Venerable Ventures Ltd. Announces Start of Drill Program and Grant of Options
26.09.2012 | Marketwire
VANCOUVER, Sept. 26, 2012 - Venerable Ventures Ltd. (TSX VENTURE:VLV) ("Venerable" or the "Company") is pleased to provide an exploration update on its Trout Property. The Company has begun a Phase One 2,200 metre drilling program on three of the seven targets. Four of the remaining targets will be investigated by additional soil geochemistry, rock sampling, geological mapping and prospecting before season closure. The target is epithermal gold mineralization associated with zones of silica-sulphide and surrounded by broader clay alteration.The Company's objective is to test for similar Discovery and Camp Zone style mineralization to the northeast and within this graben structure. Here, mineralization may either be 'buried' by a thin veneer of post-mineralization basalt or occur as near-surface silicified structures outside the basalt cover. Previous operators have never tested for gold and silver mineralization along these two northeast trends.
Descriptions of the drill targets are listed below, all of which are considered consistent with the Company's exploration objectives:
Num Name Status New Target Description Location Graben Structure
1 Cap Zone Drill ready 730m by 450m IP anomaly with 1 kilometre NE South fault
co-incident Au-Ag-Cu-Hg in soil of Discovery South fault
2 Camp Zone Drill ready Venerable collected additional 250 metres
assays from un-split historical north of
core (hole 90-04) - 0.45 g/t Au Discovery Zone
over 44.52m
3 Discovery Drill ready Rock chip samples, Discovery Zone South fault
Zone 4.5 g/t Au, 22 g/t Ag over
3m flanking Discovery zone
Technical information in this news release has been reviewed and approved by Glen Dickson, P.Geo., a Qualified Person as defined in National Instrument 43-101. For more information see the Company's technical report entitled "Technical Report: Trout Property" dated March 23, 2011, available on SEDAR at www.sedar.com.
The Company also wishes to announce that 725,000 options have been granted to certain directors, officers and employees under the Company's stock option plan.
About the Company
Venerable is a Canadian natural resource company engaged in the acquisition, exploration and development of mineral properties, with its primary focus on the Trout Property. Venerable holds an option to acquire a 100% interest in and to the Trout Property. The Trout Property is 65 kilometres southwest of Vanderhoof, BC on the Nechako Plateau and covers an area of 7,179 hectares. The Trout Property is approximately 40km NNE of NewGold's Blackwater Project.
ON BEHALF OF THE BOARD VENERABLE VENTURES LTD.
Ryan Sharp
President, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events related to the Company's proposed exploration plans at the Trout Property. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as the Company's ability to finance its planned exploration; the Company's ability to source the necessary infrastructure to effect its exploration plans; current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. The Company can offer no assurance that its exploration and development plans will be conducted in the time expected or at all. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Venerable Ventures Ltd.
Ryan Sharp, President and CEO
(604) 647-0146
(604) 647-0143 (FAX)
ryan@venerableventuresltd.com
www.venerableventuresltd.com