TORONTO, May 09, 2019 (GLOBE NEWSWIRE) -- Arena Minerals Inc. ("Arena" or the "Company") (TSX-V: AN) is pleased to report results from its recently completed surface transient electromagnetic (“TEM”) survey over the Antofalla North claim block. The survey results confirm the presence of halite over the salar surface, representing approximately 15% of the claim block, but also discovered low resistivity fields at depth along the eastern margin of the survey area. This low resistivity field is interpreted as a large aquifer saturated with brine, increasing the prospective brine field by 600 percent. Arena had purchased the claim block on the assumption brine would be present only within the known halite found on the salar surface, which covers the north western corner of the property.
Will Randall, President and CEO of Arena Minerals, commented: "The TEM results add significant value to our recent acquisition, increasing the potential for a significant resource entirely within our Antofalla North claim block. Based on these results we will design a drill program to test the newly discovered brine field. At present, the Company is initiating a shallow drill program to define the near surface brines within the halite found on the salar surface along the western portion of the claim block."
A video of the TEM survey results is now available on the Company’s website at www.arenaminerals.com.. The discovered low resistivity field extends down 300 metres from surface and is open at depth.
A follow up work program has been initiated, consisting primarily of shallow drilling on a regular grid to determine brine composition over the halite dominant salar surface. Once these results have been received a drill program will be designed to define the brine resource hosted within the halite as well as test the low resistivity discovered in this survey.
TEM Survey Details
The TEM survey was performed by Quantec Geoscience Argentina S.A. The TEM field procedure was designed to collect sounding data in an expedient manner. Data were collected with a moving-loop method in which the receiver coil was located at the center of a square, single-turn transmit loop. Transmit loop dimensions were fixed at 200 m x 200 m.
A frequency of 25 Hz and 2.5 Hz was employed throughout the survey allowing secondary magnetic field decay measurements over a total of 20 time channels. The transmitter and receiver were linked with a reference cable.
In addition, the Company informs that Vernon Arseneau is no longer Vice President of Exploration for the Company.
About Arena Minerals
Arena owns three lithium brine projects in Argentina, consisting of three claims covering a total of 4,000 hectares of the central portion of Salar de Antofalla, located immediately south of Albemarle Corporation's Antofalla project, claims covering 290 hectares in Salar de Hombre Muerto, and an option over 2,000 hectares in the Pocitos Salar.
Arena also owns 80 percent of the Atacama Copper property, consisting of two projects covering approximately 7,000 hectares within the Antofagasta region of Chile. The projects are at low altitudes, within producing mining camps in infrastructure-rich areas, located in the heart of Chile's premier copper mining district.
The technical and scientific aspects of this news release have been reviewed and approved by Mr. William Randall, P.Geo, who is a qualified person pursuant to NI 43-101. As the President & CEO of the Company, Mr. Randall is not considered independent.
To view our website, please visit www.arenaminerals.com. In addition to featuring information regarding the Company, its management, and projects, the site also contains the latest corporate news, a long form text explaining the unique business model of the Company (under the tab “the Company Explained”) and an email registration allowing subscribers to receive news and updates directly.
For more information, contact William Randall, President and CEO, at +1-416-818-8711 or Simon Marcotte, Vice-President Corporate Development, at +1-647-801-7273 or smarcotte@arenaminerals.com.
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 anticipating timing with respect to private placement financings, the ability of the Company to complete private placement financings, 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 in Chile, the Antofalla, Hombre Muerto or Pocitos Projects in Argentina , 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) accept responsibility for the adequacy or accuracy of this release.