Officials at Vena Resources have said that, following weeks of negotiations, a potential option with a private Peruvian miner on three projects in Peru’s Puno region have been terminated. Vena wanted to create a joint venture for the Esquilache, Pucara and Amantina projects. Company representatives are now engaging other groups.

“We know markets are extremely difficult for exploration companies, but we also know the significant potential of the Esquilache high-grade polymetallic deposit to deliver positive results in the short term, and the longer term potential of the Pucara and Amantina projects,” said Vena CEO Juan Vergarra.

Vena seeks to obtain relevant drilling permits and, following a $2.5 million cash infusion from the sale of the Azulcocha mine, company officials will pursue resource delineation, Vergarra said.

Vena Resources, a Peru-focused Canadian company, owns significant assets and a uranium initiative in Peru. Vena also partners with some of the world’s top miners, including Cameco on its uranium initiative, Gold Fields on its Amantina gold property, and Forrester Resources on its Las Princesas precious metals property.