Arena Minerals: Atacama Copper Project Exploration Update, Chile
TORONTO, ONTARIO--(Marketwired - Feb 27, 2014) - Arena Minerals
Inc. ("Arena" or the "Company") (TSX-VENTURE:AN) is pleased to
announce results of its initial exploration program on the 2,930
square kilometer Atacama Copper Property ("ACP" or "Property"),
located in the Antofagasta region of Chile. Twenty nine target
areas prospective for large copper porphyry style deposits have
been selected for follow up exploration work. Early stage ground
work has been completed on the first series of initial target areas
resulting in the discovery of two copper porphyry prospects, La
Paloma and Cerro Barco. Field crews have covered less than 20% of
the target areas, initially concentrating on the north-eastern
portion of the Property, in the vicinity of Spence Mine, El Tesoro
& Esperanza Mines, and Sierra Gorda project. Over 80% of the
Atacama Copper Project has yet to be explored.
Data Compilation and
Initial Target Area Selection
The Company has completed the majority of the compilation of
available data and subsequent processing. Efforts to date have been
focused on acquiring and compiling all available data to aid in the
target area selection within the extensive 293,500 hectare property
package.
Data compiled to date includes:
- Satellite imagery (ASTER), primarily utilized to identify
outcropping alteration zones and main structural features;
- Geophysical airborne magnetic and radiometric surveys covering
the entire project area, flown on 500 metre line spacing;
- Geochemical data, consisting primarily of greater than 1000
samples within overburden and bedrock material carried out by the
vendors;
- Geological and structural interpretation maps, including some
prospect specific maps from historical archives; and
- Historical information from the vendor's industrial mining and
exploration activities, including drilling results and information
related to historical mining on the Property.
Processing of the data was undertaken by the Company's
exploration team and consultants, including geophysicists,
satellite imagery specialists, and geologists with local and
relevant porphyry copper exploration expertise. Desktop target
selection resulted in 29 target areas that warrant further
exploration, defined by a combination of alteration signatures,
structural components, geochemical anomalies,
copper-molybdenum-gold anomalous mineralization, geophysical
anomalies, and geological setting.
Vern Arseneau, Vice President of Exploration for Arena Minerals,
commented, "Having completed our desktop portion of the exploration
program, we are now systematically following each target on the
ground. It is important to note that the vast majority of a typical
target area is overburden covered, and an individual target can
cover in excess of 16 square kilometers. We have an excellent team
of geologists and prospectors with many years experience in the
Chilean copper belt. It is a testament to the quality of this
property package that we have already identified two high quality
prospects showing unmistakable copper porphyry signatures in an
outstanding location. As we cover more of the ground it is becoming
increasingly evident that the claims have had little to no
exploration, with large tracts of land which appear to be trackless
and unvisited. In addition, it has been a welcome surprise to find
shallower overburden depths than expected, in many cases ranging
from 2 to 20 metres."
La Paloma & Cerro
Barco Prospects
A map of the ACP showing the selected prospects can be accessed
here.
The Company has focused groundwork completed to date on the
northeastern portion of the Atacama Copper Project, primarily on
the area between the producing Spence, Sierra Gorda and
Esperanza/El Tesoro mines. During reconnaissance traverses, the
La Paloma prospect was
discovered, covering an extensive area of approximately
forty square kilometers with promising copper porphyry signatures.
ASTER imaging initially identified areas of advanced argillic
alteration which were confirmed on the ground, as well as abundant
copper oxide mineralization and a prominent magnetic anomaly. In
many cases copper mineralization was recognized by remnants of
ancient artisanal mines, including small shafts and open pits.
Thirteen of the 49 outcrop and subcrop samples collected in this
first phase of exploration returned highly anomalous copper values
ranging from 0.1%Cu to greater than 10%. Some samples also returned
anomalous Ag up to 253 g/t. La Paloma displays abundant structural
components including intense NNW and EW fracturing and lies in
close proximity to the Antofagasta-Calama lineament ("ACL") that
hosts the Spence and Sierra Gorda deposits. The target area hosts
two individual copper porphyry targets of approximately nine square
kilometers each that are believed to lie under between 6 to 20
metres of ground cover.
The Cerro Barco target areas were selected based on the
detection of significant advanced argillic and phyllic alteration
from ASTER imaging, prominent magnetic and radiometric anomalies
and location right on the ACL. Subsequent ground work located areas
of extensive copper oxide mineralization on surface, intimately
associated with the target area and a large colour anomaly
overlying much of the magnetic anomaly. Results of the chip and
subcrop sampling of old workings hosted within strongly hematised
andesites and altered diorites on the target returned values up to
2.9% Cu and 2.5g/t Au. It is important to note that the northern
part of the area of interest close to the ACL lies under cover and
was not seen in the field. The copper porphyry target discovered at
Cerro Barco covers an area of approximately nine square
kilometers.
Further information regarding La Paloma and Cerro Barco target
areas will be released as available.
Atacama Copper Project
Work Program
The initial exploration work program is designed to target
large, relatively shallow, copper and/or gold and/or molybdenum
porphyry deposits. The program consists of:
Phase I |
Data compilation and processing (complete) |
Phase II |
Target area selection (complete) |
Phase III |
Prospecting and ground verification of target areas (on-going) |
Phase IV |
Ground geophysics on higher priority targets |
Phase V |
Data review and reduced number of priority targets selected |
Phase VI |
Reverse circulation drilling of targets |
Details of the subsequent work program phases are anticipated to
be released as more information and results become available.
To view the website, please visit www.arenaminerals.com.
In addition to featuring information regarding the Company, it's
managements and projects, the website also contains the latest
corporate news and an email sign up where news and updates can be
received directly.
About Arena Minerals
Currently Arena Minerals has three properties under option
covering approximately 326,000 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 293,000 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 Peñon project which is less than 1 km from Yamana's
Agusta Victoria project and 10 km from the El Peñon mine. The
Capricornio property hosts a district scale gold silver epithermal
system virtually unexplored at depth and open on strike. The Pampas
El Peñon and Capricornio properties comprise Arena Minerals highly
prospective gold properties within an active mining region.
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.
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 Peñon 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.
Arena Minerals Inc.William RandallPresident, and CEO(416)
309-2697www.arenaminerals.com
Arena Minerals (TSXV:AN)
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