Vena Resources Inc. (TSX: T.VEM, Stock Forum) said that it has purchased the remaining 40% it did not control of the Esquilache project located in southern Peru.
Vena previously had the option to obtain up to 70% of Esquilache by delivering a feasibility study.
According to the Vena Resources press release, instead the company has agreed to pay US$450,000 to increase its shareholding from 60% to 100% so that it can benefit from full ownership of this advanced silver-polymetallic exploration project that includes an historical silver mine.
Exploration results show underground sampling with economic silver veins that are ready for mining close to portal entrances.
Furthermore, significant drill results include over 2.0 metres grading 977.0 grams per tonne silver and 4.88 grams per tonne gold and over 5.0 metres grading 506.0 grams per tonne silver.
Vena Resources is a junior exploration and mining company focused on Peru’s mineral potential.
On Friday morning, Vena Resources was trading at $0.155 a share. The company has a market cap of $9.7 million, based on $62.3 million shares outstanding. The 52-week high and low was $0.38 and $0.125 respectively.