Arena Minerals Inc.: Follow-Up Drilling at Paciencia North Project in Chile and New Drill Program on Solitario Block
TORONTO, ONTARIO--(Marketwired - May 17, 2016) - Arena Minerals Inc. ("Arena" or "the Company") (TSX VENTURE:AN) is pleased to announce that Teck Resources Chile Limitada ("Teck") has initiated a follow-up exploration program on the Paciencia North project in Chile ("Paciencia North" or the "Paciencia North program"), to be followed by reconnaissance drilling on the Solitario claim blocks ("Solitario" and collectively with Paciencia North, the "Property"). The Paciencia North program consists of trenching and additional drilling following up on the prospective areas identified during earlier drilling (see News Release dated March 21, 2016). The Property comprises part of the Company's Atacama copper property located in Antofagasta, Chile. Under the terms of the US$19.5 million option agreement Teck can earn a 60% interest in the Property (see News Release dated October 23, 2015).
William Randall, President and CEO of Arena, commented, "We are glad to get working on the prospective areas and are excitedly anticipating results of the Paciencia North and Solitario drill programs. The similarities of the breccia target with the world class Sierra Gorda copper porphyry deposit are striking. We will continue to update the market as results come in from the current campaign."
The planned trenching will focus in the southern portion of Paciencia North where a tourmaline breccia was identified, which is very similar in characteristics to those found within the neighbouring Sierra Gorda copper porphyry deposit. In conjunction with surface mapping, drill holes PAC-014 and PAC-016 in this South Zone defined a three km corridor of interpreted high temperature tourmaline/magnetite/k-feldspar breccias and veining, in many respects analogous to the early high temperature breccias and alteration that occur at Sierra Gorda. The trenches will be used to assist in defining the location of additional drill platforms planned in the next stage of drilling by Teck on this target which is expected to start by the end of May.
The Paciencia North program will also include drilling towards the western portion of Paciencia North, where volcanic sequences with interpreted sericite-chlorite-pyrite alteration and weak pyrite veining were discovered during initial reconnaissance drilling.
At Solitario, Teck has recently completed detailed mapping and sampling and is currently finalizing plans for an RC drill program similar to the one recently completed at Paciencia North. Drilling at Solitario is expected to begin immediately after the next stage of drilling is completed at Paciencia North.
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.
Stock Option Grant
Arena has granted an aggregate of 1,050,000 stock options to various directors, officers and consultants of the Company effective May 17, 2016. The stock options vest immediately, are exercisable at $0.35 for a period of five years and remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The stock options remain subject to a statutory hold period of four months and one day expiring on September 17, 2016.
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 Mineral's highly prospective copper and gold properties within an active mining region.
The Company's website can be viewed at www.arenaminerals.com. In addition to featuring information regarding the Company, its managements and projects, the website also contains the latest corporate news and an email registration allowing subscribers to receive news and updates directly.
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 future development of any of the Company's properties, including the Property, the prospectivity of, and planned work programs on, the Property and other properties of the Company, the ability of any potential partner, including Teck, 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 and the grant of stock options. 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.