Canada-based Arena Minerals has signed an agreement to acquire 100% of the La Finca Property in Region III of Chile. 

La Finca is an undrilled Cu-Mo porphyry target, 15km north-east of the village of Inca De Oro and 35km SE of Diego de Almagro. 

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Arena president and CEO Will Randall said: “La Finca fits our criteria in which we aim to select high-quality copper porphyry properties at low elevations with a relative infrastructure advantage.

“La Finca’s average elevation is approximately 2,000m above sea level, with year-round access, and near several advanced projects dominated by El Salvador mine, operated by state-owned Codelco. 

"Having the option to earn into 100% of La Finca gives Arena the flexibility to add potential partners down the line. Along with the Sierra Gorda project, we are very excited about the prospects of our portfolio.”

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"Having the option to earn into 100% of La Finca gives Arena the flexibility to add potential partners down the line."

According to the company, the prospect lies near a pronounced NE trending regional lineament that controls the emplacement of the mineralisation in the area.

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The main alteration comprises extensively oxidised and leached quartz monzodiorite, relatively unaltered tourmaline breccias and lesser altered diorite porphyry.

Arena has an option to gain 100% working interest in the La Finca project by infusing cash payments of $50,000 on signing (completed), $50,000 one year after signing, $70,000 two years from the date of signing, $130,000 three years from signing, and $900,000 four years from signing.

The project is subject to 2% NSR to be paid to the vendor. However, Arena can exercise the option of repurchase 50% of the NSR for $3m. 

Arena has issued 200,000 stock options to its consultant.