Arena Minerals (AN.V) had some exciting news as it released an exploration update on its joint venture with JOGMEC. As part of the initial $17.5M agreement, JOGMEC has already drilled 88 holes for a total of almost 15,000 meters of reverse circulation drilling. The results of the first 45 holes have been sent to the company and three drill holes located in the southern area of Carmen Alto have intersected mineralization which is characteristic with a porphyry system.
You don’t need to focus on width and grade right now (after all 6 meters of 0.1% copper and 2 meters containing 0.2% copper isn’t really something to brag about), but these holes could be seen as some sort of indicator for a potential porphyry zone in the close neighborhood. With three joint venture partners spending their own money on three of Arena’s projects, 2016 looks very promising!