Vena Intersects 54 Metres of 1.438 lb/mt U3O8 Including a High Grade Interval of 9.7 Metres Grading 5.913 lb/mt U3O8 at Macusani, Peru
TORONTO, ONTARIO -- (Marketwire) -- 08/02/10 -- Vena Resources Inc. (TSX: VEM)(LIMA: VEM)(FRANKFURT: V1R)(OTCBB: VNARF), a Company with strong partnerships with four of the world's largest mining companies, is pleased to provide an update on Minergia S.A.C.'s exploration of the Macusani uranium project located in Puno department, southeast Peru.
Minergia (a jointly held company by Vena and Cameco Corporation, whereby Cameco is earning a 50% interest in the Company's uranium properties) has recently completed the second drill campaign at Macusani. The program consisted of 65 diamond drill holes totalling 12,316.8 metres that tested four of the uranium prospects on the property. A total of 3,499 samples including standards and blanks were submitted for assay during the campaign. The drill program was designed to test for continuity and grade of uranium mineralization within a near surface, sub-horizontal, 30 to 80 metre thick horizon (B Level) of rhyolitic pyroclastics hosting fracture-filling and disseminated autunite and torbernite. A similar but generally thinner and less continuous horizon (A Level) occurs approximately 50 metres higher stratigraphically.
A preliminary NI 43-101 compliant resource will be calculated for the Tantamaco zone during the third quarter, 2010 based on the recent drilling and the 31 holes totaling 6,670 metres drilled during the first campaign in 2007/ 08.
Tables of the drill hole locations (Drill Hole Data - Macusani Project - 2nd Campaign) and mineralized intervals (Drill Hole Intersections - Macusani Project - 2nd Campaign) are available on the Vena web site. The weighted averages have been calculated over down hole intercepts and do not represent true widths.
Tantamaco Prospect
The Tantamaco drilling program consisted of 45 holes totalling 9241.4 metres and covered an area of approximately 900 metres by 600 metres (refer to Tantamaco Prospect- Diamond Drill Program on Vena web site for drill hole data). The second drill campaign successfully proved the continuity of the mineralization to the south and west and indicated an improvement in thickness and grade in this direction. More importantly, holes TA-2010-074 and TA-2010-079 in the southwest corner of the drill grid showed a marked increase in disseminated uranium mineralization over considerable core lengths. Drill holes TA-2010-084 and TA-2010-085 were added to the drill plan in order to increase the data in this area prior to laying out the next drill program. A few of the highlights of the campaign are included in the following table:
----------------------------------------------------------------------------
DDH No. From (m) To (m) Length (m) % U3O8 lb/ tm U3O8
----------------------------------------------------------------------------
TA-2010-059 194.45 212.30 17.85 0.067 1.476
TA-2010-061 169.30 187.80 18.50 0.049 1.070
TA-2010-068 173.55 197.00 23.45 0.058 1.267
TA-2010-071 163.25 184.00 20.75 0.060 1.327
TA-2010-074 101.30 112.00 10.70 0.078 1.712
TA-2010-079 97.00 151.00 54.00 0.088 1.438
Including 141.30 151.00 9.70 0.268 5.913
TA-2010-084 112.80 120.00 7.20 0.124 2.736
----------------------------------------------------------------------------
David Bent, Vice President of Vena commented: 'The broad intersections of more uniformly disseminated uranium mineralization in Tantamaco holes 061, 074, 079, 084 and 085 have been very encouraging. There appears to be a structural corridor paralleling the small, central gully striking northeast - southwest that controls the higher grade mineralization. The zone is open to the southwest and there is a marked increase in grade in this direction which will be the focus of the next drill campaign that is anticipated to start in November.'
Calvario Real, Tuturumani and Isivilla Prospects
Scout drilling was successful in identifying an area of shallow uranium mineralization at the Isivilla prospect that will be followed up in the next drill campaign. The two best holes were:
----------------------------------------------------------------------------
DDH No. From (m) To (m) Length (m) % U3O8 lb/ tm U3O8
----------------------------------------------------------------------------
IS-2010-004 8.20 28.10 19.90 0.037 0.811
Including 17.50 23.60 6.10 0.095 2.088
IS-2010-006 6.65 62.70 56.05 0.032 0.493
Including 38.70 45.50 6.80 0.155 3.418
----------------------------------------------------------------------------
This press release has been reviewed and approved by David Bent, P. Geol., Vena's Vice President of Exploration and Qualified Person as defined by N1 43-101. Vena's exploration and development programs are being supervised by Mr. Bent. All core samples were 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 batch of 159 samples (pulps and rejects) has been sent to the Saskatchewan Research Council laboratory in Saskatoon, Canada to check the preparation and assay procedures of the Lima lab.
About Vena Resources
Vena Resources Inc. is a Canadian mining company focused on the exploration and development of Peru's mineral potential. Employing a model of diversification across metals and regions in Peru to mitigate investment risk, the Company consists of four divisions: Mining, Clean Energy, Precious Metals and Base Metals. Together with the Company's strategic partners, Cameco, Gold Fields, Glencore and Trafigura, Vena will advance its significant portfolio of almost 75,000 hectares this year. Through its board of directors and advisors, Vena Resources possesses a unique quality of skills and experience in management, mining and finance globally.
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.
Shares Outstanding: 88,429,910
Fully-Diluted: 103,953,944
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Contacts:
Vena Resources Inc.
Juan Vegarra
Chairman & CEO
(416) 364-7739, ext. 120
jvegarra@venaresources.com
Vena Resources Inc.
Andres Tinajero
Chief Financial Officer
(416) 361-2838
atinajero@venaresources.com
www.venaresources.com