This follows MMG Ltd’s (ASX:MMG) decision to withdraw from a joint venture covering the Fraser Range project after spending $4.5 million of a $6.5 million.
In September 2015 Arrow entered into a joint venture with a MMG subsidiary which would enable MMG to earn 51% by investing $6.5 million in exploration by December 2019.
MMG provides exploration data
MMG has completed a number of comprehensive surveys, reverse circulation drilling of seven electromagnetic plates and downhole electromagnetics on five holes.
This work has provided significant exploration data and materially improved the geological understanding of this landholding, which is highly prospective for nickel-copper.
Arrow is considering alternatives to utilise this data and realise value from Plumridge.
This includes discussions with other potential project partners.
Arrow recently received encouraging results from maiden drilling at the Barlee Gold Project in Western Australia’s Eastern Goldfields.