- Published: 16 December 2015
- Written by Editor
Arena Minerals Inc.: Jogmec-Arena Joint Venture Discovers a Porphyry System - Further 241 Drill Holes to Be Permitted
TORONTO, ONTARIO--(Dec 16, 2015) - Arena Minerals Inc. ("Arena" or "the Company") (TSX VENTURE:AN) is pleased to provide an exploration update for the program operated by the Company as part of the Japan Oil Gas and Mineral Exploration Company ("JOGMEC") US$17.5 million joint venture agreement. A total of 14,900 metres of primarily reverse circulation ("RC") drilling has been completed in 88 drill holes, as part of the Phase 1 program that covers all of the areas under the JOGMEC agreement. Results have been received for the first 40 drill holes, including assay and alteration analysis results. Drill hole PU-RC-39, drilled in the north western portion of the Pampa Union block, has intersected a lithocap, alteration and pyrite shell characteristic of a porphyry system down to a total depth of 441 metres below surface.
William Randall, President and CEO of Arena commented, "With only the first half of Phase 1 results received, we have been successful in discovering a porphyry system under only 30 metres of ground cover. Drill hole PU-RC-39 has intersected the outer pyrite halo typical of many known porphyries in the area. As a result of the success of PU-RC-39, we have accelerated the permitting of an additional 241 holes, allowing us to complete follow-up drilling on this discovery as soon as possible. We are now focusing our attention in this area to complete further work and interpretation to allow us to vector in to the potentially mineralized inner portions of the porphyry system."
Drill hole PU-RC-39 intersected a lithocap zone of strong silicification from 64 metres to 172 metres. From 172 metres a sequence of advanced-argillic altered andesites was intersected down to 196 metres. From 174 metres to 375 metres, pyrite mineralization is encountered throughout the sequence underlying the lithocap, with more intense mineralization over 5% between 174 metres and 337 metres. Below 337 metres, sections of alteration continue with zones of quartz vein breccias, pyrite-magnetite breccias and chlorite alteration towards the end of the hole at 441.45 metres. Geochemically anomalous values of As, Sb, Bi and Te are associated with the alteration, all indicating the presence of a lithocap within a potentially copper-gold fertile porphyry environment.
Arena-JOGMEC has completed 14,900 metres of drilling to date, covering a minimum 3 kilometre spaced grid on the Pampa Union property, while drilling on the Guacate Sur and Carmen Alto properties was executed on a 1.5km grid. Results from the remaining 48 drill holes are expected to be received, interpreted and released over the first quarter of 2016.
A Declaracion de Impacto Ambiental ("DIA") has been prepared by local environmental consultants and included environmental, biological, fauna and archeological studies on the ground. The DIA will allow for the permitting for an additional 241 RC holes within the Pampa Union project. Drill hole testing will focus around PU-RC-39, as well as systematic infill drilling.
The technical and scientific aspects of this news release have been reviewed and approved by Mr. Vernon Arseneau, P.Geo, who is a qualified person pursuant to NI 43-101. As the Vice President of Exploration of the Company, Mr. Arseneau is not considered independent.
About Arena Minerals
Arena Minerals is a prospect generator that has two properties under option covering approximately 95,400 hectares within the Antofagasta region of Chile. The properties are at low altitudes, within producing mining camps in infrastructure rich areas. The Company's flagship asset is the Atacama Copper Property, consisting of 92,000 hectares, following a contractual land reduction on July 27, 2015, of essentially undrilled ground in the heart of Chile's premier copper mining district. Currently, approximately 85% of the Atacama Copper Property is under option to third parties. Pursuant to option agreements entered into between Arena and the parties B2Gold Corp, Japan Oil, Gas and Minerals National Corporation and Teck Resources Chile Limitada, each have the right to earn into 60% of the respective land holdings within the property, by collectively spending over $60 million in exploration expenditures, amongst certain other commitments. In addition the Company has the Pampas El Peñon project, comprising a total of 3,400 hectares which is less than 1 km from Yamana's Agusta Victoria project which forms part of the El Peñon mine complex. The Pampas El Peñon and Atacama Copper properties comprise Arena Minerals highly prospective copper and gold properties within an active mining region.
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On behalf of the Board of Directors of
Arena Minerals Inc.
William Randall, President, and CEO
Cautionary Note Regarding Accuracy and Forward-Looking Information:
This news release contains forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements, projections and estimates relating to the future development of any of the Company's properties, including those properties under option to JOGMEC, the prospectivity of, and planned work programs on, such properties, the ability to enter into any additional joint venture partnership agreements as proposed, or at all, the ability of any potential partner to accelerate drill programs, increase the development of any of the projects or prospects of the Company, the results of the exploration program, future financial or operating performance of the Company, its subsidiaries and its projects, the development of and the anticipated timing with respect to the projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The statements made herein are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward looking information. Arena Minerals does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Arena Minerals Inc.
President, and CEO