JOGMEC-Arena Joint Venture Discovers a Second Porphyry System
TORONTO, ONTARIO--(Marketwired - Feb 10, 2016) - 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 an additional 45 drill holes, including assay and alteration analysis results (for the first 40 drill hole results please refer to the Company's press release dated December 16, 2015). Drill holes CA-RC-20, CA-RC-21 and CA-RC-22, drilled in the southern portion of the Carmen Alto block, have collectively intersected a zone of silicification, white micas and epidote alteration, characteristic of porphyry systems in the district, with anomalous copper mineralization over an area of approximately 4.0 square kilometers. Mineralized intersections include 0.1% Cu over 6 metres (CA-RC-22) and 0.2% Cu over 2 metres within a broader mineralized section of 0.05% Cu over 28 metres.
William Randall, President and CEO of Arena commented, "We have now received most of the results from the JOGMEC Phase 1 drilling, and continue to discover porphyry systems on the claims. Drill holes CA-RC-20 and CA-RC-22 have intersected favourable geology with copper mineralization. In addition to the success of PU-RC-39 in Pampa Union, we now have two highly prospective systems to concentrate on for Phase 2 drilling. The permits required in order to complete up to an additional 241 holes have been submitted for the Pampa Union property, while some additional drilling can be done in this latest discovery area under our current permit."
Wide spaced limited drilling to date at Carmen Alto has defined a zone of silicification with anomalous copper values and argillic alteration within mostly porphyritic andesites and volcanoclastics under cover. The area immediately east of current drilling by Arena has a prominent ESE trending lineament associated with past artisanal mining operations that appears to continue on to our target area, making this an excellent exploration target for additional 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 results 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, 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.
