Verena Minerals Corporation
TSX VENTURE : VML

Verena Minerals Corporation

June 05, 2007 13:13 ET

Verena Minerals Receives Promising Drill Results from the Monte do Carmo Gold Project

Kinross Drilling Returns 31.15m of 2.75 g/t Gold and 11.42m of 5.82 g/t Gold (including 1m @ 52.01 g/t).

TORONTO, ONTARIO--(Marketwire - June 5, 2007) - Verena Minerals Corporation (TSX VENTURE:VML) ("Verena" or the "Company") is pleased to announce the results from core drilling at its Monte do Carmo Gold Project in central Brazil. Kinross Gold Corporation (NYSE:KGC)(TSX:K) ("Kinross") can earn up to a 70-percent interest in the project and is the operator during the option period.

Kinross has reported drill results from the Monte do Carmo target area, including complete results of its 6-hole, 1,259-metre program conducted late last year and the first two holes of its current 11-hole, 1,275-metre follow-up program. The Monte do Carmo programs were designed to test the granites within the known mineralized zone as well as at the contact with the quartzites to the south and east. A third new target is the area in between Monte do Carmo and the Conceicao Creek prospect wherein it is possible that there is some continuity of the mineralization.

Drilling at the Monte do Carmo target has returned gold intercepts of up to 31.15 metres of 2.75 grams per tonne (g/t) and 11.42 metres of 5.82 g/t. Highlights are displayed in the table below.



Monte do Carmo Area Drill Results
---------------------------------

-----------------------------------------------------
From To Width Gold
Drill Hole (m) (m) (m) (g/t)
-----------------------------------------------------
FKMC-01 0.85 32.0 31.15 2.75
-----------------------------------------------------
FKMC-03 6.10 16.45 10.35 0.51
-----------------------------------------------------
FKMC-07 83.71 87.80 4.09 2.38
-----------------------------------------------------
93.70 95.40 1.70 2.55
-----------------------------------------------------
FKMC-08 74.23 85.22 10.99 1.97
-----------------------------------------------------
94.60 106.02 11.42 5.82
-----------------------------------------------------
including 94.60 95.60 1.0 52.01
-----------------------------------------------------
118.71 124.36 5.65 0.68
-----------------------------------------------------


The first six holes were drilled last fall in exposed granites with Holes FKMC-01 through FKMC-04 drilled within (or near) the known mineralized zone and Holes FKMC-05 and FKMC-06 drilled a few hundred metres to the south and southwest. Holes FKMC-07 and FKMC-08 were drilled this spring, south and east of the mineralized zone, where the granite is overlain by quartzite. Vulcan modeling of all drill and channel sample results at the Monte do Carmo target has been completed, leading to the development of a new model for gold distribution. The current drill program is testing this model.

The assays received to-date from the Kinross program are consistent with excellent results from drilling in the same area in the early-1990s by Verena and then JV-partner Paranapanema which returned gold intercepts of up to 8.6 metres of 12.61 g/t and 47.0 metres of 1.39 g/t. Highlights from the previous drill program are displayed in the table below.



Previous Monte do Carmo Area Drill Results
------------------------------------------

-----------------------------------------------------
Drill Hole From To Width Gold
(m) (m) (m) (g/t)
-----------------------------------------------------
FRC-02 20.8 31.5 10.7 1.84
-----------------------------------------------------
66.0 72.0 6.0 6.93
-----------------------------------------------------
FRC-06 34.0 38.0 4.0 4.38
-----------------------------------------------------
49.0 70.0 21.0 1.70
-----------------------------------------------------
FRC-12 0.0 37.0 37.0 1.80
-----------------------------------------------------
FRC-13 9.0 25.0 16.0 1.60
-----------------------------------------------------
FRC-15 8.0 38.0 30.0 1.45
-----------------------------------------------------
49.0 55.0 6.0 2.54
-----------------------------------------------------
FRC-17B 0.0 30.0 30.0 0.93
-----------------------------------------------------
FRC-22 10.0 12.0 2.0 6.35
-----------------------------------------------------
FRC-24 7.9 40.0 32.1 1.05
-----------------------------------------------------
66.0 78.0 12.0 1.18
-----------------------------------------------------
FRC-28 4.0 42.0 38.0 1.53
-----------------------------------------------------
46.0 61.0 15.0 1.18
-----------------------------------------------------
FRC-29 7.5 22.0 14.5 3.32
-----------------------------------------------------
53.4 62.0 8.6 12.61
-----------------------------------------------------
FMC-01 28.0 73.0 45.0 0.57
-----------------------------------------------------
FMC-02 34.0 82.0 48.0 1.00
-----------------------------------------------------


Kinross has also reported complete results of its initial 10-hole, 1,244-metre core drill program at the previously untested Conceicao Creek target area, approximately five kilometers south of the Monte do Carmo target. The Conceicao Creek program was designed to test the exposed sheeted vein mineralization at depth and to test isolated quartz veins located to the west of the sheeted vein zone. The program returned several mineralized intercepts with assays of up to 21.7 metres of 1.76 g/t gold. Highlights from the program are listed in the table below.



Conceicao Creek Area Drill Results
-----------------------------------

-----------------------------------------------------
From To Width Gold
Drill Hole (m) (m) (m) (g/t)
-----------------------------------------------------
FKCC-01 52.20 73.90 21.70 1.76
-----------------------------------------------------
110.44 111.34 0.90 7.91
-----------------------------------------------------
FKCC-02 33.55 45.50 11.95 0.36
-----------------------------------------------------
FKCC-07 19.63 20.25 0.62 5.96
-----------------------------------------------------
FKCC-08 1.90 5.30 3.40 1.38
-----------------------------------------------------
FKCC-09 18.50 31.45 12.95 0.84
-----------------------------------------------------
47.60 61.45 13.85 0.40
-----------------------------------------------------
89.45 95.53 6.08 1.07
-----------------------------------------------------


Mapping in the area between the Monte do Carmo and Conceicao Creek target areas indicates additional granite-hosted quartz veins which will also be drill tested. More than 40 large quartz veins have been located on the property, ranging from 2 to 17 metres thick and from 0.3 to 2.0 kilometres long. Many of the veins have been historically mined by garimpeiros. Previous core and reverse-circulation drilling of the vein targets in the early-1990s by Verena and then JV-partner Rio Tinto returned gold intercepts up to 12.0 metres of 3.35 g/t. The assaying for this work was done by Lakefield Laboratory in Ontario, Canada. Highlights from the previous drill program are displayed in the table below.



Previous Quartz Veins Target Drill Results
------------------------------------------

-------------------------------------------
Depth Width Gold
Drill Hole (m) (m) (g/t)
-------------------------------------------
FRC-32 17 1.9 7.36
-------------------------------------------
FRD-06 20 0.3 37.95
-------------------------------------------
FRR-02 8 1.0 12.10
-------------------------------------------
FRR-10 5 2.0 3.98
-------------------------------------------
FRV-06 32 1.0 3.21
-------------------------------------------
43 6.0 2.90
-------------------------------------------
FRV-11 46 8.0 2.50
-------------------------------------------
FRV-12 5 12.0 3.35
-------------------------------------------
including 10 3.0 11.05
-------------------------------------------
31 2.0 4.62
-------------------------------------------
FRV-14 5 13.0 1.86
-------------------------------------------
including 5 8.0 2.9
-------------------------------------------


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

Kinross also reported that a regional soil geochemistry program covering the main structural trends has recently commenced, with 2,900 samples planned on a 250 by 250-metre grid to identify large-scale targets. The program will be completed this summer. All the samples were assayed at the SGS-Lakefield-Geosol Laboratory in Belo Horizonte, Brazil.

George A. Flach, B.Sc. P.Geo and Verena's qualified person, within the meaning of National Instrument 43-101, has just returned from Brazil, wherein he was able to examine the drill core and discuss the developing geological understanding of the area with the Kinross company geologists. The recent drilling in particular has given Verena further confidence in the belief that the Monte do Carmo area has the potential to become a new mining district within Brazil. Mr. Flach has reviewed the contents of this release.

Verena Minerals Corporation is exploring for gold along the major mineralized belts of northern Brazil. Verena is focused on expanding and advancing its Volta Grande Gold Project, where a planned 37,000-metre core drilling program is ongoing. Verena has a strategic alliance with Kinross Gold Corporation, which owns 7.3 -percent of Verena and holds options on the Monte do Carmo and Patrocinio gold projects. Verena also holds the past-producing Bonfim Gold Mine, along with a portfolio of Brazilian diamond and gem properties. Verena trades on the TSX Venture Exchange under the symbol "VML" and has approximately 97.5 -million common shares issued and outstanding.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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