Click here to close now.

SYS-CON MEDIA Authors: Plutora Blog, Bart Copeland, Andreas Grabner, Liz McMillan, Dana Gardner

News Feed Item

Vena Provides Update on Azulcocha West Polymetallic Project

TORONTO, ONTARIO -- (Marketwired) -- 05/26/14 -- Vena Resources Inc. (the "Company" or "Vena") (TSX: VEM)(LMA: VEM)(FRANKFURT: V1RA)(OTCBB: VNARF) announces that after four years of an arbitration process in Peru the Company will be able to restart exploration activities of the promising Azulcocha West polymetallic property located only 6 kilometres west of the existing Azulcocha mine and milling operation. The Azulcocha West claims are strategically important to the long term economics of Vena given its close proximity to the Azulcocha Mine processing facilities owned by Azulcochamining S.A. (now owned by Trafigura Beheer B.V.)

Azulcocha West Property - The 2,583.2 hectare Azulcocha West project is located immediately west of the Azulcocha mine/mill concessions. The property was staked by Vena in 2006 to cover 30 known polymetallic showings including skarn, manto and vein deposits in the area. In 2006, Vena signed a letter agreement ("LA") with Empresa Minera Los Quenuales S.A. ("LQ"), a company owned by Glencore of Switzerland, to explore the property. The program consisted of detailed mapping, geophysics, trenching, rock sampling and diamond drilling.

Both the Jurassic limestones of the hanging wall and the Cretaceous sandstones of the footwall of the Conchas - Gran Bretana Fault have been intruded by Neogene Granodioritic calc-alkaline laccoliths. The largest of these is the granodioritic Chuquipite intrusive that is approximately 4 kilometres in diameter and is in contact with the Condorsinga limestone. The smaller San Pablo Intrusive, classified as dacite porphyry, is approximately 700 metres x 200 metres in size and intrudes the northern limb of the limestone. The two intrusive bodies are approximately 1.5 kilometres from each other.

The juxtaposition of the two metal rich intrusions with reactive limestone wall rocks in the presence of the western extension of the Conchas - Gran Bretana Fault (a major regional ore host) has been responsible for the proliferation of mineralization. Drilling indicates that the two most important structures are the 2.5 kilometre long northern contact of the Chuquipite intrusive (Maria Fe and Valeria skarn/replacement showings) and the approximately 500 metre long Recuperada vein. There is a marked contrast between the mineralogy of the two structures: the Maria Fe is zinc rich metasomatic with abundant skarn minerals in the gangue whereas the Recuperada is silver rich with a silica gangue that appears to be epithermal. There is also a contrast in depth of oxidation with the Recuperada sulfides having been much less affected by supergene processes. Due to the differences in strike and dip of the two structures there is a convergence of the two mineralized systems near the eastern end of the Maria Fe showing.

The best drill intersection at Maria Fe is 23.9 metres of 11.46% zinc in the transition zone (mixed oxide/ sulphide) at a vertical depth of about 140 metres. The trenching/ drilling at the Recuperada structure indicates that there are two approximately 140 metre long zones of mineralized vein: the northeast zone - width 0.48 metres at 279.8 g/t Ag, 1.2% Pb, 0.79% Zn; and the southwest zone - width 1.40 metres at 73 g/t Ag, o.51% Pb, 0.76% Zn. A total of 3,800 metres of drilling were completed, over 100 trenches were excavated and 1,100 channel samples were taken. Given the magnitude and grades along the contact zone and based on all the previous geological work performed, a multimillion ton resource can be visualized.

Vena will work on delivering a National Instrument 43-101 report as soon as possible.


----------------------------------------------------------------------------
                Significant Drill Intersect at Azulcocha West
----------------------------------------------------------------------------
                          WIDTH       Au       Ag       Cu       Pb       Zn
TARGET        DRILL ID     (mt)      g/t      g/t        %        %        %
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Valeria        V-04-08     2.05    10.33   477.97     0.25    36.76     0.44
----------------------------------------------------------------------------
Maria Fe      MF-10-01    23.90     0.09    20.66     0.12     0.24    11.46
----------------------------------------------------------------------------
Maria Fe      MF-10-02     7.79     0.07    23.52     0.22     0.23     4.56
----------------------------------------------------------------------------
Maria Fe      MF-10-05     5.15     0.03    13.95     0.31     0.01     8.85
----------------------------------------------------------------------------
Maria Fe Bx    R-01-08     5.60            188.99     0.39     0.25     0.43
----------------------------------------------------------------------------
Recuperada     R-01-08     4.05     0.14   139.00     0.27     0.37     0.79
----------------------------------------------------------------------------
Recuperada     R-02-08     2.40     0.03    86.12     0.05     0.37     0.18
----------------------------------------------------------------------------
Recuperada    MF-01-08    12.20     0.07    59.18     0.03     0.52     0.05
----------------------------------------------------------------------------

Azulcocha West Arbitration - Under the original agreement in 2006 with LQ and extended three times thereafter, LQ agreed to invest US$2,750,000 in exploration expenditures, provide a satisfactory feasibility study for Vena and pay Vena US$1,000,000 to acquire a 51% interest in the Azulcocha West Project. None of those requirements were met. In April 2010, Vena and LQ signed a Letter of Intent ("LOI") to be followed by a binding agreement including all new terms.

As previously disclosed in Vena's financial disclosure documents, the main issues of the arbitration were the following: (i) LQ argued that the LOI effectively extended the term of LA therefore it was not necessary to sign a further binding contract and LQ sued Vena for US$13,000,000 in damages for loss of profits; and (ii) Vena countersued LQ for US$9,130,000 in damages based on the fact that the LOI did not extend the LA's term and further that LQ acted in bad faith preventing the signing of the future contract (LQ 's lawyer had sent a draft of the future contract which contained the new terms).

During the arbitration proceedings it was discovered that LQ drilled six additional holes but did not disclose the technical results to Vena. And further, LQ performed this drilling without all the required authorizations and permits. Recently, Vena re-assayed those drill holes and found significant intersects that at the time could have substantially improved the understanding of the Azulcocha regional geology. Vena made several decisions over the last few years regarding Azulcocha that might have been significantly different if all of the technical data had been available to the Company. Possibly this would have involved an alternative decision with respect to the sale of the mine/mill as part of the regional investment strategy.

The arbitration panel, in a controversial decision, with two votes in favor and one against has determined that Vena Peru and Azulcochamining S.A. jointly and severally pay LQ an audited sum of US$2,342,092.51 for damages despite the fact that LQ did not comply with a single term in the original option agreement even after Vena granted three extensions. In its opposing statement, the dissenting arbitration panel member dismissed in every respect LQ's claims and in contrast to the decision determined that LQ should pay Vena US$4,970,000 for loss of profits.

Juan Vegarra, Vena's Chairman and CEO stated: "We are pleased Azulcocha West can be advanced shortly. The property's significant mining potential and proximity to an existing milling operation adds tremendous value to our current holdings. As the Company just received notification of the arbitration decision, Vena's legal team is analyzing the arguments and scope of the extensive arbitration documents and will respond accordingly in due course."

This press release has been reviewed and approved by David Bent, P. Geo., Vena's Qualified Person as defined by NI 43-101.

Forward-Looking Statements:

This press release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements are based on certain key expectations and assumptions made by Vena. Although Vena believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Vena can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in Vena's management discussion and analysis of the financial condition and results of operations for the year ended December 31, 2013 and the first quarter ended March 31, 2014 and its annual information form for the year ended December 31, 2013, which are available at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Vena undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add sc...
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
Data-intensive companies that strive to gain insights from data using Big Data analytics tools can gain tremendous competitive advantage by deploying data-centric storage. Organizations generate large volumes of data, the vast majority of which is unstructured. As the volume and velocity of this unstructured data increases, the costs, risks and usability challenges associated with managing the unstructured data (regardless of file type, size or device) increases simultaneously, including end-to-...
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, includin...
The excitement around the possibilities enabled by Big Data is being tempered by the daunting task of feeding the analytics engines with high quality data on a continuous basis. As the once distinct fields of data integration and data management increasingly converge, cloud-based data solutions providers have emerged that can buffer your organization from the complexities of this continuous data cleansing and management so that you’re free to focus on the end goal: actionable insight.
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mo...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to mak...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data th...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon...
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics arc...
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understand...
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use c...
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, includin...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...