Arena Minerals (AN-V) Dec 10, '15 is pleased to announce that Teck Resources Chile (TCK.B-T) has commenced a 3,000 metre reverse circulation (“RC”) drill program on the Paciencia North claim blocks. The Property comprises part of the Company’s Atacama copper property located in Antofagasta, Chile. Under the terms of the US$19.5 million dollar option agreement (please refer to News Release dated October 23, 2015), Teck can earn a 60% interest in the Property.
William Randall, President and CEO of Arena commented, “This is the third drill program this year on our Atacama property and will target the Paciencia North claims, located immediately west of the Spence mine, which have seen very limited and shallow historical drilling. We are extremely pleased with the scope and aggressive timelines of Teck’s exploration program. We firmly believe this is the best approach to discovering a large copper porphyry in the area.”
In advance of the current drill program, Teck completed desktop work, re-interpretation of available geochemical and geophysical data, landform analysis and associated surficial mapping. The program anticipates using two RC drill rigs in order to drill test portions of the Paciencia North claim block on a roughly 1.5 kilometre spaced grid. The first drill rig is already on site and a second is expected to commence work within a week. It is anticipated that the two rigs will complete approximately 3,000 metres in total. The results of this initial phase of drilling will be used to design a follow-up drill program and this second phase will also include work, including drilling, on the Solitario claims.
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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For more information, contact William Randall at (416) 309-2697.
On behalf of the Board of Directors of
Arena Minerals Inc.
William Randall
President, and CEO
Arena Minerals Inc.
65 Queen Street West.
TORONTO, ON M5H 2M5
Email: wrandall@arenaminerals.com |
