TORONTO, ONTARIO--(Marketwired - Sept. 5, 2017) - 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 National Corporation ("JOGMEC") US$17.5 million joint venture agreement. A total of 14,572 metres of primarily reverse circulation ("RC") drilling has been completed in 55 drill holes, as part of the Phase 2 program that focused primarily on completing grid drilling and initial follow-up drilling on PU-RC-39 (refer to press release dated February 21, 2016). Results have been received for the first 46 drill holes, including assay and alteration analysis results.
Drill hole PU-RC-80, drilled in the north-western portion of the Pampa Union block and 400 meters east of PU-RC-039, has intersected the lithocap, strong advanced argillic and phyllic alteration with values up to 0.2% Cu, 120 ppm Mo and 72 g/t Ag within 115 meters (265 meters to 380 meters) of hydrothermal silicification and breccias with quartz, pyrite, specularite and hematite characteristic of a porphyry system. Strong phyllic alteration was encountered from 201 meters to down to a total depth of 550 meters below surface. Hole PU-RC-80 is interpreted as a strong indication of increased proximity to a mineralized intrusive body to the northeast, representing a high quality target for a third phase of drilling (map link).
William Randall, President and CEO of Arena commented, "Results obtained to date for Phase 2 drilling have been successful in expanding on the porphyry system discovered in hole PU-RC-039 under only 30 meters of ground cover. Drill hole PU-RC-080 has intersected the alteration and mineralization typical of many known porphyries in the area with strong indications that we are effectively vectoring closer to the host porphyry." He continued, "Further work is currently being planned in the area, including a seismic survey expected to be carried out over the coming months."
Drill hole PU-RC-80 collared in strong phyllic alteration from 30 meters to 132 meters followed by the lithocap zone of strong silicification from 132 meters to 201 meters. From 201 meters down to the end of the hole at 550 meters, the hole cut a sequence of strong phyllic altered andesites including short sections of advanced argillic alteration. From 265 meters to 380 meters the andesitic textures are almost completely replaced by strong silicification with sections of cross cutting quartz, pyrite, specularite and hematite alteration carrying anomalous values of Cu, Mo Ag, As, Sb and Bi. Pyrite mineralization is encountered throughout the sequence underlying the lithocap, with more intense mineralization over 3% between 240 meters and 350 meters. Below 450 metres, sections of phyllic alteration continue with lesser intensity and decreased geochemical anomalism and occasional quartz-magnetite breccias to the end of the hole at 550 meters.
In addition to PU-RC-080, drill holes PU-RC-67, PU-RC-073, PU-RC-81, PU-RC-082, and PU-RC-086 all intersected significant thicknesses of silica lithocap with strong advanced argillic and/or phyllic alteration with various levels of anomalous Cu, Mo, Sb and As. It is important to note that the distance between the holes referred to above varies between 400 meters and 600 meters from PU-RC-080 and the target area remains largely open to the northeast, northwest and southeast.
The Arena-JOGMEC joint venture has completed 14,571meters of drilling in 55 drill holes as part the Phase 2 program at Pampa Union, including 29 holes as part of the minimum 1.5 kilometer spaced grid on the property, with the remaining 26 holes as wide spaced follow-up of the alteration/mineralization porphyry cell discovered in hole PU-RC-039. Results from the remaining nine drill holes are expected to be received, interpreted and released in the coming weeks once all the information has been compiled.
Option Agreement Extension
Arena has secured an extension agreement with Socided Quimica y Minela de Chile S.A. ("SQM"), effectively extending the option exercise date from July 27, 2017 to October 31, 2017. The agreement includes extending the claim reduction and associated option exercise payments. The same extension has been granted to both active joint ventures with JOGMEC and Teck Chile Ltd.
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 approximately 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 two 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.
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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 JOGMEC joint venture drilling program and potential results and future development of any of the Company's properties, the progress of drill programs, the prospectivity of, and planned work programs on, such properties, the extension of the option agreement with SQM, 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.
Arena Minerals Inc.
President, and CEO