JOGMEC Joint Venture Adds Second Drill to Pampa Union; Preliminary Drilling Completed at Paciencia North
TORONTO, ONTARIO--(Marketwired - March 27, 2017) - Arena Minerals Inc., (TSX VENTURE:AN) ("Arena" or the "Company") is pleased to report that the Japan Oil Gas and Metals National Corporation ("JOGMEC") and Arena joint venture has added a second drill rig to the Pampa Union drill program that forms part of the US$17.5 million JOGMEC joint venture. The additional drill shall focus on following up on the discovered porphyry system in drill hole PU-RC-39 (refer to press release dated February 21, 2017), while the first drill shall continue completing a 1.5 kilometre grid over the Pampa Union project.
Arena is also pleased to announce that Teck Resources Chile Limitada ("Teck") has informed Arena that it has received the final results for the Paciencia North project drill program completed in late December 2016.
"The JOGMEC Joint Venture has decided to accelerate its exploration program by focusing a second drill on the porphyry system discovered in 2016. The plan is to vector in towards areas of potential copper mineralization within the porphyry system by completing systematic drilling around PU-RC-39," commented William Randall, President & CEO of Arena. He added, "We are also pleased with Teck having intersected a further porphyry-style system in Paciencia North with the associated anomaly still predominantly untested. We look forward to further updates from Teck as their data integration work is completed."
The Paciencia North drill program was a reconnaissance program consisting of seven wide-spaced reverse circulation holes for a total of 1,606m (average depth of 230.5m and maximum depth of 264m). The holes were targeted on a large (2.5 x 3.5 km) induced polarization and magnetic anomaly (refer to press release dated November 22, 2016) which previously had seen limited drilling, only on its margins (Figure). The holes were designed to provide a first pass test of the coincident anomaly and to acquire initial geological, geochemical and physical rock properties data across the anomaly.
All holes penetrated the cover sequences, intersecting bedrock intrusive lithologies and alteration consistent with a porphyry-style system, entirely covered by post mineral cover with a maximum thickness of 48 metres. Alteration is dominated by widespread hydrothermal pyrite development (up to 5%) and abundant magnetite (up to 10%) associated with chlorite-epidote and local weak sericite alteration. One hole (PAC-038) intersected 26m of cemented hydrothermal tourmaline-pyrite breccia similar to those breccias intersected in the southern part of the Paciencia North area, and found in the neighbouring Sierra Gorda deposit. Geochemical results for the program include copper values >200ppm (maximum 480ppm Cu over 2m) and maximum molybdenum value of 47ppm.
Minimum drill spacing is approximately 500m and only seven holes have been drilled within the anomaly; large parts (up to 1.5 x 1.5 km in area) of the anomaly remain untested (Figure). The wide drill spacing does not allow for a detailed geological interpretation and in particular no robust definition of alteration zoning is possible with current data coverage.
Teck has indicated that a full integration of the geophysical, geochemical and geological data is ongoing and decisions regarding further work will be taken in the coming months.
About Arena Minerals
Arena Minerals is a prospect generator that has two properties under option covering approximately 70,000 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 70,000 hectares, following a contractual land reduction on July 27, 2016, of essentially undrilled ground in the heart of Chile's premier copper mining district. Currently, approximately 40,000 of the Atacama Copper Property is under option to third parties. Pursuant to option agreements entered into between Arena, Japan Oil, Gas and Metals 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 $40 million in exploration expenditures, amongst certain other commitments.
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.
To view the Company's 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 future development of any of the Company's properties, the focus of the second drill at Pampa Union, the results and further phase of exploration on the Paciencia North project with Teck, the progress of drill programs, 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 and its subsidiaries and its 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.
Contact
Arena Minerals Inc.
William Randall
President, and CEO
(416) 309-2697
www.arenaminerals.com
Arena Minerals Inc.
Freddie Leigh
(604) 609-6132
fleigh@arenaminerals.com