Toronto, Ontario - Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM, Peru: VEM, Germany: V1RA, USA: VNARF) is pleased to announce the results of the final four Diamond drill holes of the recently completed drill campaign at the 100% owned silver-rich polymetallic Esquilache project located approximately 850 kilometres southeast of Lima, Peru. The program consisted of 15 drill holes for a total of 970.9 metres that tested four principal targets: Sepulveda, Creston, Franja de Oro and Estibina. This press release covers the sixth drill hole at Creston, the two Franja de Oro holes and the single hole into the Estibina structure.
The 1,000 hectare Esquilache property covers the mineralized core of a five kilometre diameter volcanic caldera that has been mined for silver/lead since the early Colonial period. The exposed structures on the property are characterized as part of a system of polymetallic, low to intermediate sulfidation, epithermal to mesothermal veins containing silver-lead-zinc-copper and significant values of gold.
The results from the 15 holes provide an excellent basis for the planning of additional drilling to define near surface resources at the Esquilache project. The priorities will be the follow up of the Sepulveda intersections (see press release dated January 15, 2015) and the mineralized intervals in the second hole (MADDHS15-02) at the Franja de Oro. Additionally, the Mamacocha area would be targeted to follow up on the intersection of 5.85 metres of 506 g/t Ag and 0.16 g/t Au in historical hole ESH-31-2011 at a depth of about 50 metres. However, the second phase of drilling, additional exploration activities and the completion of an updated resource estimate and National Instrument 43-101 technical report are subject to additional financing. Planning is in progress for this next drill stage and additional targets are being evaluated.
Deeper drilling will be required to test the true potential of the Creston vein as near surface mineralization is confined to narrow quartz-hematite veinlets within the breccia vein structure.
The Estibina structure is poorly exposed in small surface workings and was tested by a short hole (SBDDHS15-01). A poorly defined 4.60 metre wide zone of weak quartz-hematite veining and brecciation was intersected from 46.40 metres to 51.00 metres depth that is considered to represent the zone but values were low.
Simplified sections of the two Franja de Oro holes are attached to illustrate the intensity of mineralized veins and breccias in this area of the property where gold is commonly a significant component of the mineral suite. In addition to the multiple veins and stockworks there is a persistent mineralized breccia at the contact between the andesite and the underlying dioritic intrusive that was 8.45 metres wide in MADDHS15-01 and 3.70 metres wide in MADDHS15-02.
In other news, the Company also announces that with the approval of the Toronto Stock Exchange it has settled trade payables in the amount of $142,634.24 through the issuance of 1,188,618 common shares in the capital of the Company, at a price of $0.12 per common shares. The common shares issued are subject to a four month and a day hold period from the date of issuance in accordance with applicable securities laws. The issuance of shares is subject to final approval by the Toronto Stock Exchange.
This press release has been reviewed and approved by David Bent, P. Geo., Vena's Technical Advisor and Qualified Person as defined by NI 43-101. Vena's exploration and development programs are being supervised by Mr. Bent. All core samples are being prepared and analyzed by Certimen S.A., an ISO certified laboratory in Lima, Peru. The program is designed to include a comprehensive analytical quality control routine comprising the systematic use of standards, blanks and field duplicate samples. A secondary laboratory will be used for check assaying.
For further information on Vena Resources, please visit the Company website at www.venaresources.com, or contact: Juan Vegarra, Chairman and CEO at 416 364 7739, ext. 120 or [email protected] or Martin Walter, President at 416 599 7363 or [email protected].
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This press release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements are based on certain key expectations and assumptions made by Vena. Although Vena believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Vena can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in Vena's management discussion and analysis of the financial condition and results of operations for the year ended December 31, 2013 and the third quarter ended September 30, 2014 and its annual information form for the year ended December 31, 2013, which are available at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Vena undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.