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Vena Resources Discovers High-Grade Coarse Gold at Pucara – Gold/Copper
Project in Peru and Expands Development Program
Toronto, Ontario - Vena Resources Inc. (Frankfurt: V1R] is pleased to announce the expansion of the underground and surface
development program at the Pucara gold, copper and silver property located 80 kilometres
north of Juliaca in the Puno District of southeastern Peru.
Pucara is 100% owned by Vena where extensive core drilling has indicated a very favourable
poly-metallic resource. The current development license allows for 1,800 metres of drifting on
the known structures.
The gold at Pucara is coarse (significant visible gold) and requires special analytical methods. A
differential screening analysis was not performed and a standard gold assay analysis resulted in
lower than expected grades during the 4,400 metre drill program that was recently completed.
Based on such inconsistencies with bulk samples previously reported, a differential screening
analysis on 80 samples (metallics, coarseness/assays and weight percentages) was
systematically taken at the Katy Vein and the Gladys Stockwork, and on average much higher
gold grades were found – in some cases up to five to seven times more than previously
reported by drill program. This new analysis is more consistent with observed expectations for
gold values and has resulted in a new plan for developing the copper and gold property. The
attached table shows the most recent results of the re-assaying program.
Both CIMM and SGS Labs (ISO 9000 labs in Lima Peru) were utilized to ensure similar grades.
High grade coarse gold values are often difficult to reproduce, however the values obtained
from both CIMM and SGS show grades similar in value. Results also confirmed that the former
assay method was not adequate and significantly underestimated the amount of gold present at
Pucara.
“The Company’s ongoing plan is to drift underground on the Katy Vein, systematically sampling
every two meters to the lateral extents of the vein. After the Katy Vein is completed, Vena
geologists will proceed to the Lucero Vein and perform the same systematic sampling with the
goal of completing an NI 43-101 compliant report in early 2009”, stated Juan Vegarra,
Chairman and CEO of Vena.
Concurrently, Vena will also be undertaking extensive underground sampling at the Gladys
Stockwork where gold values up to 132 grams per metric tonne (gpt) have been assayed and
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where an open pit design has been finalized. Gladys is a stockwork that has been previously
bulk sampled at 3.64 gpt gold, 19.34 gpt silver and 4.23% copper. Near term plans are to
develop an open pit mine at the gold rich Gladys Stockwork and send run-of-mine material
together with the underground development material to an existing mill at Crucero, 100
kilometers away.
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Vena currently has two expandable mills at the Azulcocha Zinc mine (100 tpd and 500 tpd).
Given the new scenario at Pucara, the expandable 100 tpd mill will be moved to the Pucara site
for onsite processing when production permits are ready. Pucara has outstanding
infrastructure as it is located 1 kilometre from a major highway and has onsite electricity
capable of supporting an initial operation in the near term.
The following table shows underground samples taken from the Gladys Stockwork without
using the differential screening method for gold. Based on the latest findings, Vena believes
these gold assays are under-representing the real value of the Gladys Stockwork.
The exploration and development program are being supervised by Rod Ogilvie P.Geo., Vena’s
Vice President of Engineering and Qualified Person as defined by NI 43-101. Core samples
were cut longitudinally with a diamond saw and one half of the core was placed in sealed bags
and initially shipped to preparation laboratories in Juliaca, 800 kilometers southeast of Lima.
Following the preparation stage, the sample pulps were sent to analytical laboratories in Lima.
CIMM Peru and SGS are ISO certified assay laboratories. The program is designed to include a
comprehensive assay quality control routine comprising the systematic use of standards, blanks
and field duplicate samples. Secondary laboratories are used for check assaying.
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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
Joanna Longo – Equicom Group - (416) 815-0700, ext. 275 or jlongo@equicomgroup.com
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.
