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ASX:VMC

Venus Metals Corporation Ltd

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Market:
ASX
Market Cap:
$38.53 m
Price
0.26 AUD
Change
2.00%
52 weeks high
0.35
52 weeks low
0.13

Venus Metals holds a significant and wide ranging portfolio of Australian gold and battery-associated metals exploration projects in Western Australia carefully assembled over time.

Youanmi Gold Project

Youanmi Gold Mine and Near-Surface Gold Resources

  • Venus has entered into 2 option agreements to purchase the historical Youanmi Gold Mine (MLs), and all associated infrastructure and mine village (refer VMC ASX release 28 May 2018).
  • Historical production of 667,000 ounces of gold grading 5.42 g/t from open pit and underground operations between 1908 and closure in 1997.
  • Substantial indicated and inferred resources remain at the Youanmi Mine.
  • The Underground Youanmi Deeps resource has JORC 2012 compliant indicated and inferred resources of 2,400,000 t grading 8.5g/t for 657,900 ounces. This resource is refractory in part.
  • The Near Surface JORC 2012 compliant indicated and inferred resources in eight areas are 10.07 Million tonnes grading 1.65g/t for 532,700 ounces (refer VMC ASX release 29 June 2018).
  • The total JORC 2012 Compliant Resource for the Youanmi Gold Mine is now estimated as c.1.2 Million Ounces of Gold.
  • The Youanmi Gold Mine closed in 1997 when the gold price was around AUD $400 per ounce. The gold price is now AUD $1760 per ounce, transforming the economics for gold mining. The gold price rise of over 4 times since mine closure is very significant for future feasibility studies.
  • Importantly, Venus tenements completely surround the gold mine area and the company controls 40 km of exploration along strike.

(click here for more information on this project)


Youanmi Vanadium Project

A major breakthrough in regard to the Youanmi Vanadium Project following receipt of proof-of-concept metallurgical test work on oxide ores.

Highlights:

  • Unique oxide vanadium ores identified at Youanmi.
  • The test work confirms strong recovery into solution of V2O5 by simple atmospheric sulphuric acid leach testing of oxide vanadium ores, together with co-extraction of nickel, copper and cobalt
  • The proof-of-concept of high recoveries from simple atmospheric sulphuric acid leach testing of oxide vanadium ores makes bulk mining and acid leach processing an attractive development path for initial scoping study work.
  • A 6000 m RC drill program is commencing immediately to support advanced metallurgical testing and aims to provide a large measured resource.
  • These factors give Venus a potential low cost entry into significant and rapid vanadium production.

(click here for more information on this project)


Youanmi Lithium Project

Venus Metals Corporation Limited have entered into an Option Agreement with Lepidico Ltd (ASX:LPD) (“Lepidico”) on terms under which Lepidico is to explore for lithium mineralisation in Lepidolite bearing pegmatites on exploration licence E57/983 located in the Murchison District in Western Australia, approximately 20 km southwest of the historical Youanmi gold mine(under option to purchase by Venus). Lepidico owns the technology to a metallurgical process (L-Max® Process) that has successfully produced lithium carbonate from non-conventional sources, specifically lithium-rich mica minerals including lepidolite and zinnwaldite. 

HIGHLIGHTS:

  • On signing: Venus to receive $50,000 cash and $120,000 in Lepidico fully paid ordinary shares.  Lepidico earns a 12-month option to explore the tenement.
  • During the option period the parties intend to negotiate the terms of a farm-in and joint venture agreement on the following indicative terms:
  • Venus to receive $350,000, comprising 50:50 cash and shares; shares issued at 5 day VWAP.  Lepidico will have a 4-year period to complete a full Feasibility Study leading to a Decision to Mine to earn an 80% interest in the Lithium Rights. 
  • Venus’s 20% will be free-carried to a Decision to Mine and Venus will be carried through project finance, with cost of finance to be repaid from 100% of Venus’s share of production.
  • Venus is to receive a benefit linked to the price of lithium carbonate equivalent received by Lepidico on sale of L-Max® products from material sourced from the Rights.
  • If at any time in the 4-year period, Lepidico spends $2 million on project expenditure Lepidico will earn a 51% interest in the Rights.

The deal with Lepidico gives Venus a guaranteed path to market for its share of any lithium concentrate produced should exploration be successful. For further details of Youanmi Lithium Project please refer Lepidico ASX release 26 July 2018.

(click here for more information on this and more projects)

 

Last updated 17th July 2020

Peter Charles Hawkins
Non-Executive Chairman

Mr Hawkins has held numerous Managing Director or Partner positions within the stockbroking discipline. In addition, he has served as the Chairman of the Stock Exchange of Perth Ltd, as a member of the ASX national committee and has also served as Deputy Chairman of the West Australian TAB and Chairman of the Diggers and Dealers conference. He has also held Non-Executive Director popsitions in several publicly listed companies over the past decade.


Matthew Hogan
Managing Director
MAICD

Mr Matthew Hogan was formerly an Executive Director and Chief Executive Officer of United Minerals Corporation NL (UMC) which successfully discovered the Railway Iron Ore DSO deposit in the Central Pilbara.  In February 2010 UMC was acquired by BHP Billiton for AUD$204 million.

Mr Hogan was instrumental in the ASX listing of Iron Ore Holdings Limited (IOH). IOH acheived a market capitilisation of over AUS $200 million and that company was ultimately acquired by BC Iron Limited for AUS $250 million. Mr Hogan was employed by the IOH and assisted the Board and management in that particular role.

Mr Hogans earlier career spanned sevaral decades in the stock broking industry as an authorised representative and where he specialised in corporate transactions at several firms including Hogan and Partners.


Barry Fehlberg
Non-Executive Director
Bachelor of Science (Honors Geology) 

Mr Fehlberg has a 50 years of successful experience in exploration for gold, base metals, diamonds and iron ore. Mr Fehlberg has been director of exploration for various ASX listed Companies since 1978, and during his career he has made numerous discoveries in all these commodities. In 1980 he led the drilling team for Spargos Exploration N.L. that discovered the depth extensions of the Bellevue Gold mine which was successfully brought into production.

In more recent times, Mr Fehlberg led the exploration team as Technical Director that discovered the Railway Iron Ore deposit for United Minerals Corporation Ltd. This Company was taken over by BHP Billiton in 2010 in a $204 million transaction.

Mr Barry Fehlberg is an Honours Geology graduate of the University of Adelaide (1968).


Kumar Arunachalam
Executive Director
MAusIMM M.Sc (Geology), M.Tech (Hydrogeology), PG Dip in Geothermal Tech (NZ), Diploma in Science (GIS) (NZ) 

Kumar has over 38 years experience in geological and hydrogeological investigations in India, New Zealand and Australia. He has successfully managed environmental studies, approvals, tenements, native title at United Minerals Corporation.

Kumar was appointed as Executive Director in July 2011 and managing various projects at VMC.


Last updated 17th July 2020

REGISTERED OFFICE:

Mezzanine Level, BGC Centre
28 The Esplanade
Perth WA 6000

Ph: +61 8 9321 754
Fax: +61 8 9486 9587
Email: [email protected]
Website: www.venusmetals.com.au


ASX Code: VMC


SHARE REGISTRY: 

Security Transfer Registrars Pty Ltd
770 Canning Highway
Applecross WA 6153

Ph: +61 8 9315 2333
Fax: +61 8 9315 2233


Auditors: Stantons International