Verena Minerals Corporation
TSX VENTURE : VML

Verena Minerals Corporation

November 09, 2006 10:21 ET

Verena Intersects 49 Metres @ 2.22 g/t Including 7 Metres @ 10.89 g/t at Volta Grande Project

TORONTO, ONTARIO--(CCNMatthews - Nov. 9, 2006) - Verena Minerals Corporation (TSX VENTURE:VML) (the "Company" or "Verena") is pleased to announce the first 9 diamond drill hole results from the 5,000 metre diamond drill program recently completed on the Company's 100% owned Volta Grande gold property located in Para State, Brazil (the "Property").

The Company completed 23 diamond drill holes in the North Block of the Property, which is part of the diamond drilling program recommended in the Company's NI 43-101 report prepared by Scott Wilson Roscoe Postle Associates, Inc. (Scott Wilson RPA). The objective of the drilling program is to outline higher grade zones within the previously estimated resources of approximately 3.8 million tonnes of Indicated Mineral Resources at an average grade of 1.40 g/t Au and 29 million tonnes of Inferred Mineral Resources at an average grade of 1.19 g/t Au (using a 0.75 g/t cut-off), and to demonstrate their continuity.

The program was successful in demonstrating the continuity of the mineralization and the expansion of the Grota Seca West and Grota Seca East targets (see press release December 19, 2005). Grota Seca West now extends over 400 metres along strike and is open at depth (see attached map and cross section).The Grota Seca East Target has now been better defined and extends over 530 metres along strike and is also open at depth.

The Property area is on a greenstone belt, which includes two elongated diorite intrusions, located in the North Block and the other in the South Block approximately 5 kilometres apart. Both the greenstone belt and the intrusions trend northwest, and the intrusions are approximately the same size, approximately 8 km long and 1 km wide. In the North Block, where most of the work has been carried out to date, the gold mineralization occurs in a shear zone containing carbonate altered chloritic schists near the contact with the diorite intrusion. The company believes that the South Block has similar potential but only seven drill holes in two targets were drilled by TVX and Battle Mountain Gold during the mid 1990's under some artisanal mine workings.

A total of 25 drill holes (VVD-122 to VVD-146) totaling 5,215 metres are shown on the attached map. In addition to the 23 new drill holes, there are 2 diamond drill holes twinned by Verena last year (VVD-122, VVD-123) in the Grota Seca West Target of the North Block.

The results of holes VVD-122 through VVD-132 in Grota Seca West Target are summarized below:

Results of 11 drill holes in Grota Seca West Target:



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DDH Interval (m) Intersection Weighted
Number From To (m) Result (g/t)
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VVD-122 0.00 76.00 76.00 1.13
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Includes 37.00 39.00 2.00 8.11
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54.00 56.00 2.00 5.14
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VVD-123 62.00 87.00 25.00 3.76
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65.00 76.00 11.00 7.60
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Includes 68.00 72.00 4.00 17.10
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68.00 70.00 2.00 30.90
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VVD-124 0.00 57.00 57.00 1.02
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26.00 28.00 2.00 4.46
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Includes 95.00 98.00 3.00 4.51
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96.45 98.00 1.55 7.70
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VVD-125 21.00 70.00 49.00 2.22
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Includes 40.00 47.00 7.00 10.89
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40.00 44.00 4.00 16.70
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(i) Further assays pending
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VVD-126 62.60 110.00 47.40 1.69
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71.00 73.70 2.70 5.37
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Includes 77.60 87.10 9.50 2.63
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95.00 99.00 4.00 4.68
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95.00 97.10 2.10 7.33
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(i) Further assays pending
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VVD-127 114.00 138.00 24.00 2.60
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Includes 119.00 123.00 4.00 6.93
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121.00 123.00 2.00 10.41
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206.00 210.00 4.00 4.27
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VVD-128 116.00 157.00 41.00 1.38
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Includes 130.40 136.50 6.10 3.51
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186.00 190.90 4.90 4.10
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Includes 189.00 190.90 1.90 8.52
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VVD-129 115.00 161.00 46.00 1.06
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Includes 121.70 124.00 2.30 4.45
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157.75 159.25 1.50 3.86
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VVD-130 106.25 125.00 18.75 1.31
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Includes 122.00 125.00 3.00 3.13
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VVD-131 139.00 157.50 18.50 1.70
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Includes 144.00 148.00 4.00 3.15
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151.00 156.00 5.00 2.47
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VVD-132 86.50 99.60 13.10 1.64
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Includes 86.50 89.50 3.00 4.79
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86.50 88.40 1.90 6.67
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Results from drill holes VVD-133 through VVD-146 are pending from the SGS-Lakefield-Geosol laboratory in Belo Horizonte, Brazil.

Independent sampling by Scott Wilson RPA confirmed Verena's results as shown in the table bellow:



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-----------------------------------------------------------------
SWRPA VERENA DDH FROM TO INTERVAL SWRPA VERENA
Sample No. Sample No. No. (m) (m) (m) g/t Au g/t Au
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-----------------------------------------------------------------
71166 20143 VVD-125 42,0 43,0 1,0 26,20 25,00
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71167 20144 VVD-125 43,0 44,0 1,0 37,20 28,54
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-----------------------------------------------------------------
71168 20145 VVD-125 44,0 44,9 0,9 5,19 4,22
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-----------------------------------------------------------------
71169 20146 VVD-125 44,9 45,5 0,6 2,95 3,28
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-----------------------------------------------------------------
71170 20147 VVD-125 45,5 47,0 1,5 2,37 2,43
-----------------------------------------------------------------
-----------------------------------------------------------------
71171 20162 VVD-125 63,1 64,0 0,9 0,34 0,24
-----------------------------------------------------------------
-----------------------------------------------------------------
71172 20313 VVD-128 135,0 136,0 1,0 5,29 4,19
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-----------------------------------------------------------------
71173 20314 VVD-128 136,0 136,5 0,5 3,67 5,52
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-----------------------------------------------------------------
71174 20315 VVD-128 136,5 137,0 0,5 0,79 0,98
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-----------------------------------------------------------------
71175 20316 VVD-128 137,0 138,0 1,0 0,19 0,29
-----------------------------------------------------------------
-----------------------------------------------------------------
71176 20317 VVD-128 138,0 139,0 1,0 0,15 0,21
-----------------------------------------------------------------
-----------------------------------------------------------------


Boart Longyear Geoserv, a Canadian-Brazilian drilling company, is the drilling contractor, and used two Diakore rigs and HQ/NQ core diameters in completing the drilling program. Survey of drill holes included detailed topographic survey of collar coordinates and down-hole survey using Sperry-Sun equipment, which provided data on hole deviation at 50 metre intervals. In general, core recovery during the drilling program was 98%. All the samples were assayed at the SGS-Lakefield-Geosol laboratory, by screen metallic and fire assay method. Verena's quality assurance/quality control (QA/QC) program included assays on standards and blanks for every 20 samples collected.

Lengths reported are core intersection lengths and do not represent true widths. It is anticipated that true width estimates will be made possible after additional drilling.

Mr. Hrayr Agnerian, M.Sc. (Applied), P.Geo., is the Qualified Person within the meaning of National Instrument 43-101 and has reviewed the contents this release.

Verena Minerals Corporation is focused on the exploration and development of gold projects in Brazil. Through its wholly-owned Brazilian subsidiaries, the Company controls over 100,000 hectares of prospective exploration concessions covering major mineralized belts. Verena has two other gold projects in Brazil including the Monte do Carmo Project, in Tocantins State, and the Patrocinio Project, in Para State currently being explored through joint-ventures with Kinross Gold Corporation. Verena has 80,669,680 common shares issued and outstanding.

A map of Volta Grande Gold Project, is available at the following address: http://www.ccnmatthews.com/docs/VG_Map.pdf

A map of Volta Grande Gold Project, Cross Section S-9A is available at the following address: http://www.ccnmatthews.com/docs/VG_Geology.pdf

Contact Information

  • Verena Minerals Corporation
    Stephen Shefsky
    President and CEO
    416-924-4337