Vena Resources Inc. is pleased to announce the initiation of drilling at the 100% owned silver rich polymetallic Esquilache project located in Puno Department approximately 850 kilometres southwest of Lima, Peru.
The Company has recently received the necessary permits for a 20 platform drill program and Ingetrol Peru SAC is mobilizing a portable rig to the property that will commence drilling this week. Community agreements, access roads, drill platforms, camp site and all required infrastructure requirements have been finalized.
Juan Vegarra, Chairman and CEO of Vena states: "With funding in place, we plan to advance the promising Esquilache project with a fourth drill program, and, if successful, an additional drill program in the first quarter 2015. Esquilache will remain the investment focus of the Company and we expect to release first set of drill results in December."
The 1,000 hectare Esquilache property covers the mineralized core of a five kilometre diameter volcanic caldera that has been mined for silver/lead since the early Colonial period. The exposed structures on the property are characterized as part of a system of polymetallic, low to intermediate sulfidation, epithermal to mesothermal veins containing silver-lead-zinc-copper and significant values of gold. This first phase of the drill program will consist of a minimum of 1,000 metres of drilling designed to confirm the surface sampling results from the Sepulveda and Creston veins as well as the high grade drill intersection from the Mamacocha vein. The results will be the initial stage in calculating near surface mineral resources on the property, leading to an updated NI 43-101 technical report in the first quarter 2015. The Company has the objective of fast tracking a mining plan to exploit high grade reserves that can be mined by a combination of open pit and the extension of existing underground infrastructure. The specific targets are:
- Sepulveda Vein - Located at the northern crest of Cerro Creston. Quartz breccia in a matrix of silica-barite. The structure strikes approximately N 50° E and dips 55° SE with widths up to 15 metres and is exposed over a strike length of 450 metres. Mineralization is predominantly silver with significant lead in sulfides with channel sample values ranging up to 17 ounces per ton silver. The initial phase will consist of drilling six short holes (inclined at - 30° and - 60° NW) from three platforms sited immediately southeast of the structure. An additional four platforms are being constructed further to the southeast of the structure for follow up deeper drilling (200 metre holes) if warranted by the initial results.
- Creston Vein - Located in the central portion of Cerro Creston. Breccia vein composed of quartz/calcite fragments in a matrix of iron/manganese oxides. The vein is emplaced within the Creston fault that strikes N 80° E and dips 60° SE. Widths are highly variable due to the sigmoidal nature of the structure with significant secondary veins in the hanging and foot walls. Channel sample values ranged to a maximum of 11 ounces per ton silver with significant gold values. Two platforms have been constructed and four holes will be drilled (inclined at -30° and -50° NW) as an initial test of the mineralization.
- Mamacocha Vein - located on the northeastern flank of Cerro Mamacocha. Breccia vein composed of a central quartz breccia core flanked by quartz veining that carry very high silver values. The structure is up to 12 metres wide and strikes N 40° E with a dip of about 55° SE. Hole ESH-31-2011 intersected 5.85 metres of 506 g/t Ag and 0.16 g/t Au at a vertical depth of about 50 metres. The plan is to follow up the discovery hole with a parallel hole sited 50 metres to the southwest and another that would intersect the vein about 50 metres down dip.
This press release has been reviewed and approved by David Bent, P. Geo., Vena's Technical Advisor and Qualified Person as defined by NI 43-101. Vena's exploration and development programs are being supervised by Mr. Bent. All core samples will be prepared and analyzed by Certimin S.A., an ISO certified laboratory in Lima, Peru. The program is designed to include a comprehensive analytical quality control routine comprising the systematic use of standards, blanks and field duplicate samples. A secondary laboratory will be used for check assaying.