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TORONTO, CANADA--(Marketwired - Mar 21, 2016) - Arena Minerals Inc. ("Arena" or "the Company") (TSX VENTURE:AN) is pleased to announce that Teck Resources Chile Limitada ("Teck") has completed its initial 3,048 metre reverse circulation ("RC") drill program on the Paciencia North claim blocks (collectively "Paciencia North"). A total of 31 RC drill holes were completed covering Paciencia North with a spacing of approximately 1 to 2 kilometres. All holes except one were drilled through the overlying pediment and at least 10 metres into bedrock. Paciencia North comprises part of the Company's Atacama copper property located in Antofagasta, Chile. Under the terms of the US$19.5 million dollar option agreement (please refer to the News Release dated October 23, 2015), Teck can earn a 60% interest in the Paciencia North property.
The drill program was successful in identifying three zones of anomalous alteration and geochemistry prospective for copper porphyry deposits. Towards the southern portion of Paciencia North a tourmaline breccia was identified and is very similar in characteristics to those found within the neighbouring Sierra Gorda copper porphyry deposit. Copper values up to 577 ppm and coincident molybdenum values of up to 55.8 ppm were intersected in drilling. In conjunction with surface mapping, drill holes PAC-014 and PAC-016 in this South Zone defined a 3 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 limited drilling to date into this zone returned anomalous copper, molybdenum and zinc over the 3 km corridor within lower temperature sericite-pyrite-tourmaline alteration. Further work is required in this zone to define the limits of these alteration zones and target mineralized sections of the breccia complex analogous to Sierra Gorda.
Towards the western portion of Paciencia North, volcanic sequences with interpreted sericite-chlorite-pyrite alteration and weak pyrite veining were discovered during reconnaissance drilling. Anomalous copper was intersected in two drill holes (PAC-015 & PAC-017) with anomalous values of 184 and 187 ppm copper. Further work is required to define the alteration zone and determine if there are mineralized sections with this interpreted alteration system which could represent the margins of a porphyry system. A third area was discovered to the north of Paciencia North where anomalous copper values ranging from 155 to 173 ppm were intersected over 10 to 42 metre intervals, within drill holes PAC-003, PAC-005, and PAC-008. The anomalous copper values are hosted within monzodiorite and diorite intrusives with chlorite-epidote alteration; more work is required here to determine if this alteration represents the outer propylitic alteration associated with a porphyry system.
Teck has also informed the Company that it plans to complete 3,000 metres of drilling in total with follow up drilling on Paciencia North and first pass drilling on the Solitario property. Drilling is expected to commence in the second quarter.
William Randall, President and CEO of Arena commented, "We are encouraged by the work Teck has completed and results achieved to date. Having discovered three prospective areas, with highly positive characteristics, is a huge first step with only half of the total property optioned by Teck covered by reconnaissance drilling. We are pleased that further drilling is planned on Paciencia North. In its evaluation of the entire property, Teck plans to proceed to a first phase of drilling at Solitario and will then proceed to follow up on the three prospective copper porphyry areas within the Paciencia North claim block."
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.
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 Teck, the results of drill programs on Paciencia North, 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.