Quantcast

Ventana Provides Additional Drill Results and Corporate Update

February 8, 2011

VANCOUVER, Feb. 8 /PRNewswire/ – Ventana Gold Corp. (TSX: VEN) (“Ventana” or the “Company”) is pleased to announce results from
thirteen additional holes that are indicating extensions of
mineralization on multiple exploration targets within the La Bodega
gold, silver and copper project in Colombia.  A complete listing of
drill intercepts and details on the cross sections are available on the
Company’s website at www.ventanagold.com.

Highlights

  • Hole 360 returned multiple intercepts including 5.0 metres of 15.03 g/t gold and 47.35 g/t silver in a parallel zone that appears to be a further SW extension of the Las
    Mercedes structure.
  • Hole 379 returned 8.3 metres of 13.93 g/t gold and 21.2 g/t silver, extending La Baja mineralization further down-dip.
  • Hole 358 returned 40 metres of 3.11 g/t gold and 68.8 g/t silver with a second parallel interval containing 28.4 metres of 4.85 g/t gold and 25 g/t silver.  This hole also intercepted the new silver manto in the SW Extension, returning 22.8 metres of 122.77 g/t silver.
  • Hole 382 returned 10 metres of 2.71 g/t gold, extending mineralization further down-dip in the Aserradero zone.
  • La Mascota infill hole 325 returned 32 metres of 9.49 g/t gold and 20 g/t silver while hole 384 returned 62.7 metres of 5.66 g/t gold and 40.2 g/t silver, and hole 375 returned 25.9 metres of 4.95 g/t gold and 34.4 g/t silver.

Details

Results of Drilling to Extend Mineralization

The majority of these drill results represent exploration in new areas
that are outside the envelope of the existing NI 43-101 inferred
mineral resource estimate and indicate that the mineralization tenor
remains robust as drilling extends to the southwest at depth and into
new parallel mineralized zones.

Hole 360 on section 9475E, was drilled to test the SW extension of Las
Mercedes mineralization trending into the recently acquired La Baja
tenement. It intercepted a series of mineralized structures with the
best result being 5 metres of 15.03 grams per tonne gold and 47.35
grams per tonne silver starting at 276 metres. This hole extended the
mineralization first encountered in this area in previously announced
hole 351, which returned 10 metres of 5.00 grams per tonne gold, up-dip
an additional 40 metres. Please see the attached map for further
details.

Drilling within the La Baja mineral tenement continues to intercept
better than average grade mineralization confirming continuity of the
La Mascota zone to the southwest. Hole 379 on section 9050E intersected
8.3 metres of 13.93 grams per tonne gold and 21.2 grams per tonne
silver.

Hole 358 on section 8950E was drilled in the SW Extension of the La
Mascota trend on a parallel zone of mineralization situated 100 metres
south of the main trend. It intercepted 40 metres of 3.11 grams per
tonne gold and 68.8 grams per tonne silver starting at 394 metres
drilled depth followed closely by 28.4 metres of 4.85 grams per tonne
gold and 25 grams per tonne silver starting at 437 metres depth. The
same hole also intercepted the recently discovered oxidized,
sub-horizontal manto of silver mineralization in this area,
intercepting 22.8 metres of 122.77 grams per tonne silver. Hole 361 on
section 8850E was drilled from the same location and direction as
previously announced hole 368 (54 metres of 7.90 grams per tonne gold)
to test deeper mineralization in the SW Extension. The hole was
abandoned due to drilling problems just as it appeared to be entering
the mineralized structure with the final 2.28 metres of the hole
returning 21.30 grams per tonne gold. A re-drill of this hole is
underway..

Hole 382 on section 0075E in the Aserradero target area intercepted 16
metres of 2.71 grams per tonne gold, including 2 metres of 9.76 grams
per tonne gold, starting at 171 metres drilled depth, extending
mineralization down-dip an additional 40 metres.

Holes 356 and 374 were drilled on section 9350E in the La Mascota zone
to test for potential footwall mineralization. A series of thin but
prospective structures were encountered.  The best result generated 2
metres of 5.33 grams per tonne gold and 19.9 grams per tonne silver in
hole 374 starting at 151 metres drilled depth.  This is early stage
work and exploration in this area will continue.

Infill Drilling Results

Infill drilling at La Mascota continues with the objective of upgrading
the existing inferred resource to measured and indicated. Hole 325 on
section 9625E intercepted two mineralized structures returning 9.5
metres of 7.48 grams per tonne gold and 16.39 grams per tonne silver
starting at 157 metres drilled depth and 31.97 metres of 9.49 grams per
tonne gold and 20 grams per tonne silver, including 1.8 metres of 32.63
grams per tonne gold, starting at 199 metres depth. Hole 375 on section
9425E also intercepted two structures returning 25.9 metres of 4.95
grams per tonne gold and 34.4 grams per tonne silver starting at 194.1
metres which was closely followed by 33 metres of 3.18 grams per tonne
gold and 20.1 grams per tonne silver starting at 225 metres drilled
depth. Hole 384 on section 9400E intercepted 62.7 metres of 5.66 grams
per tonne gold and 40.2 grams per tonne silver starting at 183 metres
drilled depth.

Drilling continues throughout the La Bodega project with ten drills
which are engaged in exploration of newer target areas and infill with
the objective of upgrading the initial resource from inferred to
indicated and measured.

Update on AUX Offer Process

The Board of Directors of Ventana reaffirms its recommendation to
shareholders of the Company not to tender their shares to the
unsolicited offer by AUX Canada Acquisition Inc. (“AUX”) to acquire all
of the outstanding common shares of Ventana that it does not already
own for $12.63 in cash per share (the “AUX Offer”). 

A number of interested third parties have conducted due diligence on the
La Bodega project.  The Company is continuing discussions with third
parties in an effort to surface a superior alternative to the AUX
Offer. However, there can be no assurances that these discussions will
result in an alternative proposal. The Company will provide further
details to shareholders before the expiry of the AUX Offer on February
15, 2011. 

Drill Results Summary

The intercepts from the reported drill holes are reported below:

Drill Hole # From

(metres)

To

(metres)

Drill Intercept

(metres)

True

Width

Gold

(g/t)

Silver

(g/t)

Copper

(%)

DDH-10-LB-325 42.20 43.00 0.80 0.60 3.36 103.00 0.04
  84.00 85.00 1.00 0.60 2.51 12.55 0.05
  157.00 166.50 9.50 5.8 7.48 16.39 0.05
  172.80 173.85 1.05 0.6 3.18 10.70 0.10
  199.03 231.00 31.97 20.0 9.49 19.99 0.15
includes 212.00 215.00 3.00 1.8 32.63 26.00 0.21
DDH-10-LB-356 91.00 92.00 1.00 0.7 2.30 1.03 0.01
DDH-10-LB-358 *73.50 *96.30 *22.80 *22.0 *0.41 122.77 *0.06
  394.00 434.00 40.00 22.1 3.11 68.77 0.42
includes 394.00 396.00 2.00 1.1 10.62 319.50 0.11
and 422.00 425.00 3.00 1.7 13.44 334.67 2.39
  437.00 465.40 28.40 15.9 4.85 25.01 0.14
includes 449.00 455.00 6.00 3.4 15.15 58.83 0.21
  471.10 474.70 3.60 2.0 2.09 18.76 0.12
DDH-10-LB-360 49.00 53.00 4.00 2.8 4.17 6.61 0.12
  85.00 89.00 4.00 2.8 4.87 8.60 0.02
  135.00 139.00 4.00 2.8 2.93 14.42 0.17
  171.00 172.00 1.00 0.7 2.81 19.10 0.01
  276.00 281.00 5.00 3.5 15.03 47.35 0.40
  321.00 324.00 3.00 2.1 3.13 17.49 0.14
DDH-10-LB-361 36.00 38.00 2.00 1.3 3.04 23.75 0.03
  72.00 91.00 19.00 12.2 2.58 19.09 0.16
includes 77.00 78.00 1.00 0.6 24.00 76.00 1.01
  131.00 132.00 1.00 0.6 2.03 27.40 0.19
  158.00 159.00 1.00 0.6 2.33 2.52 0.01
  263.50 265.78 2.28 1.5 21.30 6.00 0.01
DDH-10-LB-372 281.00 283.00 2.00 0.9 4.14 53.05 0.08
  381.00 382.00 1.00 0.5 3.76 7.68 0.03
  HOLE ABANDONED PRIOR TO TARGET DEPTH  
DDH-10-LB-374 151.00 153.00 2.00 1.2 5.33 19.87 0.03
  163.00 164.59 1.59 1.0 3.86 37.00 0.11
DDH-10-LB-375 172.10 173.10 1.00 0.7 2.20 33.50 0.69
  194.10 220.00 25.90 17.2 4.95 34.41 0.30
includes 202.80 211.00 8.20 5.4 9.67 70.50 0.63
  225.00 258.00 33.00 21.8 3.18 20.12 0.11
includes 245.00 252.98 7.98 5.3 10.66 65.14 0.30
  276.20 279.10 2.90 1.9 5.51 1.05 0.01
DDH-10-LB-379 151.40 156.60 5.20 2.5 3.34 56.90 0.26
  182.70 191.00 8.30 3.8 13.93 21.24 0.07
  217.32 219.10 1.78 0.8 4.18 84.56 0.02
  250.00 251.00 1.00 0.5 8.00 15.00 0.25
DDH-10-LB-381 338.00 339.00 1.00 0.4 2.63 8.79 0.05
  369.00 372.00 3.00 1.3 4.82 30.35 0.47
DDH-10-LB-382 131.06 132.00 0.94 0.3 2.52 0.73 0.01
  171.00 187.00 16.00 5.7 2.71 3.24 0.01
includes 180.00 182.00 2.00 0.7 9.76 4.65 0.01
  231.00 232.00 1.00 0.4 4.88 1.43 0.01
  244.00 245.00 1.00 0.4 4.78 31.00 0.17
DDH-10-LB-384 21.50 22.86 1.36 0.9 2.70 30.00 0.04
  183.00 245.70 62.70 41.3 5.66 40.16 0.39
includes 202.99 206.00 3.01 2.0 27.09 345.61 3.98
DDH-10-LB-385 29.00 31.00 2.00 0.4 6.90 303.50 2.01
  HOLE ABANDONED PRIOR TO TARGET DEPTH  

Drill intercepts are based on a 0.5 gram/tonne gold cut-off with no
upper cut. Drill intercept lengths are down-hole lengths of
mineralization with true widths calculated assuming a 70 degree dip for
the mineralized structure. * Silver manto

Review by Qualified Person, Quality Control and Reports

The results of Ventana’s drilling program have been reviewed, verified
and compiled by Jon Lehmann, L.P.G., a qualified person as defined by
National Instrument 43-101 (NI 43-101). Mr. Lehmann has over 25 years
of mineral exploration experience, is a Licensed Professional Geologist
in the State of Washington and a member in good standing of the
Canadian Institute of Mining and Metallurgy.

To ensure reliable sample results Ventana has a rigorous QA/QC program
in place that monitors the chain-of-custody of samples and includes the
insertion of blanks, duplicates, and certified reference standards in
each batch of samples. Core is photographed and sawed in half with one
half retained in a secured facility for verification purposes. Sample
preparation (crushing and pulverizing) is performed at an independent
local laboratory established by a joint effort between the regional
environmental permitting agency and the German Geological Survey, and
at the Colombian preparation laboratory of ALS Chemex Laboratories.
Prepared samples are direct-shipped to ALS Chemex Laboratories in Lima,
Peru, an ISO 9001:2000 certified laboratory, for analysis.

Independent NI 43-101 technical reports have been prepared by Samuel
Engineering, Inc., dated November 8, 2010 for the La Bodega project and
by EurGeol Miller O’Prey, P.Geo., dated June 14, 2008 for the nearby
California-Vetas project. These reports are available under Ventana’s
profile at www.sedar.com.

About Ventana

Ventana is a Vancouver-based mineral exploration and development company
with mineral rights to 4,591 hectares of exploration property in
northeastern Colombia. The Company has two project areas, La Bodega and
Cal-Vetas, of which the flagship La Bodega project contains multiple
high-grade zones of gold, silver and copper mineralization. Ventana has
announced the results to the project’s scoping study and completed its
first inferred mineral resource which includes 27 million tonnes
grading 3.9 grams per tonne gold, 21.5 grams per tonne silver, and
0.14% copper for a total of 3.5 million ounces of gold, 19.2 million
ounces of silver and 84.6 million pounds of copper. There is
significant potential to expand the resource and the Company intends to
continue aggressive exploration at the project both from surface and
underground.

Cautionary Note Concerning Scoping Study and Inferred Mineral Resources

Ventana’s scoping study is an assessment that is preliminary in nature
and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to
them that would enable them to be categorized as mineral reserves, and
there is no certainty that the preliminary assessment in the scoping
study will be realized. Mineral resources that are not classified as
mineral reserves do not have demonstrated economic viability.

Ventana’s shares trade on the Toronto Stock Exchange under the symbol VEN.

Cautionary Statement Regarding Forward-looking Information

Certain of the statements made and information contained in this press
release may constitute forward-looking information within the meaning
of applicable securities legislation. All information and statements
which are not historical fact constitute forward-looking information
and, in many cases, can be identified by words such as “may”, “will”,
“expect”, “plan”, “anticipate”, “believe”, “estimate”, “potential”, or
other similar terminology. The forward-looking information contained in
this press release is based on the reasonable expectations and beliefs
of management as at the date of this press release and involves
numerous assumptions, known and unknown risks and uncertainties, both
general and specific to Ventana and the industry in which the Company
operates. Such assumptions, risks and uncertainties include, but are
not limited to the results of the strategic alternatives process being
conducted by the Board of Directors of the Company in response to the
unsolicited offer by AUX, future prices of gold, the factual results of
current exploration, development and mining activities, changes in
project parameters as plans continue to be evaluated as well as those
factors disclosed in Ventana’s documents filed from time to time with
the securities regulators in the provinces of British Columbia, Alberta
and Ontario. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect, actual
results, performance or achievements of the Company, or industry
results, may vary materially from those described in this press
release. Accordingly, readers are advised not to place undue reliance
on forward-looking information. Except as otherwise required by law,
Ventana does not intend to and assumes no obligation to update or
revise forward-looking information, whether as a result of new
information, plans, events or otherwise.

To view map please visit: http://files.newswire.ca/914/ventanamap.pdf

SOURCE Ventana Gold Corp.


Source: newswire



comments powered by Disqus