TORONTO, ONTARIO--(Marketwired - Nov. 22, 2016) - Arena Minerals Inc., (TSX VENTURE:AN) ("Arena" or the "Company") is pleased to announce that Teck Resources Chile Limitada ("Teck") has informed Arena that it has commenced a further phase of exploration on the Paciencia North project ("Paciencia North"). Following encouraging results from the June-July 2016 drilling and reconnaissance induced polarization ("IP") program in the southern portion of the Paciencia option area, Teck carried out a further 51 km2 of reconnaissance IP and 380 line km of ground magnetics in an area extending to the northern boundary of the license block. This geophysical program led to the identification of a large coherent chargeability anomaly (~ 2.5 x 3.5 km) beneath shallow gravel cover (~20-100m thick) in the northern part of the Paciencia license block. The chargeability anomaly is coincident with an annular zoned magnetic anomaly with a central high and flanking low.
Teck plans to drill test the target with an additional 1,800 metres of reverse circulation (RC) drilling to be completed in December 2016.
"The coincident chargeability and magnetic anomaly defined by Teck is a high priority target and we look forward to seeing the initial drill results towards the end of 2016," commented William Randall, President and CEO of Arena. "The target presents classic porphyry geophysical signatures, and being 20 kilometres to the northwest of Spence makes for a truly exciting opportunity."
In late 2015, and prior to the definition of the coincident IP and magnetic anomaly, three shallow, wide-spaced drill holes were completed on the periphery of the geophysical anomaly. These holes intersected sericite-chlorite and secondary biotite alteration. Due to their distant location and shallow depth, these holes are not considered to have tested the target.
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 70,0000 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 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 $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 future development of any of the Company's properties, the 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.
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