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Vena Discovers High Grade Silver-Gold Zone at Esquilache Project, Intersects Include 22.0 Metres Grading 348.4 gpt AG and 0.93 gpt AU
Published : June 08, 2011
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Mots clés associés :   Facebook | Manganese | Zinc |

TORONTO, ONTARIO--(Marketwire - June 8, 2011) -


Vena Resources Inc. ("Vena" or the "Company") (News - Market indicators)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF)(Xetra®:V1R.DE), a Company with strong partnerships with some of the world's largest mining companies, is pleased to provide additional drill results from the continuing exploration program at the Esquilache project. The latest results include significant intersects of 12.0 metres of 481.3 grams per tonne (gpt) silver and 1.48 gpt gold, as well as 1.2 metres of 2,293.0 gpt silver, 11.04 gpt gold and 4.60% zinc at Cerro Mamacocha.

To date, Vena has completed 2,511.3 metres of diamond drilling in 14 holes during this first stage of the 2011 campaign. This release describes the results from the most recent seven holes that are testing the Franja de Oro zone flanking Cerro Mamacocha. The widths in the table below are core lengths - not true widths.

            Au   Ag   Ag   Cu   Pb   Zn
From (m)   To (m)   Width (m)   ppm   ppm   opt   %   %   %
4.00   6.00   2.00   1.31   26   0.84   0.05   0.19   0.02
6.00   8.00   2.00   0.74   11.5   0.37   0.03   0.12   0.03
10.00   12.00   2.00   0.59   8   0.26   0.02   0.28   0.03
12.00   14.00   2.00   0.95   25.2   0.81   0.02   0.31   0.04
14.00   16.00   2.00   1.52   23   0.74   0.03   0.34   0.05
92.10   94.00   1.90   0.17   134   4.31   0.06   0.16   0.94
94.00   95.60   1.60   0.18   295   9.48   0.22   2.55   7.45
102.00   104.00   2.00   0.22   340   10.93   0.14   0.89   2.84
104.00   106.00   2.00   0.33   177   5.69   0.08   0.45   1.48
106.00   108.00   2.00   0.59   149   4.79   0.12   1.66   4.37
108.00   110.00   2.00   0.09   134   4.31   0.12   1.46   4.16
110.00   112.00   2.00   0.09   141   4.53   0.09   0.47   1.83
112.00   114.00   2.00   0.63   300   9.65   0.07   0.46   1.74
114.00   116.00   2.00   0.72   235   7.56   0.12   0.52   1.30
116.00   118.00   2.00   1.23   502   16.14   0.07   0.35   1.39
118.00   120.00   2.00   1.39   771   24.79   0.07   0.46   1.62
120.00   122.00   2.00   2.05   616   19.80   0.07   0.35   1.27
122.00   124.00   2.00   2.86   467   15.01   0.08   0.44   1.69
164.00   166.00   2.00   1.19   188   6.04   0.05   0.15   0.93
166.00   167.20   1.20   11.04   2293   73.72   0.19   1.13   4.60

"The large intervals of high grade silver mineralization, and the higher-than-expected gold values in this first hole testing the Franja de Oro feeder breccia is very encouraging for the project. Vena's technical team is currently reviewing an aggressive drill program to expand these zones further along strike and to depth", commented Juan Vegarra, CEO of Vena. The entire team of Vena Resources would like to congratulate the elected Peruvian president - Mr. Humala. We strongly believe Peru will continue to be a great place to do business given its strong mining culture. We look forward to working with Mr. Humala's team -- his moderate posture should encourage additional investments in Peru increasing our opportunity to add value to our shareholders.

To view the "Franja de Oro Cerro Mamacocha Esquilache Project" map, please visit the following link: http://media3.marketwire.com/docs/vem_f1_608.jpg

The Franja de Oro (Gold Zone), presented on the accompanying map, is located along the northwestern flank of Cerro Mamacocha and was discovered in 2009 in drill holes testing the Haydee-Ivet structure. Low grade epithermal gold-silver mineralization was found to occur in a 50+ metre wide zone of low sulfidation epithermal quartz veinlets trending northeast-southwest parallel to the Ivet and Elvira structures. Detailed channel sampling of the limited outcrop in the area confirmed the values. The 2011 program was designed to test the oxide zone to the southwest under overburden. Hole ESH-23, located 80 metres southwest of the Haydee-Ivet workings, was halted when it became apparent that it was sited too far to the southeast to test the zone. Hole ESH-24 (reported above), located a further 80 metres southeast of ESH-23, intersected 75.1 metres core length (92.1 metres – 167.2 metres) of hydrothermal breccia in what is interpreted to be the feeder zone to the Franja de Oro. Mineralization is within the chalcedonic quartz matrix of the breccia with oxidation decreasing down hole and consists of pyrite (limonite), siderite, galena, sphalerite, manganese oxides and minor chalcopyrite. The higher grade silver-gold mineralization is concentrated near the top and bottom of the intersection indicating that the hole transected the feeder zone at an oblique angle. It should be noted that the hole terminated in an old working at 167.2 metres that is approximately 20 metres above the Mamacocha adit level which is presumed to be the depth limit of workings in the area. 

To follow up on this discovery, the program has been modified to bracket hole ESH-24 to determine the true width of the feeder zone and assess continuity of the mineralization. To date, holes ESH-27, ESH-28 and ESH-29 have been completed. Hole ESH-27 was drilled on the same section as ESH-24 but in the opposite direction (azimuth 140°) and transected the breccia approximately 50 metres above the Mamacocha adit level. The hole intersected several vein and narrow breccia zones in the hanging wall before intersecting the feeder breccia structure over a core length of 11.7 metres (48.4 metres – 60.1 metres) and assays are reported in the accompanying table. ESH-28 was drilled parallel with ESH-27 on a section 80 metres to the southwest and intersected 17 metres core length (58.4 metres – 75.4 metres) of similar mineralized breccias (assays pending). Hole ESH-29 was also drilled parallel to ESH-27 on a section 80 metres to the northeast and intersected 14.4 metres core length (70.8 metres – 85.2 metres) of the feeder breccia (assays pending). ESH-30 is currently being drilled at azimuth 140° on the same section as ESH-24 and 27 and is planned to intersect the breccia feeder zone at approximately 50 to 70 metres below the Mamacocha adit level.

DRILL HOLE ES-27-2011   Au   Ag   Cu   Pb   Zn
From (m)   To (m)   Width (m)   ppm   ppm   %   %   %
4.00   6.00   2.00   1.003   19   0.039   0.4473   0.435
22.00   24.00   2.00   0.428   76.5   0.039   0.2284   1.460
24.00   25.35   1.35   0.197   20.6   0.010   0.0780   0.182
25.35   27.00   1.65   0.081   2.7   0.005   0.0501   0.171
27.00   29.00   2.00   4.158   9.1   0.024   0.0984   0.188
29.00   31.00   2.00   0.554   6.7   0.014   0.1112   0.212
31.00   33.00   2.00   3.298   10.2   0.014   0.2453   0.315
33.00   35.00   2.00   0.741   3.4   0.013   0.1436   0.277
35.00   35.76   0.76   2.746   14.4   0.037   0.1225   0.227
35.76   36.40   0.64   0.466   80.1   0.052   0.1822   0.838
44.00   46.00   2.00   1.145   7.8   0.029   0.1955   0.311
46.00   48.00   2.00   0.749   4.6   0.020   0.1251   0.236
48.00   48.75   0.75   0.123   3.8   0.016   0.1636   0.300
48.75   50.00   1.25   0.588   37.8   0.027   0.1568   0.488
50.00   52.00   2.00   0.405   23.6   0.018   0.1281   0.593
52.00   54.00   2.00   0.548   23.4   0.013   0.1203   0.693
54.00   56.00   2.00   0.261   57.0   0.025   0.0883   0.681
56.00   58.00   2.00   0.775   66.5   0.026   0.0851   0.746
58.00   59.00   1.00   0.645   93.5   0.030   0.1757   0.996

In summary, the breccia zone that is being explored is a silica flooded fault zone that is formed at the convergence of the Ivet and Elvira structures under cover to the southwest of the old surface workings. The structure is from 12 metres to 17 metres wide and dips steeply to the northwest. The hanging wall is formed of tuffs and andesite porphyry and the footwall is microdiorite intrusive. The breccia structure is the feeder zone to the epithermal Au-Ag zone in the hanging wall tuff. At Esquilache these fault breccia veins are dominantly mesothermal and precious metal mineralization is known to continue to depths exceeding 500 metres below surface in the mine workings at Cerro Creston.

David Bent, Vice President Exploration, stated "The initial seven holes of the 2011 program tested three large breccia/ porphyry targets on the San Antonio de Esquilache property: Cerro Mercedes, Mamacocha NE Stockwork and the Cerro Senor Ccollo breccia. The most significant results were at Cerro Mercedes where low grade Pb-Zn-Cu mineralization was intersected in multiple hydrothermal breccias with potassic alteration indicating proximity to a porphyry system. A couple of deep (+600m) drill holes are planned to test Cerro Mercedes during the second round of drilling later in the year in coordination with the follow up drilling of the Franja de Oro zone."

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. All core samples are being prepared and analyzed by CIMM Peru, 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 its Facebook page.

Statements in this press release regarding the Company's business, plans, intentions, proposed Offering and use of proceeds thereof, 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. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Information identifying risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's current Annual Information Form and its other filings with the various Canadian Securities Regulators, which are available online at www.sedar.

Shares Outstanding: 124,601,658

Fully-Diluted: 159,041,664

The TSX does not accept the responsibility for the adequacy or accuracy of this release.

Vena Resources
Juan Vegarra
Chairman & CEO
(416) 364-7739, ext. 120

Vena Resources Inc.

ISIN : CA9225893044
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Vena Res. est une société de production minière de zinc basée au Canada.

Vena Res. est productrice de zinc, de manganese au Perou, et détient divers projets d'exploration au Perou.


Vena Res. est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 115,7 millions CA$ (110,3 millions US$, 82,0 millions €).

La valeur de son action a atteint son plus bas niveau récent le 24 décembre 2004 à 0,20 CA$, et son plus haut niveau récent le 23 février 2007 à 1,91 CA$.

Vena Res. possède 86 970 000 actions en circulation.

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