Venerable Ventures Ltd. Announces Exploration Update
06 September 2012 - 11:00PM
Marketwired Canada
Venerable Ventures Ltd. ("Venerable" or the "Company") (TSX VENTURE:VLV) is
pleased to provide an exploration update on its summer work activities at the
Trout Property. The Company has completed 75 line kilometres of detailed induced
polarization ("IP") geophysical surveying, sampled previously uncut drill core
and collected rock chip samples from eight different backhoe trenches around and
along strike of the original Discovery Zone gold-silver showing.
Seven priority targets have been identified for follow up work during a Phase
One 2,000 metre drilling program which is expected to commence in mid-September.
Three of the seven targets are drill ready. Four of the remaining targets will
be investigated by additional soil geochemistry, rock sampling, geological
mapping and prospecting before season closure. The target is epithermal gold
mineralization associated with zones of silica-sulphide and surrounded by
broader clay alteration.
Previous operators first located the Discovery Zone and nearby Camp Zone
epithermal gold-silver showings in 1984. These historical showings occur inside
the southwestern corner of what the Company believes to be two northeast
trending parallel fault structures, forming the boundary of a 3 kilometre long
by 1.2 kilometres wide graben structure. Fault structures such as these are
considered ideal for hosting both bulk and high-grade bonanza-style epithermal
gold deposition, as demonstrated by the following historical assays, however the
Company notes that such assays have not been verified by the Company and should
not be relied upon in an evaluation of the Trout Property:
----------------------------------------------------------------------------
Gold Ag Width
Zone Type (g/t) (g/t) (m) Year Company
----------------------------------------------------------------------------
Discovery Surface chip 13.86 94.0 5.0 1984 Kerr Addison
----------------------------------------------------------------------------
Discovery Drill core 1.59 na 70.2 1994 Cogema
----------------------------------------------------------------------------
Camp Surface chip 0.68 na 14.0 1987 Welcome North
----------------------------------------------------------------------------
Camp Drill core 0.56 na 31.0 1985 Kerr Addison
----------------------------------------------------------------------------
(na - assays not available)
The Company's objective is to test for similar Discovery and Camp Zone style
mineralization to the northeast and within this graben structure. Here,
mineralization may either be 'buried' by a thin veneer of post-mineral basalt
rock or occur as near-surface silicified structures outside the cover rock.
Previous operators have never tested for gold and silver mineralization along
these two northeast trends.
The seven priority targets were identified using a combination of airborne
magnetic trends, ultra-trace geochemistry and IP geophysical surveys
specifically designed to identify drill targets below a thin 20 to 40 metre
post-mineral basalt cap. Highlights include a new 730 metres by 450 metres IP
resistivity / chargeability anomaly (Cap Zone) located within the graben feature
one kilometre northeast of the Discovery Zone hidden beneath post mineral basalt
rock, and drill core assays obtained from un-split historical core, returning
assays of 0.45 g/t Au over 44.5 metres (Camp Zone).
Descriptions of these targets are listed below, all of which are considered
consistent with the Company's exploration objective:
----------------------------------------------------------------------------
New Target Graben
Num Name Status Description Location Structure
----------------------------------------------------------------------------
1 Cap Zone Drill 730m by 450m IP 1 kilometre NE of South
ready anomaly with co- Discovery fault
incident Au-Ag-Cu-Hg
in soil
----------------------------------------------------------------------------
2 Camp Zone Drill Venerable collects 250 metres north South
ready additional assays of Discovery Zone fault
from un-split
historical core
(hole 90-04) - 0.45
g/t Au over 44.52m
----------------------------------------------------------------------------
3 Discovery Drill Rock chip samples, Discovery Zone South
Zone ready 4.5 g/t Au, 22 g/t fault
Ag over 3m flanking
Discovery zone
----------------------------------------------------------------------------
4 T4 Ground 800m by 200m IP 1.4 kilometres NE South
proof anomaly in area of of Discovery fault
highly brecciated showing
felsic rocks
----------------------------------------------------------------------------
5 T5 Ground 250m by 200m IP 2.3 kilometres NE South
proof anomaly with co- of Discovery fault
incident gold in showing
soil
----------------------------------------------------------------------------
6 T6 Ground 500m by 300m IP 3.0 kilometres NE North
proof anomaly of Discovery fault
showing
----------------------------------------------------------------------------
7 T7 Ground Gold geochemistry 2.2 kilometres NNE North
proof anomaly of Discovery fault
showing
----------------------------------------------------------------------------
Technical information in this news release has been reviewed and approved by Jim
Cuttle, P.Geo, a Qualified Person as defined in National Instrument 43-101. For
more information see the Company's technical report entitled "Technical Report:
Trout Property" dated March 23, 2011, available on SEDAR at www.sedar.com.
To view the Geochemical Maps, Drilling Location & Exploration Targets please
click on the link below:
http://www.venerableventuresltd.com/wp-content/uploads/2012/09/GeochemicalMaps-DrillingLocation-ExplorationTargets.pdf
About the Company
Venerable is a Canadian natural resource company engaged in the acquisition,
exploration and development of mineral properties, with its primary focus on the
Trout Property. Venerable holds an option to acquire a 100% interest in and to
the Trout Property. The Trout Property is 65 kilometres southwest of Vanderhoof,
BC, on the Nechako Plateau, and covers an area of 7,179 hectares. The Trout
Property is approximately 40km NNE of NewGold's Blackwater Project.
ON BEHALF OF THE BOARD
VENERABLE VENTURES LTD.
Ryan Sharp, President, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking information that
involve various risks and uncertainties regarding future events related to the
Company's proposed exploration plans at the Trout Property. Such forward-looking
information can include statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future performance
of the Company, such as the Company's ability to finance its planned
exploration; the Company's ability to source the necessary infrastructure to
effect its exploration plans; current economic conditions and the state of
mineral exploration and mineral prices in general. These risks and uncertainties
could cause actual results and the Company's plans and objectives to differ
materially from those expressed in the forward-looking information. The Company
can offer no assurance that its exploration and development plans will be
conducted in the time expected or at all. These and all subsequent written and
oral forward-looking information are based on estimates and opinions of
management on the dates they are made and are expressly qualified in their
entirety by this notice. Except as required by law, the Company assumes no
obligation to update forward-looking information should circumstances or
management's estimates or opinions change.
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