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Venus Metals wins $142,500 grant for exploration drilling

The grant is related to planned drilling at the DeGrussa North Copper-Gold Project in Western Australia.

Venus Metals Corporation Ltd - Venus Metals wins $142,500 grant for exploration drilling
Venus will be required to match the $142,500 funding grant on a dollar‐for‐dollar basis

Venus Metals Corporation Ltd (ASX:VMC) has won a $142,500 grant from the Western Australian government that will see it co-fund exploration drilling.

The grant is for drilling of gravity anomalies at the DeGrussa North Copper‐Gold Project.

The project abuts Sandfire Resources NL’s (ASX:SFR) high‐grade DeGrussa copper-gold mine.

This is significant because if Venus can discover any economic resources within the project, there is the option to feed it through the nearby processing plant.

Prior to drilling, a high‐powered ground electromagnetic (EM) survey is planned to refine drill target locations.

The survey is scheduled to commence as soon as the geophysical survey team becomes available.   

Venus and Rox continue exploration work in Youanmi area

Elsewhere, Venus and its joint venture partner Rox Resources (ASX:RXL) remain busy with gold exploration.

Venus has an extensive tenement holding in the Youanmi Greenstone belt in Western Australia and holds exploration rights north and south of the recent discovery near the historical Penny West gold mine.

Spectrum Metals Ltd (ASX:SPX) made a high-grade gold discovery just north of the historical mine.

Venus exercised two options to complete the acquisition of the Youanmi Gold Mine forming four separate joint ventures all with Rox Resources Limited (ASX:RXL).

These are the OYG JV, Venus JV, Youanmi JV and Currans Find JV.

Quick facts: Venus Metals Corporation Ltd

Price: 0.17 AUD

ASX:VMC
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Market Cap: $25.68 m
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