Vena Files NI 43-101 Report for Macusani Uranium Project in Peru Indicated Resources Increased to 8.32 Million Pounds of U308 and Inferred Resources Increased to 14.21 Million Pounds of U308
TORONTO, ONTARIO, Nov. 29, 2010 (Marketwire) -- Vena Resources Inc. (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF), a Company with strong partnerships with some of the world's largest mining companies, is pleased to announce that an independent National Instrument ("NI") 43-101 compliant resource estimate for its Macusani Uranium Project, located in Peru will be filed on SEDAR (www.sedar.com) and on the Company's website today. Henkle and Associates ("Henkle") has completed its first resource estimate for Minergia S.A.C., a uranium exploration company owned by Vena (75%) and Cameco Corporation (25%). It should be noted that the NI 43-101 compliant resource estimate only encompasses five of the nine properties in the Macusani region. Minergia also owns uranium properties in the Munani region where work is continuing.
The current resource numbers are based on 25,187 meters of diamond drilling in 158 drill holes performed over four years covering a small portion of the prospective target areas and indicates an overall resource estimate for the Macusani region of 8,316,818 pounds of indicated resources and 14,211,857 pounds of inferred resources at 0.18 pounds per ton cutoff and 7,618,216 pounds of indicated resources and 13,172,202 pounds of inferred resources at 0.36 pounds per ton cutoff as outlined in the table below. A new drill program is expected to begin mid-January 2011 intended to increase resources at Tantamaco and Isivilla.
INDICATED RESOURCES -------------------------------------------------- Prospect 0.18 Lb/Ton (90.72 ppm) U3O8 CUTOFF Tons Lbs U3O8 Lb/Ton U3O8 ppm U3O8 % U3O8 -------------------------------------------------- Tantamaco 15,018,504 7,598,193 0.506 253.1 0.025 Nuevo Corani 3,530,769 706,660 0.200 100.7 0.010 Isivilla 59,432 12,016 0.202 101.15 0.010 Tuturumani 0 0 0.00 0.000 Calvario Real 0 0 0.00 0.000 Totals 18,608,705 8,316,868 0.447 223.62 0.022 --------------------------------------------------
INDICATED RESOURCES -------------------------------------------------- Prospect 0.36 Lb/Ton (181.44 ppm) U3O8 CUTOFF Tons Lbs U3O8 Lb/Ton U3O8 ppm U3O8 % U3O8 -------------------------------------------------- Tantamaco 11,648,037 7,089,536 0.609 304.36 0.030 Nuevo Corani 1,524,868 528,681 0.347 173.27 0.017 Isivilla 0 0 0.00 0.000 Tuturumani 0 0 0.00 0.000 Calvario Real 0 0 0.00 0.000 Totals 13,172,905 7,618,216 0.578 289.39 0.029 --------------------------------------------------
INFERRED RESOURCES -------------------------------------------------- Prospect 0.18 Lb/Ton (90.72 ppm) U3O8 CUTOFF Tons Lbs U3O8 Lb/Ton U3O8 ppm U3O8 % U3O8 -------------------------------------------------- Tantamaco 14,997,623 7,369,497 0.491 245.85 0.025 Nuevo Corani 8,088,525 3,437,884 0.425 212.73 0.021 Isivilla 4,672,106 1,474,393 0.316 157.85 0.016 Tuturumani 6,031,431 1,159,868 0.192 96.16 0.010 Calvario Real 1,413,372 770,215 0.545 272.61 0.027 Totals 35,203,067 14,211,857 0.404 201.85 0.020 --------------------------------------------------
INFERRED RESOURCES -------------------------------------------------- Prospect 0.36 Lb/Ton (181.44 ppm) U3O8 CUTOFF Tons Lbs U3O8 Lb/Ton U3O8 ppm U3O8 % U3O8 -------------------------------------------------- Tantamaco 12,376,120 6,996,922 0.565 282.59 0.028 Nuevo Corani 5,011,462 3,099,041 0.618 309.35 0.031 Isivilla 3,699,196 1,426,146 0.386 192.78 0.019 Tuturumani 2,248,497 879,877 0.391 195.50 0.020 Calvario Real 1,413,372 770,215 0.545 272.61 0.027 Totals 24,748,647 13,172,202 0.532 266.56 0.027 --------------------------------------------------
Note: Based on Short Ton = 2,000 Lb |