Arena Minerals Provides Pampas El PeÑon Project Exploration Update
TORONTO, ONTARIO--(Marketwired - Feb 20, 2014) - Arena Minerals Inc. ("Arena" or the "Company") (TSX VENTURE:AN) is pleased to announce results of its initial exploration program on the Pampas El Peñon claim package ("PEP" or "Property"), located in the Antofagasta region of Chile. The exploration program covered the majority of the ground within the Property, consisting of 19,200 hectares. Detailed ground work, including prospecting and mapping, has been completed on selected target areas. Three distinct areas with prospective epithermal gold-silver vein systems and two areas with significant copper-gold porphyry signatures have been discovered to date.
A map of the Property showing the target areas can be found here, and below are more detailed descriptions of these targets.
Augusta Victoria West ("AV West"): The AV West block is located immediately west of Yamana's Pampa Augusta Victoria operating open pit, which is part of the El Peñon mine complex. Several north-south trending epithermal veins have been identified on surface and are being followed up with additional ground work. The first high priority target contains highly anomalous Ag, As and Sb values within epithermal siliceous structures that have not been drill tested by previous operators. The target is believed to be associated with the Pampa Augusta Victoria vein system, contained within a rhyolite dome that lies immediately west of the property boundary with Yamana and only a few hundred meters from the Augusta Victoria open pit. Two other similar rhyolite dome targets with highly anomalous As and/or Sb values were located further west of this zone. Structures cutting rhyolite domes commonly host economic Ag-Au values at depth in the El Peñon mine and are considered prime exploration targets in the El Peñon gold district. Anomalous surface values in this target area for Ag range from 0.5 to 210 g/t; As from 7 to 911 ppm; and Sb ranges from 0.5 to 179 ppm.
The Augusta Victoria North ("AV North") block covers the northern extension of Yamana's Pampa Augusta Victoria north south trending veins. The target area is under groundcover, with zones of epithermal quartz fragments on surface along trend. Further work will concentrate on identifying the locations of these veins prior to defining drill targets.
Pan de Azucar ("PAZ"): On the PAZ claim block two new gold bearing quartz vein/breccias with no evidence of previous work were located only a few hundred meters south of the known Pan de Azucar vein. The previously recognized vein is known to be over 10 metres in width at certain areas with a mapped strike length of over 500 metres, before disappearing under ground cover. The newly discovered structures form part of a large stock work with a surface sample grade range between 0.5g/t and 1.5g/t Au. The vein system has been confirmed on surface for over 500 metres along strike before going under cover.
A new porphyry copper target has been discovered on Pan de Cobre ("PAC"), located west of El Peñon mine and approximately 48 km west of Escondida mine. The surface expression of the target area of interest covers 4 square kilometres. It is flanked by a zone of copper oxide bearing outcrops in cross cutting veins and disseminated within altered andesites. Individual mineralized outcrops typically are 50 by 100 metres in area. The mineralized outcrop areas are sparse due to overburden cover over most of the project area. An extensive silica cap occurs to the west and an extensive area of propylitic alteration to the east. Prospecting in the area has returned 10 grab samples with values ranging from 0.1% Cu to greater than 1.0% Cu (2 re-assays pending) from 25 outcrop and sub-crop sites. Airborne magnetic surveys covering the area show a positive magnetic anomaly coinciding with the target area. The Company considers this target as a high priority copper porphyry prospect and will be prepared for drill testing.
Pampa Norte ("Pampa Norte"): A second copper target very similar to the Pan de Cobre zone was located on the Pampa Norte block. Float and outcropping structures within altered andesitic volcanics were found in an area of low relief mostly covered area of 2.0 km by 5.0 km. A total of 24 grab samples returned values from 0.1% to 0.8% Cu.
Both Pan de Cobre and Pampa Norte are considered buried porphyry targets.
Vern Arseneau, Vice President of Exploration for Arena Minerals, commented, "We are extremely pleased with the early stage results from the Pampas El Peñon claim package, as we have found prospective areas for both Au-Ag epithermal veins and copper porphyry mineralization. Both these target types are attractive to us, as the claims are in proximity to both Yamana's El Peñon mine and BHP Billiton's Escondida mine. We have completed significant ground work on these target areas and are currently preparing them to be drill ready over the next few months."
The Company continues to advance its Pampas El Peñon property, and has crews on the ground working on the targets described above as well as developing new targets within the claim package. Further results will be announced as they become available. In addition to results from the Pampas El Peñon property, results of the ongoing exploration program on the Company's 2,900 square kilometer Atacama Copper Property will also be released as they become available.
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About Arena Minerals
Currently Arena Minerals has three properties under option covering approximately 326,000 hectares. All the properties are within the Antofagasta region of Chile, at low altitudes and within producing mining camps. The Company flagship asset is the Atacama Copper Property, consisting of 293,000 hectares of essentially undrilled ground in the heart of Chile's premier copper mining district. The Atacama Copper Property is adjacent to the Capricornio Property, forming part of a contiguous land package that can be worked in conjunction. In addition the Company also has the Pampas El Peñon project which is less than 1 km from Yamana's Agusta Victoria project and 10 km from the El Peñon mine. The Capricornio property hosts a district scale gold silver epithermal system virtually unexplored at depth and open on strike. The Pampas El Peñon and Capricornio properties comprise Arena Minerals highly prospective gold properties within an active mining region.
The technical and scientific aspects of this news release have been reviewed and approved by Mr. Vernon Arseneau, P.Geo, who has been designated as a qualified person pursuant to NI 43-101. As the Vice President of Exploration of the Company, Mr. Arseneau is not considered independent.
On behalf of the Board of Directors of
William Randall, President, and CEO
Cautionary Note Regarding Accuracy and Forward-Looking Information:
This news release may contain 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 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, the Capricornio project, and the El Peñon project, and the Company's ability to obtain financing. 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. Estimates underlying the results set out in this news release arise from work conducted by the previous owners and the Company. 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. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking informationArena 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.
