Arena Minerals Inc. ("Arena" or the "Company") (TSX-V: AN |
OTCQX: AMRZF) is pleased to announce it has completed
the first exploratory drill hole (R-01) on the Fortuna II claim
block, which forms part of the Sal de la Puna Project (“SDLP
Project”) located in the Pastos Grandes basin within Salta
province, Argentina. The rotary exploratory hole is the first to
test the eastern sub-basin of Pastos Grandes and intersected a
continuous brine column from 240 metres to 515 metres downhole.
This 275-metre brine column averaged 441 milligrams per litre
(“mg/l”) lithium (“Li”).
The discovered aquifer is dominated by medium to
fine sands with minor halite, bound by upper and lower clay
horizons that could act as confining layers if proven continuous.
This discovery suggests Pastos Grandes high quality brine continues
to the eastern sub-basin and may be hydraulically connected. The
brine maintains its favourable high-quality geochemistry with an
average magnesium to lithium ration of 5.6 and sulphate to lithium
ration of 11.2; both comparable to the Pastos Grandes main basin
brines.
William Randall, President & CEO of Arena,
stated, “This discovery, on the first exploration drill hole
completed by Arena, opens a whole new portion of the basin for
resource growth, and greatly exceeds our expectations. The quality
of the aquifer and discovered brine suggests that this eastern
sub-basin could be productive and potentially expand the size of
our business model in the future.” He added, “The exploration drill
rig has moved on to test other claims in the basin, where we hope
to further expand the brine bearing aquifers on our land
holdings.”
A map showing exact locations of drilling
completed by Arena to date can be found below.
R-01 was completed as an observation well with
2-inch diameter blank and screened PVC casing to 450 m depth. Depth
specific brine sampling was caried out in R-01 over the entire
brine column using double packer sampling systems. The top of the
hole intersected fresh to brackish water down to approximately 70
m. The fresh/brackish water column is separated from the brine
column by low permeability clay layers.
Drill Program Update
Resource definition drilling has been completed
on the main Almafuerte and Graciela claim blocks of the SDLP
Project. DDD-01 at Graciela reached a total depth of 700 m. Brine
was encountered at 120 m downhole and continued down to drill
depths. The hole encountered dominantly clay rich lithologies. The
upper portion of the brine column has been sampled using
HydraSleeves. Samples are pending laboratory analysis.
A third rotary drill is drilling a new
production well at the Alamafuerte claim block. The well (PW-1) is
being drilled at 15-inch diameter down to 500 m depth and will be
completed with 8- and 10-inch diameter production casing between
350 m to 500 m in the lower brine gravel aquifer encountered in
diamond drill hole DDD-02. This lower gravel aquifer averaged 503
mg/l Li with grades as high as 557 mg/l Li (for further details
refer to press release dated April 11, 2022). A 30-day pumping test
in PW-1 is scheduled for November 2022 during which water level
responses will be monitored in adjacent observation wells.
Two rotary drills are operating on the
exploration claim blocks. Drill hole R-01 has been completed on the
Fortuna claim block, located in the eastern sub-basin of the Pastos
Grandes basin, as described above.
Two additional exploration holes are being
drilled at Barreal II and Patovica I claim blocks. R-02 has been
drilled to a total depth of 80 m below surface at Patovica I with a
target depth of >400 m. R-03 has been drilled to a final depth
of 617 m below surface on Barreal II. Detailed logs and sampling of
both these holes are pending.
Arena is operating the drill program on behalf
of Sal de la Puna Holdings Ltd., which is jointly owned by Arena
(65%) and Ganfeng New Energy Technology Development (Suzhou) Co.,
Ltd. (“Ganfeng Lithium”; 1772.HK; OTCQX: GNENF) (35%).
The drill program initially focused on the
Almafuerte and Graciela blocks which border Lithium America’s (TSX:
LAC; NYSE: LAC) Pastos Grandes project to the south and south-east
and consists of 3,000 m with the objective of both increasing the
category of the current resource and increasing the SDLP Project’s
resource base. Exploration holes are designed to test previously
undrilled portions of the Pastos Grandes basin with the objective
of expanding the resource beyond the known aquifers in the
Almafuerte and Graciela claims blocks.
The drill program is jointly designed and
supervised by the Company and Atacama Water consultants. All brine
samples are sent to SGS Laboratories, Salta, Argentina, an
independent and fully international accredited laboratory for
analysis for lithium multi-element Induction Coupled Plasma
Spectroscopy. Arena has a regimented Quality Assurance, Quality
Control program where at least 10% duplicates, blanks and standards
are inserted into each sample shipment.
Stock Option Grant
The Company further announces that it has
granted 1,000,000 incentive stock options to Directors, Officers,
and Employees of the Company. The option to purchase common shares
in the capital of the Company, at a price of $0.50 per common share
with an expiry date of December 30, 2025. The stock options vest
immediately and have been granted under the terms of the Company’s
stock option plan. The closing price of the Company’s common shares
on August 15, 2022, the date of the grant of the stock options, was
$0.495 per common share.
About Arena Minerals Inc.
Arena owns 65% of the Sal de la Puna Project
covering approximately 11,000 hectares of the Pastos Grandes basin
located in Salta, Argentina. The claims are highly prospective and
share the basin with two advanced lithium brine projects. In
addition to Sal de la Puna, the Company owns the Antofalla lithium
brine project in Argentina, consisting of four claims covering a
total of 6,000 hectares of the central portion of Salar de
Antofalla, located immediately south of Albemarle Corporation's
Antofalla project. Arena has developed a proprietary brine
processing technology using brine type reagents derived from the
Antofalla project with the objective of producing more competitive
battery grade lithium products.
Arena also owns 80 percent of the Atacama Copper
property within the Antofagasta region of Chile, and 5.8 million
shares of Astra Exploration. 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.
For more information regarding the Company, its
management, expertise, and projects, please visit
www.arenaminerals.com. An email registration allowing subscribers
to directly receive news and updates is also available on the
website.
The technical information contained in this news
release has been reviewed and approved by William Randall, P.Geo,
who is a Qualified Person as defined under NI 43-101. Mr. Randall
is a director and is the Chief Executive Officer and President of
Arena.
For more information, contact William Randall, President and
CEO, at +1-416-818-8711 or Simon Marcotte, 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.
Arena Minerals (TSXV:AN)
Historical Stock Chart
From Nov 2024 to Dec 2024
Arena Minerals (TSXV:AN)
Historical Stock Chart
From Dec 2023 to Dec 2024