|By Marketwired .||
|June 10, 2014 07:01 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/10/14 -- Arena Minerals Inc. ("Arena" or the "Company") (TSX VENTURE: AN) announces additional results of its initial regional exploration program on the 2,930 square kilometer Atacama Copper Property ("ACP" or "Property"), located in the Antofagasta region of Chile. Arena has discovered two additional copper porphyry prospects (Quebrada Honda & Pampa Paciencia North). The prospects are located approximately 20 kilometres northwest of Lomas Bayas and 19 kilometres northwest of the Spence copper mines respectively. To date, approximately 60% of Atacama Copper Project has been covered by field work, resulting in 7 porphyry target areas discovered of approximately 9 square kilometres each.
Quebrada Honda prospect was discovered by following up on coincident magnetic and radiometric anomalies approximately 8 kilometers south east of Cerro Barco. The area of interest sits on a major NW-SE trending lineament that passes through both Cerro Barco and Quebrada Honda and continues to the SE for several kilometres, passing through the Lomas Bayas mine. Prospecting and mapping located a large area of stockwork and brecciation coincident with the geophysical anomalies and associated with an east-west striking zone of intense fracturation/faulting that extends for at least one kilometre before being lost in overburden. The stock work consists of quartz-barite veinlets with strong hematization and epidote commonly associated with porphyry systems in the area and is flanked on all sides by outcropping areas of brecciated andesitic rocks. Preliminary sampling of the outcropping areas returned anomalous values of copper up to 0.16% Cu, in addition to arsenic and manganese anomalous values.. The target size in the Quebrada Honda prospect is approximately 4 square kilometers. Additional work on the target will consist of ground magnetic surveys, additional mapping, sampling and trenching.
Prospecting north of the Pampa Paciencia epithermal gold target has located a zone of quartz vein stock work and separate area of intense brecciation within a granodiorite intrusive. The two areas are approximately two kilometers apart and separated by sand and gravel cover and are closely associated with the intersection of N-S and NW-SE trending lineaments as well as a high radiometric anomaly. The breccia is strongly silicified and covers an area approximately 50 by 50 metres of outcrop and subcrop. Similarly, the quartz veinlet stockwork zone covers a slightly larger area of 50 by 100 metres before being lost under overburden cover. Initial results from prospecting of both outcrop areas has returned anomalous values in copper (up to 497ppm), antimony (up to 192ppm), arsenic (110ppm) and lead (greater than 1%) which are all indicative of relative proximity to porphyry mineralization. Mapping and chip sampling as well as additional prospecting are planned to better define this new target in the coming weeks.
A map of the Atacama Copper Project showing the location of the Pampa Paciencia North & Quebrada Honda prospects can be accessed here.
At Cerro Barco, an area of quartz-magnetite stockwork immediately west of the original showing has been mapped in outcrop. The area also contains several outcrops of with potassic altered andesitic rocks with moderate to strong fracturing and cross-cutting veinlets of quartz-magnetite with copper oxide in places. The zone of fracturing and stockwork mineralization has been followed to the north towards the Antofagasta Calama Lineament ("ACL") and the magnetic anomaly until it disappears under cover. This alteration combined with the already identified intense hematite-silica alteration and copper gold mineralization that returned values up to 2.3%Cu and 1.98 g/t Au adds to the quality and exploration potential of this porphyry target. Additional work is being planned for this prospect, including extensive geochemistry, detailed mapping, trenching and ground geophysics. The Cerro Barco target is considered a priority exploration area due to the combination of several positive factors for porphyry mineralization including favorable structural context (NNW-SSE major lineament intersecting the ACL), presence of magnetite-quartz-copper oxide stockwork, potassic alteration of feldspars, and strong propylitic alteration of surrounding andesites, hematization and silicification.
In addition to the above mentioned prospects, regional prospecting has identified an area approximately ten kilometers east of Quebrada Honda with evidence of historical artisanal mining. The pits generally strike N-S and contain copper oxide within quartz bearing structures. Initial grab sampling from this area has returned copper values up to 3.49% and gold values up to 1.42 g/t.
On the western portion of the ACP claim block, primarily contained within the Coastal Range metallogenic NS belt, several areas of interest have been discovered during reconnaissance fieldwork. Samples from two areas in particular, have returned mineralized samples ranging from 0.6% to 8.10% Cu. While prospects in this belt are typically mantos, copper porphyries have been discovered, including the nearby Antocuya copper porphyry currently in development stage.
Vernon Arseneau, Vice-President of Exploration of Arena, commented "We continue to add prospective target areas to our growing portfolio of prospects within the Atacama Copper Project. We intend to continue with our current program, which we believe is proving to be cost efficient and effective."
The Company intends to continue working on the prospects in conjunction with initial exploration of the remaining targets identified on the Atacama Copper Property that have not been worked to date. At present just over 60% of the land has been covered in the initial exploration program.
To view the website, please visit www.arenaminerals.com. In addition to featuring information regarding the Company, its managements and projects, the website also contains the latest corporate news and an email registration allowing subscribers to receive news and updates directly.
The technical and scientific aspects of this news release have been reviewed and approved by Mr. Vernon Arseneau, P.Geo, who has been designated as 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
Currently Arena Minerals has three properties under option covering approximately 309,230 hectares. All the properties are within the Antofagasta region of Chile, at low altitudes and within producing mining camps. The Company flagship asset is the Atacama Copper Property, consisting of 293,500 hectares of essentially undrilled ground in the heart of Chile's premier copper mining district. The Atacama Copper Property is adjacent to the Capricornio Property, forming part of a contiguous land package that can be worked in conjunction. In addition the Company also has the Pampas El Penon project, comprising a total of 8,650 hectares which is less than 1 km from Yamana's Agusta Victoria project and 10 km from the El Penon mine. On May 11, 2014, the Company reduced its land position with respect to the Pampas El Penon property to 2,400 hectares of worked claims and 6,250 hectares of greenfield claims. The Capricornio property, comprising 7,080 hectares, hosts a district scale gold silver epithermal system virtually unexplored at depth and open on strike. The Pampas El Penon and Capricornio properties comprise Arena Minerals highly prospective gold properties within an active mining region.
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 may contain 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 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, the Capricornio project, and the El Penon project, and the Company's ability to obtain financing. 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. Estimates underlying the results set out in this news release arise from work conducted by the previous owners and the Company. 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. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. 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.
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