logo-loader
viewVenus Metals Corporation Ltd

Venus Metals and partner expand Sovereign gold discovery within Youanmi JV project

The JV partners are completing a high‐resolution ground magnetic survey covering the Sovereign prospect to delineate potential structural controls of the gold mineralisation.

Venus Metals Corporation Ltd - Venus Metals receives RC Youanmi drilling results expanding gold discovery at the Sovereign prospect
Further deep RC drilling is planned to explore the mineralisation at depth and along strike

Venus Metals Corporation Ltd (ASX:VMC) and joint venture partner Rox Resources (ASX:RXL) have received high-grade reverse circulation (RC) drill results which have expanded the Sovereign discovery within the wider Youanmi Gold Project in WA.

Drilling followed up on 2018 and 2019 aircore results and tested beneath gold intersections with best results of 2 metres at 10.64 g/t from 82 metres and 1-metre at 8.19 g/t from 64 metres.

Investors have responded positively with VMC shares more than 7% higher to 29 cents and are up from 16 cents at the close on June 16.

High-grade results

Hole YSRC10 returned 10 metres at 3.64 g/t from 79 metres, including 2 metres at 10.64 g/t from 82 metres; 7 metres at 3.97 g/t from 59 metres, including 1-metre at 8.19 g/t from 64 metres; 4 metres at 1.86 g/t from 18 metres and 3 metres 1.98 g/t from 24 metres.

Two other holes, YSRC09 and YSRC11, returned 4 metres at 2.68 g/t from 116 metres, including 1-metre at 5.43 g/t from 118 metres, and 3 metres at 1.24 g/t from 56 metres.

Further RC drilling planned

This gold mineralised zone appears to trend south-southeast and is open at depth and along strike, coinciding with an aeromagnetic low.

The continuation of gold mineralisation at depth is highly encouraging and further RC drilling is planned.

Venus and Rox are completing a high-resolution ground magnetic survey covering the Sovereign prospect area to delineate potential structural controls of the gold mineralisation.

Quick facts: Venus Metals Corporation Ltd

Price: 0.265 AUD

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

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Venus Metals Corporation Ltd named herein, including the promotion by the Company of Venus Metals Corporation Ltd in any Content on the Site,...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Carnavale Resources' Humphrey Hale details acquisition of Kookynie gold project

Carnavale Resources Limited's (ASX:CAV) Humphrey Hale speaks to Proactive's Andrew Scott following the news it's acquired the high grade Kookynie gold project. The company's got an option to acquire 80% of three tenements which covers approximately 21 square kilometres and is centred within the...

12 hours, 5 minutes ago

2 min read