TORONTO, ONTARIO--(Marketwired - April 4, 2016) - Arena Minerals Inc. ("Arena" or "the Company") (TSX VENTURE:AN) is pleased to provide an update on the US$17.2 million joint venture (the "JV") with Japan Oil Gas and Mineral Exploration Company ("JOGMEC") and operated by the Company as part of the JV agreement. Following the successful results of the Phase 1 drilling in the Pampa Union and Carmen Alto claim blocks, the joint venture's Management Committee met and approved a further drill program and budget. The drill program has approved 46 follow-up drill holes in the Pampa Union block and a US$1.94 million budget for the period March 2016 to March 2017.
William Randall, President and CEO of Arena commented, "We are extremely pleased that JOGMEC has approved a drill plan and budget that extends through to next year. Follow up drilling, in particular around the PU-RC-39 discovery hole, will be exciting as this is the first targeted drilling on any of our claim blocks. Now that we have identified prospective porphyry systems this round of drilling will aid in vectoring towards the core of these systems and the potentially mineralized zones."
Initial drilling will enhance the grid drilling completed to date by increasing the density from 3 kilometre centers to 1.5 kilometres. This will require an additional 32 reverse circulation drill holes. The JV will commence with this second phase of systematic drilling to aid in proper selection of ground. Following completion of the additional grid drilling, the drill will be moved to the PU-RC-39 discovery area where an additional 14 reverse circulation drill holes are planned. The spacing on this drilling around the PU-RC-39 drill site has been increased from 500 metres to 750 metres and 1000 metres to more accurately reflect the deposit size explored for, which is in the order of 10 billion tonnes of ore or larger.
Commencement of the drill program is subject to approval of the previously submitted DIA that allows for a total of 281 drill holes to be completed. The DIA approval process is progressing smoothly and no complications are expected during the remainder of the process.
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 the JV with JOGMEC, planned future work 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.
Contact Information:
William Randall
President, and CEO
(416) 309-2697