April 7, 2011
Toronto, Ontario – Vena Resources Inc. (“Vena” or the “Company”) (TSX: VEM, LIMA: VEM, Frankfurt: V1R, OTC-BB: VNARF, Xetra®: V1R.DE), a Company with strong partnerships with some of the world’s largest mining companies, is pleased to announce that Gold Fields Limited (“Gold Fields”), as operator of the Amantina Joint Venture (“Amantina JV”), has recently provided a report on the work completed between July 2010 and January 2011 on the 18,900 hectare property located in the Department of Puno, southeastern Peru. The Amantina JV property is contiguous to the San Antonio de Esquilache property where Vena is presently conducting a second drill campaign testing several large polymetallic targets and the epithermal Mamacocha gold / silver zone that was discovered during the first drill campaign.
The Amantina JV covers three volcanic centres – Chapi Chiara, Millo and Amantina – plus the periphery of the San Antonio de Esquilache caldera. The area is underlain by Tertiary volcanic rocks of the Tacasa and Barroso groups with alteration and mineralization generally associated with the lower pyroclastic units of the Barroso that have been intruded by late stage stocks and dacitic/ rholitic domes.
The field studies concentrated on eight areas that were selected from a review of the satellite imagery and data collected by Vena Resources previously. In addition to detailed mapping, a total of 1,354 rock samples, 29 soil samples and 1,132 samples for Terraspec analysis were taken during the program. To date, Gold Fields has invested almost US$500,000 in the Amantina JV.
Four of the studied zones warrant further detailed work – Chapi Chiara, Virgin de Chapi, Lacca Apacheta and Amantina target. The first two of these areas are deemed high priority targets and will be the focus of the 2011 exploration program.
The Chapi Chiara alteration zone is located approximately 10 kilometres south of San Antonio de Esquilache within a partially eroded volcanic centre (caldera). The host rocks are predominantly rhyodacitic to andesitic pyroclastics that have been capped by andesitic flows and intruded by rhyolitic domes and andesitic stocks. Alteration varies from moderately argillic (kaolinite, montmorillonite and dickite) to strong silicification (silica-alunite). Extensive zones of silica capping indicate that the high sulfidation epithermal system is largely preserved.
There were 322 rock samples taken for geochemical assay. The higher gold values (maximum 250 ppb Au) are associated with N70E silicified structures that are parallel to faults that may have served as conduits for the ascending mineralizing fluids. Elevated values in the associated pathfinder elements - arsenic (maximum 1,740 ppm As), antimony (maximum 2,460 ppm Sb), mercury (maximum 100 ppm Hg) and bismuth (maximum 201 ppm Bi) – are all very encouraging. In addition, there are elevated selenium and tellurium values directly associated with the gold bearing siliceous structures.
Virgin de Chapi
The Virgin de Chapi alteration zone is located within Barroso pyroclastics and andesitic lavas on the southeastern rim of the San Antonio de Esquilache caldera. Abundant iron-manganese oxides are associated with two regional N20E faults that continue in to the centre of the caldera. Alteration envelopes on the order of 200 metres wide and one kilometre long have developed along the faults. The zones are characterized by moderate argillization in the form of kaolinite, montmorillonite and sericite accompanied by hydrothermal silica dominantly in the form of veinlets. The geochemical sampling gave low values in gold but values of up to 177 ppm in silver. The major other anomalous elements were lead, copper and zinc which indicate that the Virgin de Chapi mineralization represents a low to intermediate sulfidation system.
The Chapi Chiara and Virgin de Chapi zones warrant an aggressive exploration program including detailed mapping and detailed geochemical sampling complemented by geophysical surveys including ground magnetics and Induced Polarization/ Resistivity with the objective of defining drill targets.
David Bent, Vena’s Vice President of Exploration stated: “On the regional level the prospects within the Amantina Project in general have markedly similar geology to the epithermal mines and projects such as Aruntani, Tucari, Arasi and others within a 50 kilometre belt.”
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.
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