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Venus Metals higher on shallow bonanza-grade gold results from Youanmi JV project

Youanmi project is held in JV with Rox Resources and the partners are preparing for reverse circulation and aircore drilling at Penny West Deep South prospect.

Venus Metals Corporation Ltd - Venus Metals Corporation encouraged by shallow infill drilling results up to 176.03 g/t gold at Youanmi Gold Project
The Youanmi gold Project is 480 kilometres northeast of Perth, Western Australia

Venus Metals Corporation Ltd (ASX:VMC) is encouraged by shallow bonanza-grade infill drilling results returned by joint venture partner Rox Resources (ASX:RXL) from the Youanmi Gold Project in Western Australia.

The best result was 4 metres at 88.81 g/t from 27 metres, including 2 metres at 176.03 g/t at Grace prospect while other bonanza-grade results include 3 metres at 61.27 g/t from 10 metres and 2 metres at 33.53 g/t from 11 metres.

These results are from reverse circulation (RC) drilling designed to infill drilling coverage on the shallow high-grade part of the emerging Grace prospect to facilitate resource estimation.

Shares higher

Venus Metals shares have been up more than 24% on the news to an intra-day high of 34.5 cents, which is a new seven-year high.

Other results received from the 49 holes include:

  • 11 metres at 18.75 g/t from 8 metres, including 3 metres at 61.27 g/t from 10 metres;
  • 9 metres at 9.28 g/t from 9 metres, including 2 metres at 33.53 g/t from 11 metres; and
  • 4 metres at 7.56 g/t from 17 metres.

Deeper results pending

The latest intersections increase the extent of mineralisation of the shallow, near-surface lode at Grace and confirm the results seen previously.

Deeper results are pending and around 3,700 metres have been drilled to date with this work ongoing to test depth extensions.

Assays for an additional 15 holes remain outstanding.

Rox managing director Alex Passmore said: "The results, along with outstanding RC assays, will be complemented by upcoming diamond drilling to facilitate a maiden resource estimate, which we are aiming to have completed later this year.”

Quick facts: Venus Metals Corporation Ltd

Price: 0.265 AUD

ASX:VMC
Market: ASX
Market Cap: $40.04 m
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