TORONTO, Dec. 3, 2012 /CNW/ - Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM, Peru: VEM, Germany: V1RA, USA: VNARF) announces that early results of the program to evaluate near term resources on its 100% owned Esquilache project located in southern Peru are very promising. The program is focused on evaluating the mine dumps generated by historical mining as well as the potential for small open pits to exploit the wider and higher grade surface exposures of the principal veins. This project is complementary to the drill programs already executed with significant results already announced.
David Bent, General Manager and Vice President of Exploration for Vena stated: "We have already had several pleasant surprises such as the orientation sample at the Santa Rosa vein that assayed 0.12 g/t Au, 1,147.00 g/t Ag, 1.40% Cu, 28.05% Pb and 16.67% Zn across 3.30 metres and the high gold values (3.45 g/t Au) from the Quellumina dump. Once the initial sampling program is completed, the next phase will consist of a program of close-spaced, short drill holes to test the selected vein structures to a depth of approximately 30 metres so that we can proceed with calculating NI 43-101 compliant resources amenable to low cost, open pit mining."
The initial phase has concentrated on sampling the dumps on a systematic basis using a combination of pits and trenches to collect samples weighing approximately 4 kilograms at depths of approximately 1 metre. A backhoe has been mobilized to the project to excavate deeper pits that will permit profile sampling to the base of the dumps and add confidence to the calculation of average grades as well as validate volume estimates. To date, assays have been received for a total of 132 of the dump samples with the following results:
Au: 20 samples > 1 g/t, 12 samples > 2 g/t, 3 samples > 5 g/t
Ag: 101 samples > 60 g/t, 52 samples >120 g/t, 32 samples > 200 g/t
Cu: 15 samples > 0.5%, 5 samples > 1%
Pb: 84 samples > 1%, 50 samples > 2%, 26 samples > 3%,
Zn: 101 samples > 1%, 73 samples > 2%, 41 samples > 3%
Preliminary average grades and surface dimensions for individual dumps are shown on the accompanying map. A detailed topographic survey of the dumps is being carried out to determine the approximate volumes of material that would be available for processing.
Metallurgical tests are in progress on three 50 kg samples with the following head grades:
|Sample||Au g/t||Ag g/t||Cu %||Pb %||Zn %|
Systematic channel sampling is in progress to test the surface grades of five of the largest veins: Sepulveda, Blanca, Creston, Elvira and Mamacocha. Other veins will be added as the program progresses. Channels are being cut at 25 metre intervals across the veins and the backhoe will be used to expose the veins in areas of light cover.
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.
SOURCE Vena Resources Inc.
Image with caption: "Esquilache Project Peru (CNW Group/Vena Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20121203_C5371_PHOTO_EN_21437.jpg