03:20 PM EDT, 10/11/2018 (MT Newswires) -- Golden Arrow Resources (GRG.V) was up 9.3% after the company on Thursday said it agreed to acquire the Atlantida Copper-Gold Project in Chile, consolidating the 3,450 hectare project with two agreements costing a total $6 million.

The company said the property has been extensively explored, with a resource unofficially estimated at 427 million tonnes of ore averaging 0.43% copper-equivalent.

"Golden Arrow's due diligence surface rock samples in this area returned up to 3.7 (grams per tonne) gold and 1.98% copper, providing an excellent target for new mineral resources. In addition, based on the preliminary due diligence review, Golden Arrow believes the project is prospective for discovery of similar targets elsewhere within the consolidated Atlantida properties," it said in a statement.

The lands have had 29,000 meters of exploration drilling and were operated by Inmet Mining and First Quantum Minerals (FM.TO) in the past.

The company's shares were last seen up $0.025 to $0.29 on the TSX Venture Exchange.

Price: 0.29, Change: +0.02, Percent Change: +7.41