Vena Resources Prepares to Drill the Esquilache (Ag/Au/Cu) Project
TORONTO, ONTARIO -- (Marketwire) -- 01/12/11 -- Vena Resources Inc. (the 'Company' or 'Vena Resources') (TSX: VEM)(LIMA: VEM)(FRANKFURT: V1R)(OTCBB: VNARF) announces that it intends to complete a first phase four hole 1,850 metre diamond drill campaign at the Esquilache project this quarter. The initial targets will be the two porphyry targets identified on the map shown on the following page as the Mercedes Cu-Mo Porphyry and the Mamacocha Cu-Pb-Ag Stockwork. The Mercedes target has porphyry style mineralization exposed at surface whereas the Mamacocha stockwork is thought to overly porphyry mineralization at depth.
These four holes are the first phase of a much larger planned drill program to test all five of the target types identified on the property to date:
Epithermal Gold Target - A low sulfidation gold zone is located on the western flank of Cerro Mamacocha. A program of several drill holes is planned as a follow up to the successful drill campaign in 2010. Exploration is continuing for similar zones.
Mesothermal Polymetallic Veins - The veins are of the Rosario, cymoidal type, predominantly northeast / southwest striking and steeply dipping with widths of one to eight metres and dominated by Ag. At Cerro Creston mining has occurred to a depth of 450 meters. The veins on the downthrown Cerro Mamacocha side of the Caballuni fault have been exploited near surface but not mined to depth. There are multiple drill ready targets.
Breccia Zone - A large explosive, heterolithic breccia is exposed on the western side of Cerro Creston that contains abundant mineralized fragments indicative of a favourable horizon at depth. Presently being detail sampled prior to drill testing.
Porphyry Cu-Mo System - There is abundant geological, geophysical and geochemical evidence of Cu-Mo porphyry mineralization in the Cerro Mercedes area (south of Cerro Mamacocha) where there are surface exposures of stockwork Cu-Mo within phyllic/ argillic altered diorite porphyry. An initial three holes will test the zone.
Porphyry Style Cu-Pb-Ag Stockwork - The Cu-Pb-Ag stockwork on the northeast side of Cerro Mamacocha is also anomalous in Mo and is interpreted as overlying a porphyry system at depth in the diorite intrusive. The zone is in an up thrown block relative to the Mercedes porphyry and the surface exposure is higher in the system than that at Mercedes. One deep hole is proposed to test the zone.
David Bent, Vice President of Exploration for Vena stated: 'We are fortunate to control 40,000 hectares in the Puno area and in particular the San Antonio de Esquilache caldera a major center of hydrothermal activity that has generated a variety of precious and base metal targets.
To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/vem_01_12_2011_map.jpg
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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.
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Contacts:
Vena Resources Inc.
Juan Vegarra
Chairman & CEO
(416) 364-7739, ext. 120
jvegarra@venaresources.com
www.venaresources.com