TORONTO, ONTARIO--(Marketwired - April 16, 2014) - Arena Minerals Inc. ("Arena" or the "Company") (TSX VENTURE:AN) has received 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. In addition to the previously announced copper porphyry prospects discovered (La Paloma, Cerro Barco, & Cerrillos) Arena has discovered an epithermal gold prospect and a silica cap with base and precious metal anomalies. The newly discovered Pampa Paciencia prospect is located approximately ten kilometers north and north-east of the Sierra Gorda and Spence mines respectively. Pampa Paciencia is also located approximately five kilometers north of the operating Faride gold mine.
Two distinct mineralized areas, approximately two kilometers apart, have been discovered within altered diorite and grandiorite intrusive rocks. The mineralization consists of outcropping silica caps, quartz veins and sub-cropping angular quartz fields that align with east-west to west northwest lineaments. Moderate to strong argillic and iron oxide alteration of the intrusives also appear to be related to the mineralization. The quartz vein material exhibit well developed crustiform-colloform textures and are associated with gold, silver and base metals anomalies. Arsenic and antimony anomalies are also associated with some of the anomalous gold bearing structures, as is the presence of amethyst.
The epithermal quartz field consists of a 250 to 300 metre long area of quartz float concentrated along a west north-west axis immediately south of a large granodiorite outcrop. The area is characterized by a heavy concentration (more than 50%) of mineralized epithermal quartz vein material parallel to major structural features known to host gold deposits in the area. Several quartz chip samples taken from this area returned anomalous gold values up to 6.83 g/t Au. A total of seventeen other samples from this zone returned anomalous values ranging from 0.5 g/t to 3.84 g/t Au.
The second area of interest lies two kilometres southwest of the epithermal quartz field and consists of a silica cap with associated quartz-amethyst veins aligned with a west-northwest lineament cross-cutting an altered dioritic body. Anomalous gold values from chip sampling range from 0.3 g/t to 2.08 g/t and are associated with anomalous base metals values in Cu (up to 0.13%), Pb (up to 0.42%), Zn (up to 0.16%) and Ag (up to 154 gpt). The silica caps cover a large area coincident with prominent magnetic and alteration anomalies, making them a suitable target for buried copper porphyry deposits.
Further ground exploration is planned for both the target areas within the Pampa Paciencia prospect.
A map of the Atacama Copper Project showing the location of the Pampa Paciencia prospect can be accessed here.
Images of the Pampa Paciencia prospect can be accessed here.
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 is proving to be cost efficient and effective."
The Company intends to continue working on Pampa Paciencia 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 30% of the land has been covered in the initial exploration program.
To view the website, please visit www.arenaminerals.com.
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.
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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.
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 informationArena 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.
Contact Information:
William Randall
(416) 309-2697
www.arenaminerals.com