TORONTO, March 1, 2013 /CNW/ - Vena Resources Inc. ("Vena" or the
"Company") (TSX: VEM, LIMA: VEM, Frankfurt: V1RA, OTC-BB: VNARF,
Xetra®: V1RA.DE) announces that the Company has regained control of its
100% 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 Limited ("Gold Fields") under a Joint Venture agreement,
however Gold Fields has agreed to waive its right to vest a 51%
interest in the Joint Venture in exchange for a 2% 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
sulfidation gold systems to low sulfidation 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 sulfidation system, where seven diamond drill
holes totaling 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
kilometers of Sectional IP 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 sulfidation
Virgin de Chapi and Amantina prospects.
Virgin de Chapi is the southern extension of multiple S20⁰W 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 Ag-Pb-Zn (Silver-Lead- 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 further to the
south indicate that the zone may be nearly three kilometres long. A
total of 560 rock samples have been collected during the Vena and Gold
Fields programs and the results for silver are shown in the
accompanying map. Many of the samples are two metre chip-channel
samples transverse to structures with the highest individual sample
assaying 177 g/t Ag. 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 centered on a diatreme-phreatic breccia zone with
surrounding argillic-silicic alteration. Mineralization is principally
Ag-Pb-Cu-Zn (Silver-Lead-Copper-Zinc) with the better values occurring
in NW-SE 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 Cu and Zn. Trenching of
the anomaly will provide targeting information for an initial drill
program.
This press release has been reviewed and approved by David Bent, P.
Geo., Vena's Vice President of Exploration, and Qualified Person as
defined by NI 43-101. Vena's exploration and development programs are
being supervised by Mr Bent.
The TSX does not accept the responsibility for the adequacy or accuracy
of this release. Statements in this press release regarding the
Company's business which are not historical facts are "forward-looking
statements" that involve risks and uncertainties, such as estimates and
statements that describe the Company's future plans, objectives or
goals, including words to the effect that the Company or management
expects a stated condition or result to occur. Since forward-looking
statements address future events and conditions, by their very nature,
they involve inherent risks and uncertainties. Actual results in each
case could differ materially from those currently anticipated in such
statements.
Image with caption: "Vena Resources Inc. - Vena Regains Control of the 18,900 Hectare Amantina Property Adjacent to the Esquilache Silver Project in Peru (CNW Group/Vena Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20130301_C9508_PHOTO_EN_24174.jpg
SOURCE: Vena Resources Inc.
<p> on Vena Resources, please visit the Company website at <a href="http://www.venaresources.com/" cr="true">www.venaresources.com</a>, its Facebook page or contact: Juan Vegarra - Chairman & CEO - (416) 364-7739, ext. 120 or <a href="mailto:jvegarra@venaresources.com" cr="true">jvegarra@venaresources.com</a>. </p>