Arena Minerals and JOGMEC Joint Venture Receives Permit to Drill 241 Holes and Commences the Drill Program
TORONTO, ONTARIO–(Marketwired – Feb 21, 2017) – Arena Minerals Inc., (TSX VENTURE:AN) (“Arena” or the “Company“) is pleased to report that the Japan Oil Gas and Metals National Corporation (“JOGMEC”) and Arena joint venture has received drilling permits for the Pampa Union drill program that forms part of the US$17.5 million JOGMEC joint venture. The exploration program has been designed to complete a 1.5 kilometre grid spacing drill pattern over Pampa Union as well as follow-up on previous successes. Drill hole PU-RC-39, drilled in the north-western portion of the Pampa Union block, intersected a lithocap, alteration and pyrite shell characteristic of a porphyry system down to a total depth of 441 metres below surface. The follow-up 241 platform drill program has met all necessary environmental, health and safety, fresh water resource management, archeological, communal, fauna and flora standards and was officially approved by the National Environmental Assessment Service in Santiago.
“We are pleased to have received drill permits for up to 241 additional drill platforms at the Pampa Union project, which is currently under Joint Venture with JOGMEC,” commented William Randall, President and CEO of Arena. He continued, “We plan to commence drilling immediately, initially with one drill rig and adding a second drill in the coming weeks. We will be following up on previous discoveries, as well as further regional exploratory drilling, which is a big step for the Company in our objective of delineating a copper porphyry deposit in the Antofagasta mining region of northern Chile.”
The drill program is fully funded by the JOGMEC joint venture, with funds already in Chile enabling immediate initiation of the drill program. AK Drilling has been awarded the drill bid, consisting of an initial 10,000 metres of reverse circulation drilling. Drill rigs are being mobilized to the Pampa Union project with drilling to commence shortly.
About Arena Minerals
Arena Minerals is a prospect generator that has one property under option covering approximately 68,468 hectares within the Antofagasta region of Chile. The property is at low altitudes, within producing mining camps in infrastructure rich areas. The Company’s flagship asset is the Atacama Copper Property, consisting of 68,468 hectares, following a contractual land reduction on July 2016, of essentially undrilled ground in the heart of Chile’s premier copper mining district. Currently, approximately 50% of the Atacama Copper Property is under option to third parties. Pursuant to option agreements entered into between Arena, Japan Oil, Gas and Metals 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 receipt of drill permits, the exploration program for the JOGMEC joint venture, the future development of any of the Company’s properties, the commencement of work programs, 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, its subsidiaries and its projects, the development of and the anticipated timing with respect to Pampa Union. 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.