TORONTO, ONTARIO–(Marketwired – Nov 24, 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. (BTO.TO)(BTG) (“B2Gold”) has provided the Company with initial drill results from a 12 hole, 2,124 metre drill program on the Pampa Paciencia epithermal gold silver project. This property, along with the 27,000 hectare Cerro Barco copper porphyry prospect, comprises the property under Joint Venture with B2Gold.
Diamond drilling was focused on wide spacing along one vein of the Pampa Paciencia system. Eight initial shallow diamond drill holes covered a large portion of the previously discovered 2.8 kilometre strike length with an average spacing of approximately 500 metres. Highlights of the drill program were encountered in holes PP15-006 and PP15-007, intersecting 8.13 grams per tonne gold (“gpt” and “Au”) and 29.09 gpt silver (“Ag”) over 2.1 metres and 7.71 gpt Au and 46.58 gpt Ag over 3.75 metres, respectively. These drill holes undercut the area where Trench 1 reported intersections of 2.7 metres of 2.9 gpt Au and 43.00 apt Ag, including 0.6 metres of 5.58 gpt Au and 83.70 gpt Ag, spanning approximately 200 metres of high grade mineralization. Trench 3 lies approximately 550 metres to the north-west and intersected 8.6 metres of 4.6 gpt Au and 99.30 gpt Ag (including 5 metres of 7.7 gpt Au and 162.20 gpt Ag), giving the high grade Paciencia zone a potential known strike length of 800 metres. The zone is open at depth and to the east.
William Randall, President and CEO of Arena, added “we are pleased with B2Gold’s discovery of high grade gold and silver mineralization within the Pampa Paciencia system, and encouraged that results to date have met B2Gold’s expectations. We look forward to reviewing the 2016 exploration program and hope for continued success in the New Year.”
The gold bearing veins are associated with adularia, chalcedony, sulfosalts and crustiform-colloform textures typical of low 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, Sb, Pb, Mo and lesser Cu, which is also common in other low sulfidation Au-Ag systems. Complete drill results received to date can be found in Table 1 below.
Table 1 – Pampa Paciencia diamond drill results
|PP15-004||no significant values|
|PP15-008||no significant values|
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.
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 regarding the drill results reported by B2Gold, the mineralization of the Pampa Paciencia epithermal gold silver project, 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 results of the exploration program, future financial or operating performance of the Company, 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 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.