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Market: TSX-V
Sector: Gold Mining
Epic: TSX-V: VGO
News: Latest news
Web Site: Ventura Gold
Other Articles: 20-01-2009

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Ventura Gold

Ventura Gold

Ventura Gold (TSX-V:VGO) is a United States-based precious metals exploration and development company.
Thursday, July 02, 2009

Ventura Gold starts 7,000m drill program at Inmaculada project in Peru

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Ventura Gold Corp (TSX-V: VGO) said it has begun additional drilling on its 51 percent-owned Inmaculada gold-silver project in Southern Peru.

It has budgeted US$1.6 million to complete a 7,000 meter, 22 core hole drill program on Inmaculada for 2009 and has to-date completed the first of two holes on the Angela Vein.

At the Angela Vein, Ventura is conducting a 5,000 meter drill program to expand the known mineral resource estimate, extend the vein laterally as well as to further define some of the feeder zones that are open at depth. Assay results from the first 2 holes are pending.

The strike length of the identified mineral resource in the Angela Vein currently extends over 900 meters and remains open at depth and down-plunge to the northeast.

In January 2009, the company announced an initial, independent, NI 43-101 compliant inferred resource estimate on the Angela Vein of 483,000 ounces of gold and 16.6 million ounces of silver contained within 3.7 million tonnes at 4.0 grams per tonne gold and 139 g/t silver.

An additional 2,000m of the 2009 drill program will test the down-dip extent of mineralization at the Martha Vein and the untested Anta and Patari vein systems within Inmaculada.

The Anta and Patari vein systems are located approximately seven kilometers west of the main area of outcropping veins, including the Angela Vein, at Inmaculada. The Anta and Patari consist of multiple veins, similar in character to the Angela and Martha veins, and with strike lengths of up to 500 meters and widths of up to six meters. Surface sampling is currently underway at Anta and Patari.

As previously announced, Ventura has elected to earn an additional 19 percent participating interest in the Inmaculada project from Hochschild Mining PLC (LSE: HOC) by completing a feasibility study. It plans to solely fund and deliver a feasibility study on the project by October 23 2013.

While the company has sufficient funding to commence feasibility drilling with the current drill program, it will require additional financing to complete the full feasibility study, Ventura added.

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