July 12, 2005-- Toronto, Ontario -- Vena Resources Inc. (TSX.V: VEM) announces that the previously reported confirmation campaign to the Company’s claims in Macusani and Munani region have indicated the presence of sedimentary disseminated targets of the Huancani type.
Vena controls a total of 16,000 hectares of prospective uranium claims in the Puno department of Peru and has explored only 30% of its total uranium package of properties. Based on the positive results of this first exploration campaign the Company has staked an additional 1,200 hectares around the Munani area to include a 2,000 by 500 meters Huancani sedimentary formation. This area reported a first order anomaly of up to 108 cps of uranium and 26 cps of thorium.
Juan Vegarra , Chairman and CEO of VENA Resources said: “It is encouraging to see positive results early into our confirmation campaign. We have only reviewed 40% of the claims in Macusani and Munani which represent only 30% of our total uranium prospect holdings. We plan to do follow up work in these areas and also plan to confirm IPEN’s historical data for Lagunillas and Rio Blanco as part of our second campaign into Puno. The discovery of a polymetallic target in San Antonio de Putina was a nice surprise.”
Vena is confirming the historical Uranium exploration data that had been collected by IPEN (Peruvian Institute of Nuclear Energy) over the last three decades. Vena Resources and IPEN signed a joint venture agreement earlier this year.
While the Company has found abundant occurrences of high grade uranium mineralization in small veinlets and fracture fillings in the Macusani region, these occurrences are usually only 1 to 3 centimeters wide and do not represent an adequate exploration target.
Based on the recent exploration program, Vena is instead focusing its resources on the large sediment basins which indicate the presence of anomalous uranium mineralization.
Very significant and large uranium deposits are known to be present in sedimentary basins or sedimentary host rocks that lie adjacent to volcanic fields containing elevated uranium contents. Normal weathering processes and surficial waters serve to oxidize the uranium and transport it by ground waters to the sedimentary basins where it is reduced and precipitated by reactions with organic material.
Two of Vena’s concessions show conditions favorable for significant uranium mineralization. The Kennedy XXI concession (900 hectares) contains calcareous sediments of Carboniferous age which will be investigated as an exploration target for sediment-hosted uranium. The Kennedy XXIII concession (400 hectares) contains uranium mineralization within porous sediments of the Huancani formation, a 500 meters wide and 2,000 meters long sedimentary disseminated target showed elevated radioactivity. A portable scintillometer measured 150 to 300 counts per second (CPS) compared to a background of 50 CPS. Two surface samples gave a chemical assay of about 0.2 lbs U per tonne and an exposure of sandstone and the Kennedy XXIV concession has a second order anomaly as well as a polymetallic target that will be further explored.
Murray Lytle, the qualified person on this project, is responsible for reviewing the technical information on behalf of the Company.
About Vena Resources Inc.
Vena Resources is dedicated to building capital appreciation and creating long term shareholder value by developing the mineral and social capital of Peru. This will be done by deploying its financial resources to aggressively acquire and advance high quality projects and people throughout the country.
For further information please visit the Company website at www.venaresources.com
Bryce Bradley , Corporate Development (416) 666-0519 -- email bbradley@venaresources.com
Denis Clement, Director (416) 364-1909 -- email dclement@venaresources.com
IR Canada: Renmark Financial Communications Inc.
T: (514) 939-3989 F: (514) 939-3717
Tina Cameron - tcameron@renmarkfinancial.com
Henri Perron - hperron@renmarkfinancial.com
IR Europe: Vicarage Capital
T: +44-20-8715-3271 or +44-(0)-7880-787-080
Martin Wood - martin@vicaragecapital.com
The TSX Venture Exchange 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.
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