Vena Resources Inc.
OTC Bulletin Board : VNARF

Vena Resources Inc.

October 26, 2011 02:00 ET

Vena and Gold Fields to Commence Drilling on Amantina Property in Peru

TORONTO, ONTARIO--(Marketwire - Oct. 26, 2011) -


Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF)(Xetra®:V1R.DE), a Company with strong partnerships with some of the world's largest mining companies, is pleased to announce that a wholly owned subsidiary of Gold Fields Limited ("Gold Fields"), acting in its capacity as operator of the Amantina Joint Venture, has applied for a drill permit to test two of the main targets identified to date on the 18,900 hectare property located in southeastern Peru. The Amantina property is contiguous to the San Antonio de Esquilache property on which Vena recently obtained and filed a National Instrument 43-101 ("NI 43-101") report that recommends a $2.2 million program of drilling and underground development. The Amantina property is located approximately 20 kilometres east of the Canahuire deposit (reported 7.6 Moz gold equivalent resource) where the Chucapaca joint venture partners, Gold Fields and Compañía de Minas Buenaventura S.A.A., are currently progressing with a feasibility study.

To date, field studies have concentrated on eight areas that were selected from a review of the satellite imagery and the historical Vena data. In addition to detailed mapping, a total of 1,429 rock samples, 1,102 soil samples and 1,132 samples for Terraspec analysis (identification of alteration minerals) were taken during the program and 74.8 line kilometres of ground magnetometer surveying was completed. The most recent work has concentrated on the large alteration zone within the Chapi Chiara caldera and has resulted in the better definition of high sulfidation drill targets. The other area selected for drilling is the Virgin de Chapi prospect that covers the southern extension of the system of fault controlled low sulfidation quartz breccia vein structures being explored at Cerro Mamacocha within the San Antonio de Esquilache caldera.

The application for the Category I permit includes 20 drill platforms and 15 trenches and approval is anticipated before the end of October. Twelve of the platforms will be located at Chapi Chiara and eight will be positioned to test the two principal mineralized structures at Virgin de Chapi. Approximately 2,000 metres of drilling is planned and the program will commence as soon as the drill permit is approved and a suitable drill rig is available.

Chapi Chiara Zone

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 397 rock samples and 1,082 soil samples taken for geochemical assay. The higher gold values (maximum of 322 ppb Au) are associated with N70E silicified structures that are sub-parallel to tensional faults that may have served as conduits for the ascending mineralizing fluids. Elevated values in the associated pathfinder elements - arsenic (maximum of 1,740 ppm As), antimony (maximum of 2,460 ppm Sb), mercury (maximum of 100 ppm Hg) and bismuth (maximum of 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 Zone

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 1 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.

Although the high sulfidation Chapi Chiara and low sulfidation Virgin de Chapi targets are quite geologically distinct, they are both representative of proven epithermal models in the district ranging from the presently producing Aruntani, Tucari and Arasi mines to the formerly producing San Antonio de Esquilache mine.

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. Vena's exploration and development programs are being supervised by Mr. Bent.

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Statements in this press release regarding the Company's business, plans, intentions, proposed Offering and use of proceeds thereof, 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. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Information identifying risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's current Annual Information Form and its other filings with the various Canadian Securities Regulators, which are available online at

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