Vena Resources Completes Phase-One of Uranium Drill Program at Macusaniadmin
Vena Resources Inc. announce that the phase one drilling program at Macusani has been completed. This diamond drill program has been completed with 7,583 metres drilled at Tantamaco and 6,215 metres drilled at Nueva Corani for a total of 13,798 metres resulting in 6,755 samples assayed. All assay data is now complete and recorded. Additional prospects in Macusani will be drill tested for the first time in the first three months of 2009.
The regional geology and the uranium mineralization have been verified by this drilling program. Vena is very pleased with the overall results of this initial drill program. Several areas have exceeded expectations and will be part of the second phase of drilling. Other areas require additional surface, core examination and gamma log interpretation work. The exploration area in Macusani is very large so “hot” and “cold” zones are expected. The down-hole gamma logs will be examined to direct the next phase of drilling which will delineate the higher grade zones shown by the original drilling program leading to a resource estimate.
The second phase of drilling in Macusani in northern Puno is expected to commence in the first three months of 2009. Meanwhile two rigs are being mobilized to Lagunillas in southern Puno to commence a 3,000 metre Uranium drill program starting as soon as final permits are received.
The phase one drilling program was a regional program designed to investigate key property holdings of Minergia S.A.C. in the Macusani region. The uranium mineralization is hosted in ignimbrites and associated rhyolitic tuffs. Mineralized zones have been established and reported using a geochemical cutoff of greater than 200 PPM. No grades have been cut. All data from this drilling program will be posted on the Company’s website at www.venaresources.com.
“The results of our phase one drilling program in the Macusani region continue to exceed our expectations, highlighting the regional extent of uranium mineralization,” said Juan Vegarra, Chairman and CEO of Vena Resources. “We are very encouraged by these results, and we look forward to further advancing our Uranium resource delineation program after completing phase one drilling at another set of regional targets in Lagunillas (southern Puno) and Munani (central Puno) during the remainder of this year.”
Vena is exploring for uranium in several project areas in southeastern Peru with the technical help of Cameco geologists. Cameco has an option to invest $10 million over the next four years to obtain up to 50% of Minergia S.A.C., a Vena subsidiary holding uranium claims with an aggregate area of over 40,000 hectares, in three regions of the Departments of Puno and Moquegua. Cameco can increase its stake in Minergia to 60% when a feasibility study is completed and up to 70% when mine development commences.
The drilling program is supervised by Rod Ogilvie P.Geo., Vena’s Vice President of Engineering and Qualified Person as defined by NI 43-101. Core samples are cut longitudinally with a diamond saw and one half of the core is placed in sealed bags and initially shipped to preparation laboratories in Juliaca, 800 kilometres southeast of Lima. Following the preparation stage, the sample pulps are sent to analytical laboratories in Lima. CIMM Peru and SGS are ISO certified assay laboratories. The program is designed to include a comprehensive assay quality control routine comprising the systematic use of standards, blanks and field duplicate samples. Secondary laboratories are used for check assaying.
To view additional highlights from the drill program using a 200 U ppm cutoff please visit the following link: http://media3.marketwire.com/docs/903vena1.pdf
In other news, Vena would like to take this opportunity to correct the purchase terms of its acquisition of Sudamericana de Carbon (“SDC”) previously announced on August 13, 2008. Subsequent to advances having been made to SDC post the Company’s original agreement in February, the balance owing for purchase of 100% of the outstanding shares of SDC was the equivalent of $397,500 which amount is being satisfied through the issuance of 662,502 common shares and 600,000 warrants. The common shares will be issued as to 331,251 on finalization of definitive agreements, 165,624 to be issued on July 31, 2009 and 165,627 to be issued on December 31, 2009. The warrants are for a period of five years and are exercisable at $0.60 subject to the principals of SDC obtaining key deliverables. The acquisition is subject to regulatory approval.
Vena Resources Inc. is a Canadian mining company focused on the exploration and development of Peru’s mineral potential. Employing a model of diversification across metals and regions in Peru to mitigate investment risk, the Company consists of four divisions: Mining, Energy, Precious Metals and Base Metals. Vena’s zinc project, Azulcocha, with an initial NI 43-101 resource estimate of almost 200 million pounds is scheduled to commence production in the fall of 2008. Together with the Company’s strategic partners, Cameco and Glencore, Vena will advance its significant portfolio of almost 100,000 hectares this year. Through its board of directors, Vena Resources possesses a unique quality of skills and experience in management, mining and finance relating to Peru and Canada.
Company website at www.venaresources.com.