Vena Resources Inc. announced the commencement this month of the third major drill campaign on the Macusani properties of Minergia S.A.C., a uranium exploration company jointly owned by Vena and Cameco Corporation. 

This program was approved by Minergia's joint technical committee and follows the recommendation for increasing the uranium resource base that was proposed by Henkle and Associates in the recently filed NI 43-101 Technical Report of the Macusani Uranium Project, Department of Puno, Peru. 

The approved program calls for 102 drill holes for a total of 23,000 metres to continue the delineation of the Tantamaco and Isivilla resources. The Tantamaco program includes 82 holes totaling 20,700 metres that will concentrate on following the higher grade zone to the south and west at 100 metre x 100 metre spacing as well as the exploration of a much larger area of the favorable stratigraphy at 400 metre x 400 metre spacing. A few holes have been sited to in-fill the area around hole Ta-2010-79 (54 metres of 1.4 lbs/t U3O8; including 9.7 metres of 5.9 lbs/t U3O8) at a 50 metre x 50 metre spacing to provide data on the continuity of mineralization and raise the resource category of the block to measured status. 

At Isivilla, 20 holes (2400 metres) will be drilled to follow up on the near surface mineralization intersected in hole IS-2010-06 (16.1 metres of 1.4 lbs/t U3O8). Five of the holes are sited to the west and north of IS-2010-06 to test the immediate area for continuity of the mineralized horizon. The remaining five holes will be completed at a spacing of 200 metres on an east-west section located 600 metres to the north of IS-2010-06 and are designed to test similar stratigraphy to the north of the central ridge. Two holes will be drilled from each of 10 platforms. 

At Nuevo Corani, permitting is in progress for a follow up drill campaign to expand the resource base of the near surface mineralization. It is expected that the community agreement and government approvals will be acquired prior to the end of June. 

The 2011 exploration budget is approximately $3 million and will fund about 15,000 metres of drilling. It is anticipated that approximately 7,000 metres will be drilled at the Tantamaco and Isivilla prospects on a prioritized basis and that the remaining 8,000 metres will be drilled at Nuevo Corani. Results of the drill program will be released periodically with the first of the releases planned for March with assays for the initial holes at Tantamaco and Isivilla. 

To view the map associated with this press release, please click here

 

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