Vena Resources Inc.

Vena Resources Inc.

February 16, 2012 02:00 ET

Vena to Drill Promising Gold Target on its Gianderi Project, Peru

TORONTO, ONTARIO--(Marketwire - Feb. 16, 2012) -


Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LMA: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 it is preparing to drill a promising gold target on its Gianderi property located in the Huamachuco gold district of northern Peru. The district is a well established mining area that is host to several of the more important precious metal mines in Peru including Barrick Gold's Lagunas Norte mine, COMARSA's Santa Rosa mine, Panamerican Silver's historic Quirivilca mine and the La Arena mine where Rio Alto recently initiated gold production as well as a number of other smaller producers. A portable drill has been mobilized to the property and drilling is expected to commence this week. Eight holes are planned for the initial program for a total of approximately 2,000 metres.

The Gianderi property covers Jurassic - Cretaceous sediments that have been intruded by a Tertiary monzonite that hosts the Compaccha porphyry Mo-W-Cu deposit. The area of interest is approximately two kilometres north of the porphyry where a small magmatic caldera has developed that exposes mineralized sandstone units of the Chimu formation overlying the calcareous shale units of the Chicama formation. A NE-SW striking vein/ hydrothermal breccia zone outcrops in the sandstone over a length of approximately 700 metres that is highly anomalous in gold-silver with spot values up to 9 g/t Au and 910 g/t Ag. Although a worthwhile target in its own right this structure is not the principal focus of the exploration program.

The model that is being used to guide the exploration program is taken from the Santa Rosa open pit gold mine of COMARSA that is located about seven kilometres to the south of Gianderi. The vein/ hydrothermal breccia structure is considered to be a potential feeder zone to manto style deposition in favorable porous sandstone horizons that are capped by interbedded orthoquartzite units. There are four known receptive horizons including the basal contact of the sandstone with the underlying shale.

The exploration program consisted of collecting 597 rock geochemical samples and performing an induced polarization geophysical survey of 21 line kilometres to complement the detailed geological mapping of the area. A compilation of the results is shown on the accompanying map. A program of eight diamond drill holes totaling 2,000 metres will test the hydrothermal breccia, the two flanking chargeability anomalies and the eastern and western zones of coincident geochemical/ chargeability anomalies near the contact with the underlying shale.

David Bent, Vice President of Vena stated, "In the past decade the Chimu sandstone has emerged as one of the major gold hosting formations in Peru and we feel that the Gianderi property has a good chance of joining the series of recent discoveries in the Huamachuco district."

To view the figure associated with this press release, please visit the following link:

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.

For further information on Vena Resources, please visit the Company website at or its Facebook.

Statements in this press release regarding the Company's business, plans, intentions, proposed transactions and financing plans, 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.

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