TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Arena Minerals Inc. ("Arena" or the "Company") (TSX VENTURE:AN) is pleased to provide an update on exploration activities on the Company's Atacama copper project. B2Gold Corp. (TSX:BTO)(NYSE MKT:BTG) ("B2Gold") has informed the Company that it has mobilized a diamond drill and commenced drilling on the Atacama copper project claims under option, being the Pampa Paciencia and Cerro Barco prospects (the "B2Gold JV Property"). B2Gold is focusing initially on the Pampa Paciencia target, to which the diamond drill has been mobilized. (See Press Release dated February 24, 2015).
B2Gold has completed significant surface exploration on Pampa Paciencia, including large scale and detailed mapping, trenching and sampling. The surface program was successful in identifying a number of epithermal gold and silver bearing veins up to 2.8 km in strike length. Results from the trenching include intersections of 5m of 7.7g/t Au and 162.20 g/t Ag from trench 3, and 2.7m of 2.9g/t Au and 43.00 g/t Ag, including 0.6m of 5.58 g/t Au and 83.70 g/t Ag from trench 1 which is located approximately 600m SE of trench 3.
The gold bearing veins are associated with adularia, chalcedony, sulfosalts, CuOx and crustiform-colloform textures typical of intermediate sulfidation gold-silver bearing systems that are found elsewhere in northern Chile. The geochemical signature of the gold bearing veins discovered to date at Paciencia exhibit a strong correlation of gold with Ag, Cu, Sb, Pb, Zn and lesser Ba, Mo, which is also common in other intermediate sulfidation Au-Ag systems. B2Gold has initiated a drill program designed to follow up on the favourable trench results.
Ground work has begun on Cerro Barco including mapping, sampling and additional geophysics. A large CSAMT geophysical survey was recently completed over the main part of the porphyry copper target, including the covered areas where ground magnetics carried out previously by Arena had identified a strong semi-circular anomaly. A total of 34 line km of survey was completed at 200m line spacing using a Zonge GDP-32 receiver and a Zonge GGT-30 transmitter. Initial interpretation of the field results indicate the presence of a conspicuous circular shaped structure roughly 1.2km ENE of the area containing anomalous copper values returned from previous mapping and surface sampling. Additional interpretation and final results from this survey are expected within the coming weeks but the initial interpretation is very encouraging and further work including further detailed mapping, sampling and drilling by B2 is expected to be carried out in the coming months on this exciting target.
The Company will provide further updates on exploration activities being conducted by B2Gold once such results are made available to the Company.
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.
Officer Appointment
The Company also announces that Neil Said has been appointed as the Corporate Secretary of the Company effective July 30, 2015. Mr. Said is a corporate securities lawyer who works as a legal consultant to various TSX and TSX Venture listed companies in the mining, technology and oil and gas industries. Mr. Said obtained a Juris Doctor from the Faculty of Law at the University of Toronto and he received a Bachelor of Business Administration (Honours) with a minor in Economics from Wilfrid Laurier University.
Mr. Said replaces Ms. Jennifer Wagner, the former Corporate Secretary of the Company. Ms. Wagner resigned to pursue other endeavors. The management and Board of the Company would like to thank Ms. Wagner for her service and continued support of the Company.
About Arena Minerals
Arena Minerals is a prospect generator that has two properties under option covering approximately 153,000 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 149,235 hectares of essentially undrilled ground in the heart of Chile's premier copper mining district. Currently, approximately 40% of the Atacama Copper Property is under option to third parties. Pursuant to an option agreement entered into between the parties B2Gold Corp and Japan Oil, Gas and Minerals National Corporation each have the right to earn into 20% of the land holdings within the property, representing a total of 40% of the land holdings. Collectively, B2 Gold and JOGMEC are to spend over US$36 million in exploration expenditures, amongst certain other commitments, to earn into 60% of the respective claims blocks. 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 Property 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 B2Gold, 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.
Contact Information:
William Randall
(416) 309-2697
www.arenaminerals.com