Valencia Ventures boosts resources at CachinaValencia Ventures boosts resources at Cachina
Valencia Ventures Inc (C:VVI)
Shares Issued 51,841,403
Last Close 3/26/2008 $0.39
Thursday March 27 2008 - News Release
Mr. Doug Bache reports
VALENCIA UPGRADES MINERAL RESOURCE AT CACHINAL SILVER PROJECT AND COMMENCES DRILLING FOR RESOURCE EXPANSION
An independent National Instrument 43-101-compliant mineral resource estimate for Valencia Ventures Inc.'s Cachinal silver project has been completed by SRK Consulting (Canada) Inc. The SRK resource estimate has upgraded the level of confidence of the previous resource estimate reported in Stockwatch on Feb. 19, 2007. SRK has also identified 12 exploration target areas with the potential to add significantly to the current mineral resource.
Highlights of the March 27, 2008, SRK mineral resource statement:
• Mineral resource estimate:
◦ Indicated mineral resource -- 5.7 million tonnes grading 101 grams per tonne (g/t) silver, 0.13 g/t gold and 0.22 per cent zinc (18.41 million ounces silver);
◦ Inferred mineral resource -- 800,000 tonnes grading 115 g/t silver, 0.12 g/t gold and 0.22 per cent zinc (3.02 million ounces silver).
• Mineral potential exploration targets:
◦ Open-pit mineral potential (to 150 metres in depth) -- 1.14 million to 2.82 million tonnes grading between 80 and 120 g/t silver (2.9 million to 10.9 million ounces silver);
◦ Underground mineral potential (below 150 metres to a depth of 250 metres) -- 200,000 tonnes grading between 144 and 216 g/t silver (300,000 to 1.5 million ounces silver).
SRK has recommended a program of approximately 14,000 metres of additional drilling to evaluate the mineral potential of 12 exploration targets; this drilling will commence immediately with two drills arriving on site this week.
Doug Bache, Valencia's president and chief executive officer, commented: "SRK's updated mineral resource estimate confirms Valencia's view that the Cachinal silver project contains a sizable silver resource that holds the potential for a viable mine. The classification of the majority of the mineral resource in the indicated classification has significantly increased our level of confidence in the Cachinal project. SRK's work also proposes a follow-up drill program to further expand and upgrade the resource at Cachinal. Our focus in the short term will be to evaluate the mineral potential offered by these targets and accelerate exploration on other targets outside of the current resource area."
He added, "We continue to build our position in Chile and have commenced exploration on our recently acquired Juncal project."