Vena Resources Inc. (“Vena” or the “Company”) [TSX: VEM, Lima: VEM,Frankfurt: V1R] is pleased to announce that after extensive radiometric and magnetic surveys in the Timpacaya area, several additional uranium targets have been identified.
Ongoing exploration activities have resulted in the discovery of new targets in the Timpacaya area where spectrometer/scintillometer radiometric surveys have identified areas with counts per second (CPS) values averaging 934 and the anomalies appear to be open in all directions.
Minergia S.A.C., a company owned by Vena and Cameco Global Exploration Ltd. (Cameco) has commenced drilling on several targets at the Ixsuya prospect and if drilling at Ixsuya proves encouraging, these recently identified targets will also be drill tested following completion of the Ixsuya drill program and after receipt of necessary permits.
The stratigraphic sequence is very similar to Ixsuya located to the east, which is dominated by carbonate-rich sandstone-limestone sedimentary units with thin chert lenses intermixed with shale lenses. The objective of the drill program in the Timpacaya area will be to test the radiometric anomalies and extent of the volcanic sedimentary sequence covering an area of seven hectares with a few drill holes, if the Ixsuya drill results warrant (see attached map).
Locations for the drill program have been determined by Vena and Cameco geologists. Detailed geological mapping has been completed based on the radiometric survey results, radon emanometry (radon soil gas emissions) and geochemical sampling. When complete, the drilling results will be posted on the Company’s web site at
www.venaresources.com
Vena is exploring for uranium in several project areas in southeastern Peru with the technical help of Cameco geologists. Cameco has an option to invest $10 million over four years to obtain up to 50% of Minergia S.A.C., a jointly owned subsidiary of Vena and Cameco holding uranium claims with an aggregate area of over 40,000 hectares in three regions of the Departments of Puno and Moquegua. Cameco can increase its stake in Minergia to 60% when a feasibility study is completed and up to 70% when mine development commences.
The drilling program is being supervised by Gervacio Rodriguez P.Geo., Vena’s Qualified Person as defined by NI 43-101. Core samples will be cut longitudinally with a diamond saw and one half of the core will be placed in sealed bags and initially shipped to preparation laboratories in Juliaca, 800 kilometres southeast of Lima. Following the preparation stage, the sample pulps will be sent to ISO certified assay laboratories CIMM Peru or SGS analytical laboratories in Lima.
The program is designed to include a comprehensive analytical quality control routine comprising the systematic use of standards, blanks and field duplicate samples. Secondary laboratories are used for check assaying.
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 and Glencore, Vena will advance its significant portfolio of almost 100,000 hectares this year. Through its board of directors, Vena Resources possesses a unique quality of skills and experience in management, mining and finance relating to Peru and Canada.
For further information on Vena Resources, please visit the Company website at
www.venaresources.com
or contact:
Juan Vegarra – Chairman & CEO - (416) 364-7739, ext. 120 or
jvegarra@venaresources.com
or
Agoracom Investor Relations
vem@agoracom.com
Investors can also visit the Vena Resources IR Hub at
www.agoracom.com/ir/venaresources
where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors can e-mail all questions and correspondence to vem@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
