Verena Receives Positive Results from Drilling on the Lavrinha Project, Brazil
Thu Apr 10, 4:45 PM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - April 10, 2008) - Verena Minerals Corporation (TSX VENTURE: VML.V) (the "Company" or "Verena") is pleased to announce the results of the due diligence exploration program carried out in January and February 2008, on the Lavrinha Project, Goias State, Brazil. The objective of the project was to determine the average gold grade and density of quartz veins and veinlets. A total of 21 point grab samples were collected from bedrock exposures and 10 shallow diamond core holes were drilled, totaling 1,028 metres.
All six of the 10 holes drilled in the central, sericite schist unit returned encouraging results with the best result, from the southernmost hole, LVD-10. Highlights from the drilling include 7.0m grading 3.08 grams per tonne ("g/t") gold from 51 to 58 metres in hole LVD-03 and 11.0 metres grading 1.27 g/t gold starting at 4.0 to 15 metre in hole LVD-10. A summary of the results obtained is presented below.
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From To Interval(i) Grade
Hole (m) (m) (m) (g/t Au)
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LVD-01 35.0 37.0 2.0 1.08
92.0 94.0 2.0 3.91
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LVD-02 29.0 34.0 5.0 1.48
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LVD-03 51 58 7.0 3.08
71 76 5.0 0.97
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LVD-04 43.0 44.0 1.0 4.27
65.0 70.0 5.0 1.33
89.0 91.0 2.0 0.93
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LVD-05 60.0 61.0 1.0 2.87
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LVD-06 no significant results
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LVD-07 no significant results
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LVD-08 no significant results
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LVD-09 14.0 15.0 1.0 0.96
102.0 103.0 1.0 1.21
118.0 119.0 1.0 1.94
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LVD-10 4.0 15.0 11.0 1.27
53.0 54.0 1.0 1.28
59.0 62.0 3.0 0.86
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(i) Note: Intervals refer to downhole length in metres, true width is yet
to be determined
The results confirm the presence of gold mineralization over a small portion of the 3,000 metre by 1,500 metre area of mining disturbance, originally exploited by Portuguese miners in the late eighteenth century and followed by artisanal garimpeiro mining from 1982 to 1993. No historic exploration is known to have been conducted on the property.
The Lavrinha exploration concession covers 2,578 hectares and is located 240 kilometers northwest of Brasilia. Gold mineralization is associated with narrow quartz magnetite veins and veinlets that form a stockwork array. The dominant vein set strikes N60 degrees E and dips 60 degrees to the northwest while the second set N50 degrees W and dips 50 degrees to the northeast.
As a result of the work completed, Verena has elected to exercise the first option on the Lavrinha project by issuing to the underlying property owner, Mineracao Santo Expedito Ltda ("MSE") payment totaling 100,000 common shares of the Company. Under the terms of the option, Verena has the right to earn a 70% interest in the property by fulfilling obligations as set out in the release dated December 3, 2007. Verena intends to continue a district prospecting and geologic mapping and geochemical sampling campaign and completing a ground based magnetic survey of the prospect area to identify additional drill targets.
QA/QC
The drill holes were drilled by Boart Longyear Geoserve, a Canadian-Brazilian drilling company using one Sharon track mounted rig. Vertical HQ/NQ diameter holes were drilled to a maximum depth of 100 metres. Core recovery averaged 97%. All core samples were cut in half using a diamond saw, with one-half of the core stored on site for future reference. The half-core samples were shipped to SGS-Lakefield-Geosol ("SGS") Laboratory in Belo Horizonte and analyzed by metallic screen-fire assay. The Company conducts a QA/QC monitoring of laboratory results by including 1 in 20 standard and blank samples in every sample shipment. SGS is an ISO 9001:2000 and ISO 14001:2004 registered laboratory and maintains an independent quality control program.
Qualified Person
This Program was completed under the supervision of Mr. George Flach, P.Geo, qualified person within the meaning of National Instrument 43-101. Mr. Flach has reviewed the contents of this release.
About Verena
Verena Minerals Corporation is a Canadian based mineral exploration company with an outstanding portfolio of properties including gold, diamonds and gemstones in Brazil. Verena's prime focus is on advancing and expanding its 100% owned Volta Grande Project, located in Para State. Verena has a strategic alliance with Kinross Gold Corporation, which holds 7.2% of the common shares of Verena and is earning an interest into the Monte do Carmo and Patrocinio gold projects. Verena also operates the Lavrinha gold project and controls a portfolio of diamond and gem properties. Verena trades on the TSX Venture Exchange and has approximately 97.2 million common shares issued and outstanding.
Cautionary Statement on Forward Looking Information
This press release may include forward looking statements within the meaning of securities laws. Forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from what is currently expected. Accordingly, readers should not place undue reliance on forward looking statements. For a more detailed discussion of such risks and other factors, refer to Verena's filings with the Canadian securities regulators available on www.sedar.com or the Company's website at www.verena.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Ron W. Stewart
Verena Minerals Corporation
President and CEO
(416) 368-2998
Website: www.verena.com |
