Resource World Magazine

F E B R U A R Y / M A R C H 2 0 1 5 www.resourceworld.com 11 nickel tenure of the Horizon 3 sulphide mineralization. Over 50 discrete electromagnetic con- ductors have been outlined along the interpreted trend on the Grasset Ultramafic Complex, which hosts the Grasset nickel- copper-PGE discovery. The road-accessible Grasset Project is 55 km from a railhead and 25 km from the hydro grid. The prop- erty also has a largely untested copper-zinc VMS potential. Balmoral also received good drill results from its Martiniere property, Québec. VENA RESOURCES INC. [VEM-TSX, LIMA; VNARF-OTC; V1R-FSE] Vena Resources Inc. has reported the ini- tial results of drilling at the 100%-owned, silver-rich polymetallic Esquilache Project approximately 850 km southeast of Lima, Peru. Production of silver, lead and zinc plus gold and copper took place sometime before 1679; however, there is no history of diamond drilling from surface prior to the recent campaigns conducted by Vena. Vena has completed nine drill holes totaling 310 metres of the current drill- ing campaign which is expected to total 18 drill holes and up to 1,000 metres. Current drilling has mainly focused on testing the Sepulveda Vein where six holes have been drilled and assay results have been received for the first four holes. The holes were targeted on the results from a channel sampling program spaced along the vein that was completed in 2012. The Sepulveda holes were spaced at 25-metre intervals to test below the structure dis- covered in a previous channel sampling / trenches program. Drilling highlights included hole SEVDDHS14-01 that returned 12.50 metres grading 75.64 g/t silver. Hole -02 returned 12.35 metres of 86.71 g/t silver, including 2.0 metres of 232.00 g/t silver. Hole -03 returned 5.80 metres of 152.85 g/t silver, including 2.00 metres of 217.00 g/t silver. Other significant drill results (true width) include: • 977.0 g/t Ag + 4.88 g/t Au over 2.0 metres (Elvira Vein) • 506.0 g/t Ag over 5.0 metres (Mamacocha vein) • 254.5 g/t Ag. 7.14% Pb, 11.87% Zn over 2.0 metres (Elvira Vein) • 348.4 g/t Ag + 1.93 g/t Au over 2.8 metres (Ivett Vein) • 320.9 g/t Ag + 0.95 g/t Au over 2.0 metres (Elvira Vein) Vena Resources has three other proj- ects in Peru: Las Princeses, Pucara and Azulcocha West. The company also has investments in uranium companies azincourt Uranium Inc. [AAZ-TSXV] and Macusani yellowcake Inc. [YEL-TSXV]. MIDAS GOLD CORP. [MAX-TSX; MDRPF-OTCQX] Midas Gold Corp. recently filed Preliminary Feasibility Study on its Stibnite gold-antimony project in Valley County, central Idaho, previously known as the Golden Meadows Project. This isn't a new discovery; it is the assembly of dif- ferent properties into one large project and the discovery of additional resources at an old mine. The PFS was prepared by inde- pendent consultants M3 Engineering & Technology Corp. and a number of other specialized consultants. The company's exploration efforts resulted in the 5.46 million oz of gold con- tained in the indicated mineral resources category representing an increase of 29% over previous estimates published in the 2012 PEA. The new figures incorporated more than 45,000 metres of additional drilling completed since 2012 that was focused on converting mineral resources from the inferred to the indicated category. The company said that redevelopment of the project has the potential to clean up an existing brownfields site and create one of the largest gold producers in the US. The billion-dollar mining project could create, directly and indirectly, more than 700 jobs during the first three years of construction and nearly 1,000 jobs during 12 years of project operations. With a base case gold price of US $1,350/ oz, after-tax NPV (5%) would be US $832 million with an after-tax IRR of 19.3%. Recovered gold would be 4,040,000 oz and 9.9 million lbs antimony. All-in sustaining

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