Junior exploration roundup

Toronto-based Vena Resources (TSX-V: VEM) has signed a purchase option agreement with private local company Sociedad Minera Parobamba II on the latter's Aurora copper-molybdenum project in southern Peru's Cuzco department, the company announced. The property, at an altitude of 2,500m, was previously explored for copper and molybdenum by Canada's Bear Creek Mining, which sunk US$300,000 in six diamond drill holes. Subsequent surface sampling shows the project also holds potential for gold and silver mineralization, said Vena. Under the deal, Vena has a work commitment of US$500,000/y for five years plus a series of staged payments, including US$25,000 on signing. Vena can drop the option without penalty or purchase the property at any time for a total of US$4mn. *** Vancouver-based Lumina Copper (TSX, Amex: LCC) has reported some modifications to its proposed four-way split restructuring due to be approved at shareholders meeting on May 9 and closed by late May. The proposed new Continental Copper Corporation has been renamed Global Copper Corporation. Global will now not only hold Lumina's Vizcachitas and Relincho copper properties in Chile but also Taca Taca and San Jorge in Argentina. The proposed Lumina Resources Corporation, which was formerly to hold the Argentine assets, will now be left as a wholly Canadian exploration and development company. As previously reported, another new company, Northern Peru Copper, will hold Lumina's Peruvian properties Galeno and Pashpap, while Lumina Copper will be renamed Regalito Copper and hold the company's most advanced asset, Regalito in Chile. *** Vancouver-based Esperanza Silver (TSX-V: EPZ) has reported results from four more holes at its Esperanza project in Mexico's Morelos state that suggest the gold zone extends for a minimum of 100m along strike and to a depth of at least 150m, remaining open in both directions. Hole 03 returned 28g/t silver over 15.5m from 45.8-61.4m and 2.21g/t gold over 8m from 63.5-71.5m; hole 04 struck no silver but hit 1.05g/t gold over 6.9m from 94.6-101.5m; and hole 05 assayed 70g/t silver over 14.2m from 74.1-88.3m and 1.59g/t gold over 10.3m from 99.7-110m. Hole 06 was abandoned at 112m due to difficult drilling conditions and failed to strike the gold zone, but hit 25.5g/t silver over 6m from 85-91m. The results of the last two holes are pending.