Arena Minerals discovers 275-meter aquifer containing an average of 441 mg/l lithium at the Fortuna II claim block, providing an update on the Sal de la Puna project drill (Canadian Business Journal )

TORONTO, OCTOBER 3, 2022 (GLOBE NEWSWIRE) — Arena Minerals Inc. (“Arena” or “Company”) (TSX-V: AN | OTCQX: AMRZF) announced the completion of the first exploratory borehole (R-01) in the Fortuna II claim block, part of the Sal de la Puna Project (the “SDLP Project”) located in the Pastos Grandes Basin, Salta Province. increase. Argentina. The rotary borehole was the first to be tested in the eastern sub-basin of the Pastos Grandes, intersecting a continuous saltwater column from 240 to 515 meters downhole. This 275 meter brine column averaged 441 milligrams per liter (“mg/l”) of lithium (“Li”).

The aquifers found are dominated by medium to fine sands with minor halite and are separated by upper and lower clay layers that could serve as confinement layers if continuity is proven. I’m here. This finding suggests that the high-quality saline waters of Pastos Grandes extend into the eastern sub-basin and may be hydraulically connected. The brine maintains favorable high quality geochemistry with an average magnesium to lithium ratio of 5.6 and sulfate to lithium ratio of 11.2. Both are comparable to the brine of the main basin of the Pastos Grandes.

Arena President and CEO William Randall said: The quality of the aquifer and the brines found suggest that this eastern sub-basin is productive and has the potential to scale our business model in the future. “Exploration drill rigs are underway to test other claims in the basin, where we hope to further expand the saltwater containing aquifer on our landholding.”

A map showing the exact locations of the drills Arena has completed so far can be found below.

R-01 was completed as an observation well with a 2 inch diameter blank and screened PVC casing to a depth of 450 m. For R-01, depth-specific brine sampling was performed over the entire brine column using a double packer sampling system. The upper part of the hole intersected with fresh to brackish water to about 70 m. The fresh/brackish water column is separated from the salt water column by a clay layer with low permeability.

Drill program update

Resource definition drilling at the SDLP project’s main Almafuerte and Graciela claim blocks has been completed. Graciela’s DDD-01 reached a total depth of 700 m. The brine was encountered 120 m downhole and continued down to drilling depth. The pit encountered mainly clay-rich lithology. The top of the brine column was sampled using HydraSleeves. The sample is awaiting laboratory analysis.

A third rotary drill is drilling new production wells at the Alamafuerte claim block. The well (PW-1) is 15 inches in diameter and is drilled to a depth of 500 m, producing 8 and 10 inch diameters between 350 m and 500 m in the lower brine gravel aquifer encountered by the diamond drill. Complete with casing. Hole DDD-02. This lower gravel aquifer averages 503 mg/l Li with a grade reaching 557 mg/l Li (see press release dated 11 April 2022 for details). A 30-day pumping test on PW-1 is scheduled for November 2022, during which water level response will be monitored in adjacent observation wells.

Two rotary drills are working on the exploration claims block. As noted above, borehole R-01 was completed in the Fortuna claim block located in the eastern sub-basin of the Pastos Grandes Basin.

Two additional exploration holes are being drilled at the Barreal II and Patovica I claim blocks. R-02 was drilled to a depth of 80 m below the surface of Patovika I with a target depth of over 400 m. R-03 was drilled to a final depth of 617 m below the surface of Barreal II. Detailed logging and sampling of both these holes is pending.

Arena operates the drill program on behalf of Sal de la Puna Holdings Ltd., jointly owned by Arena (65%) and Ganfeng New Energy Technology Development (Suzhou) Co., Ltd. (“Ganfeng Lithium”; 1772.HK). ;OTCQX: GNENF) (35%).

The drilling program will initially focus on the Almafuerte and Graciela blocks to the south and southeast of Lithium America’s (TSX: LAC; NYSE: LAC) Pastos Grandes project and will consist of 3,000 m, increasing current resources and Increase the resource base of your SDLP project. The borehole is designed to test previously undrilled portions of the Pastos Grandes Basin with the aim of extending resources beyond the known aquifers of the Almafuerte and Graciela claim blocks.

The training program is jointly designed and overseen by the company and Atacama Water consultants. All brine samples are sent to SGS Laboratories in Salta, Argentina. SGS Laboratories is an independent and fully internationally accredited laboratory for the analysis of lithium multi-element inductively coupled plasma spectroscopy. The arena has a rigorous quality assurance and quality control program with at least 10% replicates, blanks and standards inserted into each sample shipment.

Stock option grant

The Company also announces that it has granted 1,000,000 incentive stock options to its directors, officers and employees. An option to purchase shares of our common stock at a price of $0.50 per share of common stock, which expires on December 30, 2025. Stock options vest immediately and are granted under the terms of our Stock Option Plan. The closing price of our common stock on August 15, 2022, the stock option grant date, 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 in the Pastos Grandes basin in Salta, Argentina. This claim is very promising and the basin is shared with his two advanced lithium brine projects. In addition to Sal de la Puna, the company owns the Antofalla lithium brine project in Argentina, with four claims covering a total of 6,000 hectares in the central portion of Salar de Antofalla, located just south of Albemarle Corporation’s Antofalla project. It has been constructed. Arena has developed a unique brine treatment technology using brine-type reagents derived from the Antofalla project with the aim of producing more competitive battery grade lithium products.

Arena also owns 80% of the assets of Atacama Copper in Chile’s Antofagasta region and 5.8 million shares of Astra Exploration. The project is located in a lowland producing mining camp in an infrastructure rich area, located in the heart of Chile’s main copper mining district.

For more information about the company, its management, expertise and projects, please visit www.arenaminerals.com. An email subscription is also available on the website that allows subscribers to receive news and updates directly.

Technical information contained in this news release has been reviewed and approved by William Randall of P.Geo, Qualified Person as defined in NI 43-101. Mr. Randall is a Director and Chief Executive Officer and President of Arena.

For more information, please contact William Randall, President and CEO (+1-416-818-8711) or Simon Marcotte, Corporate Development (+1-647-801-7273). [email protected].

On behalf of the Board of Directors: Arena Minerals Co., Ltd.

William Randall, President and CEO

Cautionary Statement Regarding Accuracy and Forward-Looking Statements

This news release may contain forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes the future development of our assets, the projected timing of private placement financings, our ability to complete private placement financings, the results of our exploration programs, the future financial or operating results of our company, our subsidiaries and our projects. , the Atacama project in Chile, the Antofalla, Argentina, Hombre Muerto or Pocitos projects, and the anticipated timing of development and the company’s ability to raise capital. Forward-looking information is generally disclosed using forward-looking terms such as “plans,” “expects,” “does not expect,” “expects,” “budget,” “planned,” and “estimate.” can be identified using “predict,” “intend,” “predict,” “do not predict,” or “believe,” or variations of such words or phrases, or that a particular action, event, or outcome “may” ‘, ‘could’, ‘could’, ‘could’, ‘may’ or ‘obtained’, ‘occurred’ or ‘achieved’. Statements made herein are based on current expectations and assumptions that involve risks and uncertainties. Actual results are set forth in the Company’s interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and the Management’s Discussion and Analysis section of applicable Canadian securities regulations. It can vary greatly depending on factors. The estimates underlying the results contained in this news release are based on work done by the previous owner and company. Forward-looking information is subject to known and unknown risks, uncertainties and our actual results, level of activity, performance or performance may differ materially from those expressed or implied by such forward-looking information. Subject to other factors that may be contributing factors. but not limited to: general business, economic, competitive, geopolitical and social uncertainties; actual results of current exploration activities; other mining risks and risks described in our annual information forms; We have attempted to identify important factors that could cause our actual results to differ materially from those contained in the forward-looking information, but we do not believe that they could cause results to differ from those anticipated, estimated or intended. There may be other factors that There can be no assurance that such information will prove to be accurate, as actual results or future events could differ materially from those anticipated in such statements. You should not place undue reliance on forward-looking information. Arena Minerals does not undertake to update forward-looking information, except in accordance with applicable securities laws.

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