Arena Minerals: JOGMEC JV Drilling Intersects Porphyry System

Arena Minerals (TSXV:AN) provided an exploration update regarding its joint venture agreement with Japan Oil Gas and Mineral Exploration Company (JOGMEC). 88 holes have been completed and results for the first 40 holes have been received.
As quoted in the press release:

A total of 14,900 metres of primarily reverse circulation (“RC”) drilling has been completed in 88 drill holes, as part of the Phase 1 program that covers all of the areas under the JOGMEC agreement. Results have been received for the first 40 drill holes, including assay and alteration analysis results. Drill hole PU-RC-39, drilled in the north western portion of the Pampa Union block, has intersected a lithocap, alteration and pyrite shell characteristic of a porphyry system down to a total depth of 441 metres below surface.

Arena Minerals CEO, William Randall, said:

With only the first half of Phase 1 results received, we have been successful in discovering a porphyry system under only 30 metres of ground cover. Drill hole PU-RC-39 has intersected the outer pyrite halo typical of many known porphyries in the area. As a result of the success of PU-RC-39, we have accelerated the permitting of an additional 241 holes, allowing us to complete follow-up drilling on this discovery as soon as possible. We are now focusing our attention in this area to complete further work and interpretation to allow us to vector in to the potentially mineralized inner portions of the porphyry system.

Click here for the full press release.