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Wednesday, 20th May 2009 (3031 views)

Vena Resources has announced that it has discovered significant disseminated and stockwork gold at its Azulcocha mine in Peru.

The presence of the precious metal was found within near-surface footwall sandstone units at the project following an "extensive review" of geochemical, geophysical, surface sampling and drilling information.

A total of 29 diamond drill holes were completed on the property, totalling 2,810.5m, and the results of ten holes have determined the presence of gold mineralisation related to the regional Cochas-Gran Bretana fault.

Highlights of the data include an intercept of 16.9m grading 2.46 g/t gold and all recent and historical drilling results are being studied by Vena Resources in order to plan a new exploration programme that will "evaluate the sandstone-hosted gold mineralisation".

Based in Toronto, Ontario, Vena Resources has four "significant" exploration projects in Peru covering around 100,000 hectares.

In its financial and operating results for the first quarter of the year, the Canadian firm revealed that it is monetising a number of non-core assets in order to raise funds for key projects.

 

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