TORONTO, Nov. 16, 2012 /CNW/ - Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM) (LIMA: VEM) (Frankfurt: V1RA) (OTC-BB: VNARF) announces that it has purchased the remaining 40% it did not control of the Esquilache project located in southern Peru. Vena previously had the option to obtain up to 70% of Esquilache by delivering a feasibility study. Instead the Company has agreed to pay US$450,000 to increase its shareholding from 60% to 100% so that it can benefit from full ownership of this advanced silver-polymetallic exploration project that includes an historical high grade silver mine.
Following is a summary of the Esquilache exploration results:
- Work to date: US$1.5 million invested in exploration from 2009 through 2012
- 2,378 surface geochemical samples
- 431 underground samples
- 31 surface DDH holes (5,710 metres)
- Exploration work focused on areas with little previous mining
- Only ~60% of the south zone has been tested by wide spaced (200 metres x 200 metres) surface geochemical sampling which leaves a majority of the total project untested
- Underground sampling has shown economic silver veins are ready for mining close to portal entrances
- Significant drill results (true width) include:
- 977.0 g/t Ag + 4.88 g/t Au over 2.0 metres
- 506.0 g/t Ag over 5.0 metres
- 254.5 g/t Ag over 2.0 metres
- 348.4 g/t Ag + 1.93 g/t Au over 2.8 metres
- 320.9 g/t Ag + 0.95 g/t Au over 2.0 metres
David Bent, General Manager and Vice President of Exploration for Vena stated: "We are fortunate to control the San Antonio de Esquilache caldera, a major centre of hydrothermal activity that hosts a variety of precious and base metal targets. The Company will focus its exploration efforts on Esquilache with the goal of rapidly identifying a substantial resource of high grade silver."
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.
SOURCE Vena Resources Inc.