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Venus Metals increases holding in eMetals to 9.1%

The company has expanded exploration and acquired new tenements in the Eastern Goldfields of WA.

Venus Metals Corporation Ltd - Venus Metals Corporation increases holding in EMetals Ltd to 9.1%
A diamond drilling program will start in early to mid August at the Youanmi Project within the OYG joint venture area in WA

Venus Metals Corporation Ltd (ASX:VMC) has increased its holding in eMetals Ltd (ASX:EMT) to 9.1% from 7.8% following recent on-market share transactions.

On August 3, VMC acquired 2.5 million shares worth $50,000 and this followed an on-market purchase on June 18 of 2 million shares valued at $24,000 and another on June 11 of 1 million valued at $13,000.

These purchases have lifted Venus Metals' overall holding to 37.5 million and follow eMetals completing the acquisition of the Poona Lithium Project from the company in June.

Poona contains extremely fractionated lithium-caesium-tantalum (LCT) type pegmatites which are known to contain extreme caesium and rubidium enrichments in surface samples.

High-grade Youanmi results

Venus Metals has been encouraged by high-grade 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, 1-metre samples collected from previously reported 4-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.

Quick facts: Venus Metals Corporation Ltd

Price: 0.225 AUD

ASX:VMC
Market: ASX
Market Cap: $33.99 m
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