VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 2, 2012) - Venerable Ventures Ltd. (TSX VENTURE:VLV) ("Venerable" or the "Company") is pleased to provide an update on its exploration plans for the Trout Property. The Company received a revised British Columbia Mines Act exploration permit on March 23, 2012 that allows for 75km of ground induced polarization ("IP") surveys, in addition to the previously permitted 5,000 metres of diamond drilling and trenching.
SJ Geophysics Ltd. of Delta, British Columbia has been contracted to perform the 75km 3D IP survey and will mobilize to site on May 6, 2012. The anticipated time to complete the survey is 6 weeks, after which time the data will be modeled and targets will be outlined for approximately 2,000 metres of Phase 1 drill testing.
The target is epithermal gold mineralization associated with zones of silica - sulphide and surrounded by broader clay alteration. The IP survey lines are spaced 100 metres apart to improve data resolution. The survey is specifically designed to identify targets with the clearest resolution below a thin 20 to 40 metre post mineral basalt cap that covers most of the survey area along strike of the original "Trout" gold silver discovery. Collection of soil pH data will compliment the IP survey.
The work programs conducted on the Trout Property to date by the Company include:
- In December 2010, Fugro Airborne Surveys completed a 798 line-km airborne magnetic, electromagnetic and resistivity survey over the entire 7179 hectare Trout Property.
- In April 2011, SJ Geophysics of Vancouver completed an interpretation of airborne data, which identified Endako basalts (cap rock) and traces of magnetic lineaments defining a 3km long graben feature, possibly related to Eocene rifting and associated precious metal mineralization.
- In July 2011, the Company followed up the April 2011 activities by collecting 960 Ah horizon soil samples covering the graben feature. Ultra trace geochemical analysis was used to define anomalous zones below basalt cover.
- In September 2011, Heberlein Consultants identified geochemical targets indicative of epithermal mineralization below basalt cap rock.
Proposed Extension of Warrant Expiry Dates
The Company also announces that it has applied for an amendment to terms of warrants issued pursuant to private placements that closed on May 19, 2011, July 8, 2011 and July 19, 2011. The Company proposes to extend the expiry dates of the warrants from May 19, 2012, July 8, 2012 and July 19, 2012, respectively, to November 19, 2012, January 8, 2013 and January 19, 2013, respectively. All other terms of the warrants, including the exercise price of $0.60, will remain the same. The extension will not apply to any warrants issued by the Company as compensation for services. The extension of the expiry dates is subject to the approval of the TSX Venture Exchange.
Technical information in this news release has been reviewed and approved by Jim Cuttle P.Geo a Qualified Person as defined in NI 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.
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 65km southwest of Vanderhoof, BC on the Nechako Plateau and covers an area of 7179 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
Venerable Ventures Ltd.
President and CEO
(604) 647-0143 (FAX)