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Venus Metals confident of exploration upside of Youanmi Project area

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The company has expanded exploration and acquired new tenements in the Eastern Gold Fields.

Venus Metals Corporation Ltd - Venus Metals confident of exploration upside of Youanmi Project area

Quick facts: Venus Metals Corporation Ltd

Price: 0.24 AUD

ASX:VMC
Market: ASX
Market Cap: $36.26 m
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Venus Metals Corporation Limited (ASX:VMC) has completed extensive exploration on its projects over the March quarter.

At the Youanmi Gold Mine five separate pits occur over a two-kilometre strike length.

Drilling by joint venture partner Rox Resources Limited (ASX:RXL) in December defined a significant very high‐grade zone of mineralisation extending from surface, and drill intersections some 200 metres below defined underground resources which indicate the main ore shoots remain open at depth.

Significant assays from the Grace Prospect at the project include: 

  • 7 metres at 54.6 g/t gold from 8 metres,
  • 4 metres at 69.5 g/t from 28 metres,
  • 1 metre at 29.7 g/t from 23 metres,
  • 6 metres at 5.7 g/t from 24 metres, and
  • 4 metres at 4.5 g/t from 9 metres, and 3 metres at 5.32 g/t from 53 metres. 

The company is confident there is potential to define addition gold resources, both near-surface and underground at the project.

Heliborne surveys

A Heliborne electromagnetic (HEM) survey was flown over the Penny West Deep South prospect to target potential conductive horizons along the Youanmi Shear Zone.

Five high priority anomalies were identified and are considered most significant as they lie south and along strike from the Penny West gold deposit and are adjacent to the interpreted Youanmi Shear Zone.

Ground EM surveys are planned across the targets with results of recent AC drilling, as well as RC drilling to test high‐priority targets for bedrockhosted gold mineralisation at depth.

A HEM survey was also flown at the Bellchambers Gold Project and defined 25 anomalies, 10 of which are high‐priority targets.

The targets are primarily located along the interpreted mineralised Western Ridge‐Mickey Well.

The inferred JORC 2012 resource for the Bellchambers deposit currently totals 340,000 tonnes at 1.5 g/t for 17,000 ounces (cut‐off 0.5g/t).

Currans Joint Venture

VMC and RXL jointly acquired a combined 90% interest in Currans Find of 300 hectares with initial RC drilling programs targeting shallow high‐grade gold mineralisation beneath historical workings.

An aircore drilling program totalling 21 holes for 1,062 metres was completed with results showing several anomalous gold intercepts in the top five metres with a maximum assay of 3.94 g/t from 3‐4 metres.

The drilling has highlighted good potential exists for further gold discoveries outside the known gold occurrences.

Deeper drilling is required to target the primary quartz vein‐ hosted gold mineralisation beneath the weathering zone with detailed ground magnetic surveying is planned to optimise targeting prior to this drilling.

Grace Prospect drill pierce points (gram metre intersections) and planned drill collars

Henderson Gold-Nickel Project

The company has lodged applications for two new exploration licences comprising 30 and 70 blocks respectively in a new project area called Henderson Gold‐Nickel Project in the Eastern Goldfields of Western Australia.

The project hosts several substantial historical gold mining centres including Riverina, First Hit, Mulline, Mt Morley, Emerald, Bottle Creek, Mt Ida, and Davyhurst where both lateritic, supergene‐ enriched and quartz vein bedrock ore was mined from open pit and underground deposits. 

The company is currently evaluating a large historical database to identify potential gold and nickel targets.

Degrussa North Copper-Gold Project

At the Degrussa North Copper-Gold Project the company has been awarded a $142,500 grant under the WA Government Exploration Incentive Scheme (co‐funded exploration drilling program) for the drilling of previously identified promising gravity anomalies.

The project area abuts Sandfire Resources Ltd's (ASX:SFR) high‐grade DeGrussa copper‐goldmine area and a high‐powered moving loop electromagnetic survey (MLEM) was completed with the aim to detect mineralisation similar to the DeGrussa deposits.

A total of 277 stations were recorded for a total of 20-line kilometres (11 lines) of MLEM data.

Further assessment including potential follow‐up groundwork, is planned.

Tenement acquisitions

The company has entered into a binding sale and purchase agreement with Beau Resources Pty Ltd for the acquisition of a 100% interest in tenement E 57/1128 for $30,000 and will pay Beau Resources a 1% gross smelter royalty for any precious or base metals mined, processed and sold from the tenement. 

In addition, the company has also applied for two exploration licences west of the Penny West Deep South Prospect.

Royalty arrangements

The company entered a binding term sheet with EMetals Limited (ASX:EMT) for the sale of the Nardoo Hill mineral tenement for A$15,000 and 25,000,000 fully paid ordinary shares in EMetals at an issue price of 14 cents per share.

The agreement includes a royalty of 50 cents per tonne of ore extracted from the area within the tenement payable in cash.

Venus has also relinquished its Pilgangoora lithium tenements as that is no longer a focus for the company.

The tenements were pegged by Altura Mining Ltd (ASX:AJM) for which Venus was paid $100,000 and will be granted a quarterly royalty.

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