Arena Minerals (AN.V), one of the most interesting exploration companies in South America, has confirmed its joint venture partner JOGMEC is planning to continue to work at the Pampa Union block in Chile after analyzing the discovery hole from last year.
JOGMEC confirmed it will drill no less than 46 holes for a total of 9,000 meters as part of the previously announced $17.2M joint venture. The Japanese conglomerate is budgeting the total cost of this exploration program to be less than $2M, so it does look like JOGMEC has been able to lock in some very favorable drill rates.
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