At Vena's Munani property, uranium mineralization occurs in the fluvial sandstone of the Huancane formation, which dates back roughly 146 million years. According to Bayswater Uranium, typical grades for U3O8 found in sandstone deposits are between 0.15% and 0.4%. Sandstone formations generally have numerous small- to medium-sized deposits, and were the source of more than 11% of global uranium production in 2004.
Testing at Munani occurred using a device for detecting and measuring radioactivity, known as a scintillometer. The results indicate that the entire area believed to be underlain by sandstone has a background radioactivity of 500 counts per second (cps) to 600 cps where the sandstone boulders are concentrated, and exceeds 1,000 cps to 2,000 cps where there are individual boulders. The radioactivity is correlated with black, potentially organic material disseminated in the sandstone.
While the composition of the black material is not known, it flouresces strongly under ultaviolet light. It is believed that the character of these deposits conforms to the type of uranium typically found in tabular sandstone. Vena believes that the uranium deposits at Munani are amenable to open pit extraction, and a primary objective for the Company is to establish the aerial and thickness extent of the mineralization.