Vena Resources Intersects 26.9% Zinc in Nested Veins at Azulcocha.TORONTO -- Vena Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:VEM VEM Versatile Exercise Mine (US Navy) VEM Volume Electronic Mail (Canada Post Corporation) VEM Virtual Electron Microscope VEM Value Engineering Manager VEM Value Estimation Model )(LIMA Lima, city, Peru Lima (lē`mə, Span. lē`mä), city (1990 metropolitan area est. pop. 6,400,000), W Peru, capital and largest city of Peru. Its port is Callao. :VEM) announces that it has encountered additional high-grade zinc and manganese manganese (măng`gənēs, măn`–) [Lat.,=magnet], metallic chemical element; symbol Mn; at. no. 25; at. wt. 54.938; m.p. about 1,244°C;; b.p. about 1,962°C;; sp. gr. 7.2 to 7. mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. at its Azulcocha polymetallic project. A full page cross-section graph of the underground workings is included on page 4 of this release. Thus far, the Company has made a number of initiatives on this project, including: announcement of the results of a pre-feasibility study on the one million tonnes of Zn/Mn stockpile resource with a net present value of US$37 million; commencement of a program to model the Gran Bretana mine based on complete mine plans; confirmation drilling of a block of mineralization in the mine; and performing a drilling campaign of nearby exploration targets. Juan Vegarra, Chairman of Vena says: "We are excited by the success of the exploration team in increasing the potential for high grade zinc tonnage for our future underground mining operations. We plan to re-enter re·en·ter also re-en·ter v. re·en·tered, re·en·ter·ing, re·en·ters v.tr. 1. To enter or come in to again. 2. To record again on a list or ledger. v.intr. the old mine and drill a block of zinc/manganese mineralization and continue to drill additional exploration targets from surface. We are also evaluating several scenarios to begin reprocessing Reprocessing may refer to:
The work to reopen access to the underground sections of the existing mine has made portions of levels 40, 0 and -40 accessible to work crews. In order to verify the assay results from the original Gran Bretana mine drawings, systematic confirmation samples were taken of a mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zone and the results were compared against the historical sample grades provided by Minera Gran Bretana as shown on the table on the following page. Note that the samples were taken from the same general area only and so an exact duplication of results is not realistic. As indicated, the averaged values agree within a standard deviation In statistics, the average amount a number varies from the average number in a series of numbers. (statistics) standard deviation - (SD) A measure of the range of values in a set of numbers. , and it is concluded that the Minera Gran Bretana data can be used to build a predictive model of the mineralized zones within the mine. Digitizing of the old mine and geology plans has been completed and a database of assay values and their associated coordinates has been generated. The Company is currently contracting to build a computer model of the Gran Bretana mine with a view to estimating the tonnes and grade of the potential remaining underground mineralization. As well, stations are being developed underground to drill a block of mineralized material located between the 0 and -40 levels (see Table 1 on the following page). This drilling will allow the calculation of an insitu mineral resource for this block of material and act as verification for the computer estimate described above.
--------------------------------------------------
TABLE 1: ASSAY COMPARISONS
--------------------------------------------------
VENA GRAN
BRETANA
--------------------------------------------------
Sample % Zn % Zn
--------------------------------------------------
AZ-N00-01 1.73 4.1
--------------------------------------------------
AZ-N00-02 1.3 2.8
--------------------------------------------------
AZ-N00-03 1.41 3.6
--------------------------------------------------
AZ-N00-04 1.81 6.1
--------------------------------------------------
AZ-N00-05 2.48 3.4
--------------------------------------------------
AZ-N00-06 2.77 3.2
--------------------------------------------------
AZ-N00-07 7.00 5.9
--------------------------------------------------
AZ-N00-09 2.79 12.6
--------------------------------------------------
AZ-N00-10 12.78 12.2
--------------------------------------------------
AZ-N00-11 17.18 9.0
--------------------------------------------------
AZ-N00-12 16.57 12.8
--------------------------------------------------
AZ-N00-13 20.49 24.7
--------------------------------------------------
Average 7.36 8.37
--------------------------------------------------
Based on the pre-feasibility study and the exploration results to-date, the Company has procured a concentrate purchase letter of intent from a Swiss commodity trader. Vena has also opened discussions with local companies to rehabilitate re·ha·bil·i·tate v. 1. To restore to good health or useful life, as through therapy and education. 2. To restore to good condition, operation, or capacity. the railway access between the mine and the central railroad and to provide sufficient electrical energy from the national grid national grid Noun Brit & NZ 1. a network of high-voltage power lines linking major electric power stations 2. the arrangement of vertical and horizontal lines on an ordnance survey map which passes over the concessions. The Company has started surface drilling of a nested vein structure. The veins outcrop as a series of 5 independent, parallel structures that appear to proceed from the regional Cochas Fault as do the nearby existing workings. Recent shallow drilling has intersected the veins with the results shown on Table 2 below.
----------------------------------------------------------------------
TABLE 2: RECENT DRILLING RESULTS
----------------------------------------------------------------------
Drill Hole From To Vein True Width Zinc Manganese
(distance) (distance) (meters) % %
----------------------------------------------------------------------
DDA-AZ4 0 10 2.0 26.90 1.88
----------------------------------------------------------------------
DDA-AZ5 0 10 1.5 11.30 1.59
----------------------------------------------------------------------
Murray Lytle, P.Eng., the Qualified Person on this project, has reviewed this technical information on behalf of the Company. All assay values presented in this news release were developed by ACTLABS Skyline Peru SA which is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Activation Laboratories Ltd. The laboratory is certified by the Standards Council of Canada The Standards Council of Canada is a Crown corporation based in Ottawa, Ontario, and is Canada's member body of the International Organization for Standardization. External links
(2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 17025 compliant. About Vena Resources Inc. Vena Resources is dedicated to building capital appreciation and creating long term shareholder value by developing the mineral resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature and social welfare of Peru. Vena Resources commitment will be demonstrated by deploying its financial resources to aggressively acquire and advance high quality people and assets throughout the country. We seek Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. . 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. Shares Outstanding: 42,612,894 Fully-Diluted: 52,251,584 To view a map of the drilling area please click on the following link: http://www.ccnmatthews.com/docs/vem1024.pdf The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept the responsibility for th e adequacy or accuracy of this release. Vena Resources Inc. (TSX VENTURE:VEM) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion