Arena Minerals Inc. - JOGMEC JV Commences Drilling on Atacama Copper Project
TORONTO, ONTARIO--(Marketwired - Sep 10, 2015) - Arena Minerals Inc. ("Arena" or the "Company") (TSX VENTURE:AN) is pleased to announce that a reverse circulation drill rig has been mobilized and commenced drilling the Baquedano NE Project ("Baquedano") under Joint Venture with Japan Oil, Gas and Metals Corporation ("JOGMEC").
The exploration program is designed to drill the entire land package under option to JOGMEC (for further details please refer to press release dated July 15, 2015). The program will systematically drill the land on a 1.5 km by 1.5 km grid, reducing the chances of missing a world class copper porphyry deposit. The approach was to design a grid that was tightly spaced enough so that drill holes would minimally intersect the alteration halo of classic porphyry hosted copper deposits. The spacing was determined using sizes and geometries typical of deposits in the area and, in particular, the known characteristics of the Spence and Sierra Gorda deposits.
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.
Technical Report
Arena also reports that it has filed a technical report (the "Technical Report") in respect of the Company's Atacama Copper Property, in the municipalities of Sierra Gorda and Maria Elena, Antofagasta Region (II), Chile (the "Project").
The Technical Report, entitled "NI 43-101 Technical Report on the Atacama Copper Property, Communes of Sierra Gorda and Maria Elena, Antofagasta Region (II), Chile", was authored by James Albert McCrea, B. Sc., P. Geo, who is an independent "qualified person" as defined by National Instrument 43-101. The Technical Report is dated July 16, 2015 and may be found under the Company's profile on SEDAR at www.sedar.com.
About Arena Minerals
Arena Minerals is a prospect generator that has two properties under option covering approximately 153,000 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 149,235 hectares of essentially undrilled ground in the heart of Chile's premier copper mining district. Currently, approximately 40% of the Atacama Copper Property is under option to third parties. Pursuant to an option agreement entered into between the parties B2Gold Corp. and Japan Oil, Gas and Minerals National Corporation each have the right to earn into 20% of the land holdings within the property, representing a total of 40% of the land holdings. Collectively, B2 Gold and JOGMEC are to spend over US$36 million in exploration expenditures, amongst certain other commitments, to earn into 60% of the respective claims blocks. 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 Property properties comprise Arena Minerals highly prospective copper and gold properties within an active mining region.
To view the website, please visit www.arenaminerals.com.
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On behalf of the Board of Directors of
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 joint venture with JOGMEC; the proposed exploration program at Baquedano; the timing of the exploration program; future development of any of the Company's properties, including those properties under option to B2Gold, 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 Atacama project and the El Peñon project. 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.