Arena Minerals Inc., (TSX VENTURE:AN) ("Arena" or the "Company") is pleased to announce that Teck Resources Chile Limitada ("Teck") has informed Arena that it has commenced a further phase of exploration on the Paciencia North project ("Paciencia North"). Following encouraging results from the June-July 2016 drilling and reconnaissance induced polarization ("IP") program in the southern portion of the Paciencia option area, Teck carried out a further 51 km2 of reconnaissance IP and 380 line km of ground magnetics in an area extending to the northern boundary of the license block. This geophysical program led to the identification of a large coherent chargeability anomaly (~ 2.5 x 3.5 km) beneath shallow gravel cover (~20-100m thick) in the northern part of the Paciencia license block. The chargeability anomaly is coincident with an annular zoned magnetic anomaly with a central high and flanking low.
Teck plans to drill test the target with an additional 1,800 metres of reverse circulation (RC) drilling to be completed in December 2016.
"The coincident chargeability and magnetic anomaly defined by Teck is a high priority target and we look forward to seeing the initial drill results towards the end of 2016," commented William Randall, President and CEO of Arena. "The target presents classic porphyry geophysical signatures, and being 20 kilometres to the northwest of Spence makes for a truly exciting opportunity."
In late 2015, and prior to the definition of the coincident IP and magnetic anomaly, three shallow, wide-spaced drill holes were completed on the periphery of the geophysical anomaly. These holes intersected sericite-chlorite and secondary biotite alteration. Due to their distant location and shallow depth, these holes are not considered to have tested the target.
About Arena Minerals
Arena Minerals is a prospect generator that has two properties under option covering approximately 70,000 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 70,0000 hectares, following a contractual land reduction on July 27, 2016, of essentially undrilled ground in the heart of Chile's premier copper mining district. Currently, approximately 40,000 of the Atacama Copper Property is under option to third parties. Pursuant to option agreements entered into between Arena, 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 $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.