Vena Resources Provides Update on Uranium Discovery and Drilling and Announces Private Placementadmin
Vena Resources Inc. announce that as the drill permitting process is in the final stages, Minergia Resources SAC, a company jointly owned by Vena and Cameco Corp., expects drilling to commence mid-November on the Macusani uranium project located in Peru’s southeastern Puno Department.
The total program encompasses 11,000 meters of drilling in 71 drill holes and the first phase of this year’s program will consist of 35 holes from 29 platforms totaling approximately 5,600 meters and will concentrate on developing inferred resources at the Tantamaco prospect as well as initial testing of the Isivilla prospect. Two other prospects – Calvario Real and Tuturumani – will be tested during the second phase of the drill program. The drilling will be performed by Canchi Perforaciones Peru S.A.C. utilizing two track mounted BBS-18E rigs that have been selected to minimize the environmental impact of the program.
The Tantamaco uranium prospect is located on the northern rim of the Macusani caldera. Uranium mineralization is principally autunite that occurs in fractures and joints within rhyolitic ignimbrites in multiple near surface horizons. The best intersection in the 2008 reconnaissance drilling was 0.2 %U (4.22 lb/t U) over 14.5 meters. The first phase of the drill program will explore an area of 900 meters by 300 meters with holes spaced at 100 meter intervals. The objective is to test the continuity and grade of the mineralization leading to the calculation of an initial open pit reserve.
The second phase of the drill program will continue to expand the testing of the Tantamaco prospect to the south. A plan showing the Tantamaco drill program is posted on the Vena Resources web page at www.venaresources.com.
In a recent development, field crews have discovered uranium mineralization in a porphyritic intrusive on the Santa Rosa property located approximately 80 kilometers southwest of Macusani. Uranium in the form of torbernite and metatorbernite occurs as fracture filling and disseminations in a monzonitic granite intruding Permian volcanics. Detailed scintillometer surveying and surface rock sampling is underway to determine the potential size and grade of the zone.