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Venus Metals buoyed by high gold grades returned by JV partner at Youanmi

Granite-hosted gold mineralisation has been confirmed along 2.5 kilometres of strike in the Grace structural corridor with a new shallow zone of mineralisation confirmed at Grace North.

Venus Metals Corporation Ltd - Venus Metals and JV partner report more high-grade gold at Youanmi
Diamond drilling will commence this week

Venus Metals Corporation Limited (ASX:VMC) is encouraged by the high-grade gold results returned by joint venture partner Rox Resources Limited (ASX:RXL) from drilling at the Youanmi project within the OYG joint venture area.

The current reverse circulation (RC) drill program at Grace prospect began in late May 2020 and is planned to consist of 126 holes for 16,000 metres, with 53 holes reported on to date.

Recent drilling at Grace has intersected impressive grades, including:

  • 2 metres at 12.31 g/t from 195 metres and 4 metres at 5.01 g/t from 173 metres within a broader 49-metre mineralised zone comprising 25 metres at 2.39 g/t from 173 metres) and 24 metres at 1.04 g/t from 145 metres, and;
  • 7 metres at 6.87 g/t from 118 metres.

At Grace North, one-metre samples collected from previously reported four-metre composite samples have returned high-grade confirmatory results including:

  • 1-metre at 63.68 g/t from 49 metres to end of hole; and
  • 3 metres at 10.27 g/t from 19 metres.

“Impressive high-grade results”

Commenting on behalf of the OYG Joint Venture, Rox Resources managing director Alex Passmore said: “Grace continues to deliver impressive, high-grade results.

“I am particularly excited by the extent of mineralisation encountered in drill hole RXRC292 which demonstrates that not only does Grace carry very high gold grades, with 49 metres of mineralisation intersected there is potential for significant tonnages to be delineated.”

Rox Resources recently increased its interest in the OYG JV to 70% with Venus Metals holding the remaining 30%.

Youanmi Main Pit and Grace Prospect schematic cross section showing planned diamond drill holes

Ongoing exploration

The scope of planned diamond drilling has been expanded to include targeting Grace mineralisation at depth, including drilling from the Western Side of the main pit to depths of around 500 metres below surface.

The program will commence this week.

To target parallel N-S structures in the Youanmi granite, Rox Resources has also approved a 12,000-metre aircore drilling program in conjunction with a Sub-Audio Magnetic (SAM) geophysical survey.

This program will commence in early to mid-August.

Quick facts: Venus Metals Corporation Ltd

Price: 0.195 AUD

Market: ASX
Market Cap: $29.46 m

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