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Vena Resources Inc (2)
Symbol C : VEM
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Close 2013-02-28 C$ 0.175
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Vena Resources regains control of Amantina

2013-03-01 08:39 ET - News Release

Mr. Juan Vegarra reports

VENA REGAINS CONTROL OF THE 18,900 HECTARE AMANTINA PROPERTY ADJACENT TO THE ESQUILACHE SILVER PROJECT IN PERU

Vena Resources Inc. has regained control of its 100-per-cent-owned, 18,900-hectare Amantina property in Peru, contiguous to the company's strategic Esquilache silver project. Since January, 2010, the Amantina property has been operated by a wholly owned subsidiary of Gold Fields Ltd. under a joint venture agreement; however, Gold Fields has agreed to waive its right to vest a 51-per-cent interest in the joint venture in exchange for a 2-per-cent net smelter return.

In excess of $2.45-million has been spent on the Amantina property by Gold Fields during the three years in which it has been operating the joint venture. This will allow Vena to focus on advancing the promising Virgin de Chapi prospect located near the southern rim of the San Antonio de Esquilache caldera, approximately three kilometres from the former mill site.

The work by Gold Fields and earlier exploration by Vena led to the discovery of eight mineralized areas on the property, ranging from high-sulphidation gold systems to low-sulphidation polymetallic veins and breccias. During the course of the program, Gold Fields collected 1,456 rock samples, 1,131 soil samples and had 2,488 samples analyzed by Terraspec to detect alteration minerals. Gold Fields concentrated on the Chapi Chiara high-sulphidation system, where seven diamond drill holes totalled 1,985.7 metres, with targeting partially based on the results of a geophysical program that included 78.4 kilometres of magnetometer surveying, 61 kilometres of gradient array and four kilometres of sectional induced polarization and resistivity. The drilling intersected extensive silica-clay alteration with uneconomic gold values. The two targets that are of primary interest to Vena are the low-sulphidation Virgin de Chapi and Amantina prospects.

Virgin de Chapi is the southern extension of multiple south-20-degree-west-trending mineralized structures, which had been mapped at Cerros Mamacocha and Mercedes on the Esquilache property. Extensive veining and stockworks with anomalous surface values in silver, lead and zinc occur within argillically and phyllically altered dacitic tuffs and andesitic volcanics between two faults approximately 500 metres apart. The zone can be followed along strike for approximately 1,200 metres to the south and is then lost under the ridge that defines the southern rim of the caldera. Additional geochemically anomalous samples farther to the south indicate that the zone may be nearly three kilometres long. Five hundred sixty rock samples have been collected during the Vena and Gold Fields programs. Many of the samples are two-metre chip-channel samples transverse to structures, with the highest individual sample assaying 177 grams per tonne silver. Much of the anomalous zone is covered by thin cover, and sampling was restricted to outcrop and a few hand trenches.

David Bent, vice-president of exploration for Vena, stated: "Regaining control of the Amantina project is a major step forward for the Esquilache project. The Virgin de Chapi prospect occurs approximately 200 metres higher than the top of the veins at Cerro Mamacocha and it is most likely that the entire vertical extent of the mineralized structures has been preserved. The location of the prospect means that any resources discovered at Virgin de Chapi would have an immediate positive impact on the economics of building a mill at Esquilache. A program of extensive trenching followed by a 1,800-metre drill program to test the structures at depth is planned."

The Amantina prospect is located approximately 12 kilometres east of Esquilache and is centred on a diatreme-phreatic breccia zone with surrounding argillic-silicic alteration. Mineralization is principally silver, lead, copper and zinc, with the better values occurring in northwest-southeast-trending opaline quartz structures. The prospect was surveyed by IP resistivity, and a strong chargeability anomaly with dimensions of 800 metres by 400 metres was identified in the central area immediately west of the breccia pipe. The anomaly is mostly covered by alluvium, but there are sparse outcrops of dacite tuff containing oxidized stockwork veinlets, which are geochemically anomalous in copper and zinc. Trenching of the anomaly will provide targeting information for an initial drill program.

This news release has been reviewed and approved by David Bent, PGeo, Vena's vice-president of exploration and a qualified person as defined by National Instrument 43-101. Vena's exploration and development programs are being supervised by Mr. Bent.

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