Ventana Gains On La Bodega Results

VANCOUVER — Another long, high-grade gold hit from the La Bodega project in northeastern Colombia propelled Ventana Gold’s (VEN-T, VENGF-O) share price to a new all-time high, gaining $1.22 to hit $3.45. The gain is the latest leap forward in an eight-month journey for the newly public company that is racing ahead with a strong gold project, more than $8 million in the bank, and support from Lumina Copper’s (LCC-V, LCPRF-O) Ross Beaty.

Ventana’s La Bodega property covers the southwestern strike extent of Greystar Resources’ (GSL-T, GYSLF-O) Angostura deposit, which hosts 11.5 million oz. gold. Since acquiring the project in late 2005, Ventana’s exploration efforts have identified three distinct zones along the 1.3-km strike extent and a fourth just off-strike.

Starting in the northwest, the first 325 metres comprises the La Bodega zone, home to the artisanal La Bodega mine that originally drew Ventana to the area. Over the next 200 metres, known as the La Rosa zone, the topography becomes very steep and drill access is difficult. Ventana does not yet know whether La Rosa represents a fault block that has offset mineralization or simply a more weakly mineralized segment.

The next 725 metres is La Mascota, which is where recent drilling efforts have been concentrated. Results from La Mascota continue to impress.

The best result of late came from hole 112. The drill cut through an 8.1- metre intercept in the hangingwall grading 17.54 grams gold per tonne before hitting the main structure, which returned 94.5 metres grading 5.83 grams gold. The hangingwall intercept came at 218 metres downhole; the drill encountered the main structure at 248 metres depth.

Hole 112 was collared 125 metres southwest along strike from hole 109, which also returned significant mineralization in four intercepts. At 254 metres downhole, the drill cut 9 metres of 3.15 grams gold; 20 metres later, it hit 34 metres of 3.06 grams gold; 10 metres after that, it encountered 21 metres of 1.26 grams gold; and 25 metres thereafter intercepted 42 metres grading 5.85 grams gold.

Continuing along strike to the northeast, hole 108 was collared 125 metres away from hole 109 and returned a similar set of intercepts. The drill first hit gold at 185 metres depth, cutting 21 metres of 1.44 grams gold. At 239 metres down-hole, the drill intercepted 5.1 metres of 9.67 grams gold; 40 metres later, it cut 15 metres of 2.42 grams gold, followed closely by 4 metres of 6.55 grams gold.

And taking a final 100-metre step along strike to the northeast, hole 110 cut 13 mineralized intercepts between 110 and 513 metres depth, each ranging from 4 to 38 metres in length. The best intercepts included 9 metres of 13.04 grams gold and 38 metres of 5 grams gold. And four of the mineralized intercepts came from the footwall of the main structure, including 19.2 metres of 3.88 grams gold, indicating potential to expand mineralization by probing the footwall.

Prior to the 2009 drill program, La Mascota had been traced along 725 metres strike, to 100 metres downdip, and across 20 to 80 metres width. With the last two sets of results, the downdip extent now stretches to 250 metres.

Ventana is so pleased with the current drill program that it plans to soon double the number of drill rigs onsite to six. And a series of recent property agreements has doubled the potential strike extension within Ventana’s land package to 2.6 km.

Ventana signed an option agreement for the La Bodega property in northeastern Colombia in early 2006, immediately started drilling, and before the end of the year hit the La Bodega discovery hole: 7.81 grams gold over 106 metres, starting just 29 metres down-hole.

La Bodega is in the historic California- Vetas mining district, some 400 km north of Bogota and 40 km northeast of Bucaramanga. The property is road accessible and crossed by power lines.

La Bodega and Greystar’s Angostura are part of the Santander massif of the Eastern Cordillera of the Andes. Mineralization at La Bodega occurs principally as a series of north-northwest-dipping, parallel sheeted vein zones, breccias, and mineralized faults situated within an envelope of pervasively phyllic altered and variably silicified gneiss and intrusive rocks.

Investors loved the latest drill results from La Mascota and traded 2.5 million shares to push Ventana’s share price up $1.22 to a new high of $3.45. The company debuted on the Toronto Stock Exchange in November, hit a low of 4¢ in the winter, and has since climbed steadily.

And Ventana has a strong ally in successful Vancouver mining entrepreneur Ross Beaty, best known for directing Lumina Copper to buy four properties during the last downturn. He gradually spun each property out into its own company then sold each for enormous profits. Beaty’s relatively new investment vehicle, Lumina Capital, has been slowly increasing its holdings in Ventana over the last six months and now holds 9.1 million shares plus warrants exercisable to purchase 5.4 million shares. On a fully diluted basis, Lumina controls 16.9% of Ventana.