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Vena Announces Positive Results of Surface Sampling at the Esquilache Silver Project

TORONTO, Jan. 15, 2013 /CNW/ -  Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM, Peru: VEM, Germany: V1RA, USA: VNARF) announces the results of the initial surface sampling phase of the current exploration program being conducted on the Esquilache silver project located in southeastern Peru. The sampling confirmed the continuity of high grade silver values in the surface outcrops of the Sepulveda, Creston, Elvira, Katty and Julian veins with values up to 25 opt Ag (ounces per tonne silver), 5.68% Pb (lead) and 1.45% Zn (zinc) and complements the positive preliminary metallurgical test results that were reported in a press release on January 7, 2013.

The current exploration program commenced with a compilation of historical data of the mine including information from three thesis presentations submitted to the Universidad Nacional San Agustin that date from the early 1960's when Hochschild was actively mining the deposit. To date, systematic sampling (272 channel samples) of five of the more prominent outcropping veins has been undertaken as the first step in establishing resources amenable to exploitation by low cost open pit mining. The program includes sampling of the mine dumps and on-going metallurgical studies to maximize recoveries and concentrate grades.

Based on this work, a planned drill campaign will test the near surface potential of the principal veins with a series of short holes and will also include eight deeper holes to test the potential for the continuity of high grade silver at depth on the Sepulveda and Mamacocha veins. The program is expected to total about 1,700 to 2,000 metres.

The Sepulveda vein is located on Cerro Creston and has been evaluated by channel sampling of outcrops and trenches over a strike length of 450 metres. The transverse sampling was at 25 metre intervals and the best section assayed 10 ounces per tonne (opt) Ag across a vein width of 8 metres. There were 20 sample sections and the elevation difference between the lowest and highest is 130 metres. The accompanying longitudinal section shows the drill plan to test for near surface open pit resources and an initial series of four holes to test the mineralization at depth. The projections of silver mineralization at depth and the outline of underground workings is based on data in the thesis of Alejandro Fundinaga Bedoya that was published in 1961. Table 1 shows the most significant results from the channel sampling program on the vein.

Table 1 - Sepulveda Vein - Significant Channel Samples

             
Trench Sample Length Gold g/t Silver Oz Lead % Zinc %
Tr-2 7003109 2.0 0.09 5.11 0.76 0.08
Tr-2 7003111 2.0 0.06 10.55 0.15 0.02
Tr-2 7003112 2.0 0.01 3.83 0.06 0.04
Tr-2 7003117 1.1 0.01 4.15 5.68 1.15
Tr-3 7003121 2.0 0.01 4.60 0.01 0.01
Tr-3 7003122 2.0 0.01 4.63 0.01 0.01
Tr-3 7003124 1.0 0.01 3.95 0.02 0.01
Tr-5 7003136 2.0 0.01 4.57 0.10 0.01
Tr-5 7003137 2.0 0.01 17.01 0.12 0.07
Tr-6 7003138 2.0 0.01 3.14 0.04 0.04
Tr-6 7003139 2.0 0.01 15.72 0.23 0.02
Tr-6 7003141 2.0 0.02 4.63 0.14 0.02
Tr-7 7003009 1.7 0.02 7.97 0.08 0.01
Tr-7 7003011 1.7 0.02 12.25 0.06 0.02
Tr-8 7003012 1.9 0.00 3.79 0.07 0.01
Tr-10 7003018 0.9 0.01 14.80 0.17 0.01
Tr-11 7003023 2.4 0.05 5.72 0.13 0.01
Tr-11 7003025 1.5 0.03 8.81 0.05 0.00
Tr-11 7003027 1.0 0.02 6.04 0.04 0.00
Tr-12 7003028 1.3 0.05 7.81 0.10 0.01
Tr-13 7003034 1.0 0.02 4.08 0.14 0.01
Tr-20 7003075 1.3 0.00 4.95 0.04 0.00
Tr-20 7003076 1.2 0.02 5.69 0.34 0.01
Tr-20 7003077 2.6 0.01 3.09 0.10 0.01
Tr-20 7003078 1.3 0.02 4.73 0.24 0.03
             

 

The Creston vein is also located on Cerro Creston approximately 300 metres to the southeast of the Sepulveda vein. It was sampled over a strike length of 300 metres by 14 channel sample sites at 25 metre intervals. The best section assayed 10.96 opt Ag across a vein width of 3.3 metres. The elevation difference between the lowest and highest sample sites was 45 metres. Drilling is planned to test the near surface open pit potential and also the vein at depth. Table 2 shows the most significant results of the channel sampling of the Creston vein.

Table 2 - Creston Vein - Significant Channel Samples

             
Trench Sample Length Gold g/t Silver Oz Lead % Zinc %
Tr-1 7003418 2.0 0.03 4.98 0.28 0.01
Tr-2 7003406 1.4 0.12 4.85 0.20 0.02
Tr-4 7003401 2.2 0.16 10.96 1.26 0.04
Tr-9 7003377 1.3 0.05 3.38 0.65 0.22
Tr-9 7003378 2.0 0.14 4.15 0.18 0.18

 

Three of the more prominent veins at Cerro Mamacocha were also sampled during the program. Systematic channel sampling of outcrop and hand excavated trenches demonstrates the continuity of the mineralization along the veins with individual samples having grades up to 25 opt Ag, 1.59% Pb and 1.45% Zn. A drill plan has been designed to test the Mamacocha vein at depth along strike from a successful drill hole completed in 2011. The Mamacocha vein is the southwestern extension of the combined Katty and Julian structures and can be traced for about 300 metres before it disappears under overburden. Table 3 shows the most significant results of the channel sampling of the three veins.

Table 3 - Elvira, Katty & Julian Veins - Significant Channel
  Samples          
             
Elvira Vein          
             
Trench Sample Length Gold g/t Silver Oz Lead % Zinc %
Tr-3 7003443 1.6 0.28 5.98 0.18 0.40
Tr-3 7003444 2.0 0.03 1.56 0.02 1.45
Tr-4 7003449 1.7 0.10 7.04 0.09 0.33
Tr-7 7003461 2.0 0.14 4.73 0.03 0.00
Tr-7 7003463 2.4 0.10 5.66 0.05 0.00
Tr-10 7003472 4.0 0.33 6.66 0.57 0.02
             
Katty Vein          
             
Trench Sample Length Gold g/t Silver Oz Lead % Zinc %
Tr-1 7003477 2.0 0.04 3.47 0.40 0.01
Tr-1 7003478 0.9 0.06 4.21 0.55 0.01
Tr-6 7003494 0.5 0.63 9.81 0.12 0.02
Tr-8 7003498 1.3 0.43 25.03 0.64 0.02
Tr-9 7003501 0.8 0.08 5.11 0.54 0.04
Tr-10 7003503 1.1 0.71 15.29 0.42 0.01
             
Julian Vein          
             
Trench Sample Length Gold g/t Silver Oz Lead % Zinc %
Ch-2 7003507 1.2 0.21 19.56 0.21 0.00
Ch-4 7003509 2.0 0.23 5.40 0.91 0.01
Ch-5 7003511 1.2 0.07 1.82 1.59 0.01
             

 

During the exploration program a total of 23 mine dumps were evaluated by pits and trenches that were mainly excavated by using a backhoe to systematically expose profiles for sampling. The material is dominantly polymetallic with values in silver, lead, zinc, copper and gold. Table 4 shows the average grades that were calculated for the individual dumps using the results of the 322 samples that were collected. Topographic surveying is presently underway to provide a calculation of the tonnage of the dumps.

Table 4 - Average Grades of the Mine Dumps  
               
  DUMP Samples
per Dump
Grades Average
Gold g/t Silver Oz. Copper % Lead % Zinc %
1 Azufrada 1 2 0.08 1.83 0.10 3.46 14.46
2 Azufrada 2 3 0.04 0.87 0.13 1.97 8.08
3 Azufrada 3 3 0.06 1.38 0.10 4.12 18.80
4 Blanca Norte 3 0.31 1.79 0.03 2.94 1.18
5 Crestón 1 7 0.27 4.03 0.09 4.44 3.82
6 Farallón 111 0.44 3.55 0.28 1.76 2.47
7 Mamacocha 6 0.28 3.52 0.36 0.14 0.44
8 Mesa de Plata 1 4 0.79 7.36 0.07 2.10 4.76
9 Mesa de Plata 2 4 0.15 1.98 0.14 1.13 1.70
10 Mesa de Plata 6 0.28 4.25 0.07 2.26 4.87
11 Victoria Nivel 6 8 0.27 4.89 0.20 2.48 1.19
12 Nivel 8 Blanca 6 0.10 2.74 0.05 3.91 0.59
13 Nivel 9 Blanca 5 0.41 2.32 0.07 3.47 0.17
14 Nivel 11 Blanca 9 0.27 2.92 0.04 8.17 2.33
15 Quelleumina 33 3.18 2.70 0.19 0.79 1.55
16 Yanacaca 17 0.39 5.88 0.19 0.79 1.55
17 San Antonio 10 0.04 9.81 0.03 0.68 0.58
18 San Antonio I 5 1.38 6.80 0.02 0.48 0.27
19 Konawire 8 0.21 2.56 0.06 4.69 4.65
20 Split Blanca 6 0.24 1.36 0.05 3.29 1.11
21 Hardy 49 0.12 1.36 0.08 0.79 1.71
22 Hardy B 3 0.05 0.30 0.06 0.15 0.36
23 Sepulveda 14 0.02 2.21 0.01 0.20 0.13
               

 

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.

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

 

SOURCE Vena Resources Inc.

Image with caption: "Longitudinal Section Sepulveda Vein (CNW Group/Vena Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20130115_C5911_PHOTO_EN_22576.jpg

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