money will be channelled into the company’s Divole East, and Dyapya projects and the exciting Dassa discovery.
It is being raised in two tranches from the issue of 500 million new shares priced at 6c each.
Managing director, Howard Golden said the company was now in a position to rapidly define and grow multiple high-grade gold targets at both 100 per cent owned licences and those recently accessed adjacent permits through a joint venture with Trevali Mining.
The licence areas covering 1,000 square kilometres contain multiple zones of high-grade gold found in recent and historical drilling and sampling.
The capital raising will allow us to accelerate our exploration efforts and rapidly grow known gold mineralisation with the goal of unlocking a new gold district in the Boromo Greenstone Belt in south-west Burkina Faso,
The accelerated programme at Burkina Faso will continue in parallel with ongoing copper-gold exploration in Western Australia.
Arrow said more drilling will be undertaken on the Dassa deposit in Burkina Faso to increase the deposit’s size along the 3 km-long mineralised corridor. There will be further drilling at the company’s Divole West prospect while at Divole East there will be follow up work on soil and geochemical targets leading to drilling.
At the Dyapya permits, drilling will take place on what the company says are “significant geochemical anomalies.”
On the joint venture ground with Trevali Mining there will be more regional stream sediment sampling and RC and auger drilling to better identify known high-grade targets.
Arrow has tenure over 85 kilometres of the Boromo Greenstone Belt in Africa.
Recent drilling at Divole West identified shallow intercepts including 14m grading 3.24 grams per tonne gold, 6m @ 4.04 g/t and 13m @ 2.42 g/t gold.
Arrow said the Trevali permits contain many partly defined gold targets including the Guido deposit. There was a widespread gold anomalism across the joint venture area with several now identified for drilling.
Arrow has the right to earn a 51 per cent interest in gold discoveries on the Trevali ground and its partner has the right to undertake base metals exploration on Arrow’s permits.
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