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Corporate Spotlight

Venus Metals Corporation (VMC) is an Australian exploration company with a focus on diamonds, gold, iron, copper, and base metals projects in Australia.
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DRILLING COMMENCED

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AC DRILLING COMMENCED NORTH OF PENNY WEST GOLD MINE - YOUANMI GOLD PROJECT 

ASX Announcement 12 August 2019 


Venus Metals Corporation Limited (“Venus” or the “Company”) in conjunction with its Joint Venture partner Rox Resources Limited (ASX: RXL), is pleased to announce the commencement of a 5,000m aircore drilling program at its Youanmi Gold Project (Figure 1) and a short distance north of the historical Penny West gold mine (Figure 1), the historical Magenta and Columbia gold prospects, and the recent Penny North gold discovery (see ASX release by SPX from 5 March 2019).


Aeromagnetic data (Figure 2) show a prominent magnetic low, within which the above gold deposits and prospects are located. This magnetic feature extends north into the Venus Joint Venture tenement (E57/1019) where it presents a highly prospective setting for high-grade gold mineralization of the Penny West and Penny North type.


Historical drilling in the target area is very limited and transported soil cover has rendered historical surface exploration mostly ineffective. Hence, this area remains largely unexplored for gold.


A HEM survey conducted by the Company in 2018 (see ASX release 23 March 2018) identified several HEM anomalies along the Youanmi Shear zone. Two of these EM anomalies are located within the target area and are high-priority drill targets.


This initial AC programme is expected to be completed by late August.


Figure 1. Location of 5000m Aircore drilling along the Penny West Shear (coincident magnetic-EM-geochem anomaly target) 

Figure 2. Area of Aircore Drilling along the Penny West Shear shown on regional aero-magnetic anomaly map 


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HIGH-GRADE GOLD DISCOVERY

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New Bonanza Gold Grades Extend the High‐Grade Gold Discovery at Currans Find North at Depth

ASX Announcement 5 August 2019 


Highlights

Further bonanza‐grade gold intersections in Stage 2 RC drilling at Currans Find North Prospect:              


CFRC31    3m @ 25.00 g/t Au from 109m            

including 1m @ 57.15 g/t Au from 110m            

CFRC26 8m @ 7.81 g/t Au from 112m            

including 4m @ 12.55 g/t Au from 112m


The Stage 2 intersections extend high‐grade gold mineralization at depth and demonstrate the potential for the discovery of ‘blind’ high‐grade gold lodes along strike and down‐plunge from known surface and near‐surface historical high‐grade gold mineralization.


Stage 1 RC drilling had revealed the following bonanza‐grade gold intersections: 


CFRC16    3m @ 27.5 g/t Au from 39m           

including  1m @ 72.67 g/t Au from 39m         

CFRC14    2m @ 13.34 g/t Au from 61m          

including 1m @ 25.38g/t Au from 61m 

(refer ASX releases 13 June & 24 June 2019)


Within the high‐grade gold intersections, accessory galena associated with significant sulphide contents has been identified in the RC rock chips. This is an important new development showing a gold – sulphide association. 


Immediate follow up RC drilling will commence next week.  An IP geophysical survey covering M57/641 will also commence soon to identify further sulphide‐rich gold lodes at depth similar to that discovered at Currans Find North.


A 5000m Aircore drill program to start this week, targeting a combined magnetic, EM and geochem anomaly located north of the SPX Penny North discovery.   


Project Background 

Venus Metals Corporation Limited (VMC) in conjunction with Rox Resources Ltd (RXL) previously reported the discovery of significant high‐grade gold intersections from its recent RC drilling program at the Currans Find Joint Venture gold project (ASX releases 13 June 2019 and 24 June 2019).  


Recently, VMC and RXL jointly acquired a combined 90% interest in ML 57/641 “Currans Find” of 300ha and a combined 90% interest in ML 57/642 of 59ha “Pinchers” (Figure 1) from   Murchison Earthmoving & Rehabilitation Pty Ltd, a wholly‐owned company of Mr Doug Taylor. The 90% interest is shared equally between VMC and RXL, with the remaining 10% held by Mr Taylor. VMC is the manager of the joint ventures (ASX release 15 April 2019). 


The Currans Find Mining Lease is a historical high‐grade gold producer. Cancelled GML records show that 6,874 tons were treated at the Red White and Blue battery on site for a recovered average grade of 13 g/t Au.


Gold mineralization at Currans Find is hosted in multiple ENE‐trending quartz veins within mafic and ultramafic rocks. These rock types are also host to the Penny West and Columbia– Magenta deposits south of Currans Find. It is a feature of the deposits that they show very high gold grades.


The initial RC drilling program comprised 25 holes for a total of 1,208 m and targeted shallow high‐grade gold mineralization beneath historical workings at the two main gold prospects ‘Currans Find North’ and ‘Red White and Blue Workings’ and their interpreted down‐plunge extensions.  


A Stage 2 RC drilling program at Currans Find North has now been completed totalling 12 holes for 1058 m (Figure 2). The drilling targeted previously untested near‐surface mineralization and the down‐plunge and along‐strike extension of the high‐grade mineralization, outlined by the Stage 1 RC drilling program.  


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BONANZA GOLD GRADES

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Bonanza Gold Grades Revealed from Further Assay Work at Currans Find North, Youanmi

ASX Announcement 24 June 2019 


Assay Highlights: 

1m @ 72.67 g/t Au in hole CFRC16 from 39m within a wider intersection of 3m @ 27.5 g/t from 39m 

1m @ 25.38 g/t Au in hole CFRC14 from 61m within a wider intersection of 2m @ 13.34 g/t from 61m


Background

Venus Metals Corporation Limited (VMC) in conjunction with Rox Resources Ltd (RXL) has reported the discovery of significant high-grade gold intersections from its recent RC drilling program at the Currans Find Joint Venture gold project*, part of the Youanmi Gold Project, Western Australia (Figures 1 and 2) (See ASX release 13th June 2019).


The two intersections in holes CFRC16 and CFRC14 included results from four-metre composite samples that have now been re-sampled as one-metre samples.


This re-sampling has revealed bonanza gold grades in both holes (Figure 3 and Table 1).


The upgraded results are: 

CFRC16: 3m @ 27.5 g/t from 39m which includes 1m @ 72.67 g/t Au from 39m 

CFRC14: 2m @ 13.34 g/t from 61m which includes 1m @ 25.38g/t Au from 61m


Figure 1


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A ROBUST RESOURCE

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BELL CHAMBERS GOLD PROJECT WIDE GOLD INTERSECTIONS  CONFIRM A ROBUST RESOURCE  

ASX Announcement 19 June 2019 


HIGHLIGHTS 

  • Wide gold intersections have been obtained from recent RC holes drilled at the Bell Chambers Gold Project near Sandstone, WA. 
  • Two holes for 156m were completed and results include:   
    • BCRC 106 27m @2.72 g/t Au from 27m 
    • BCRC 107 64m @1.7g/t Au from 10m 
  • The holes were drilled to provide geological and assay confirmation for the inferred JORC 2012 resource (refer ASX release 20 March 2015)   
    • 340,000 tonnes @1.5g/t Au for 17,000 Oz Au (cut‐off 0.5g/t Au)
  • The  robust  assay  results  confirm  previous  drill  results  and  will  enable  fresh  JORC resource calculations to be completed to move the inferred resource to the indicated and measured categories. 
  • Further drilling is also planned as the resource is open at depth.


Mr Matt Hogan, Managing Director of Venus Metals commented “The results show extensive and continuous gold intersections confirming both the previous geological interpretation as well as grade continuity down dip in the oxide‐transition and fresh rock zones. This is a very positive and robust result for the project”.


Project Background 

The Bell Chambers Gold Project E57/984 is located approximately 23km southwest of Sandstone, adjacent to the Sandstone-Paynes Find main road (Figure 1). Venus holds a 90% interest and a prospector holds a 10% interest in the tenement (refer ASX release 1 August 2014).


Bell Chambers has a high-grade production history. The recorded production from 1907 to 1942 (Mines Department production list of cancelled gold mining leases) is 3,979 tons for 2,682 oz Au at a recovered grade of 20.96 g/t Au.


JORC 2012 Resource Estimate 

Widenbar and Associates prepared a JORC 2012 resource estimate for VMC Bell chambers in March 2015 (refer ASX release 20 March 2015).


Table 1. The Inferred Resource reported at 0.5 gm/t Au and at 1.0 gm/t Au cut-off (refer ASX release 20 March 2015) 


This was based on RC and diamond drilling carried out at the prospect between 1988 and 2001. 


Current Drilling and Results 

A summary plan view of the Bell Chambers Gold project (Figure 2) shows the extent of historical drilling, the two recent Venus RC drill holes BCRC106 and BCRC107 (Table-2), and the surface projection of the JORC 2012 inferred gold resource envelope.


Holes BCRC 106 and BCRC 107 were drilled in the central portion of the southern zone to confirm the inferred gold resource envelope by drilling into the centre of the mineralized envelope; angled holes were used to avoid historical stopes.


Table 2. RC Drill hole Collar details 


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BOARD

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BOARD

Alan Birchmore

Non-Executive Chairman

AO FAICD

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Alan Birchmore has had extensive management experience in Australia, the UK, Europe, South America and the United States. His activities have included gold, diamonds, iron and supply base/marine support to the offshore oil and gas industry. As CEO of NYSE listed Bond International Gold Inc, he was responsible for a worldwide workforce of 3,300 employees, including the initial construction and start-up of the Super Pit at Kalgoorlie. Once commissioned, he negotiated the joint venturing of that operation with America's Homestake Gold. Through Northern Mining, he was a founding member through to development of what is now Argyle Diamonds.

Mr Birchmore was founding Chairman of St Barbara Mines (Gold) at its ASX listing and also led the listing of Mermaid Marine Australia Ltd as its Chairman. More recently he chaired United Minerals Corporation Ltd culminating in a scheme of arrangement with BHP Billiton to merge UMC's proposed iron ore mine, with the adjoining BHP Billiton Area C iron ore production hub. Mr Birchmore was appointed by the WA Government to Chair the Albany Port Authority and later Fremantle Ports.


Matthew Hogan

Managing Director

MAICD

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Mr Matthew Hogan was formerly an Executive Director and Chief Executive Officer of United Minerals Corporation NL (UMC) which successfully discovered the Railway Iron Ore DSO deposit in the Central Pilbara.  In February 2010 UMC was acquired by BHP Billiton for AUD$204 million.

Mr Hogan was instrumental in the ASX listing of Iron Ore Holdings Limited (IOH). IOH acheived a market capitilisation of over AUS $200 million and that company was ultimately acquired by BC Iron Limited for AUS $250 million. Mr Hogan was employed by the IOH and assisted the Board and management in that particular role.

Mr Hogans earlier career spanned sevaral decades in the stock broking industry as an authorised representative and where he specialised in corporate transactions at several firms including Hogan and Partners.


Barry Fehlberg

Executive Exploration Director

Bachelor of Science (Honors Geology)

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Mr Fehlberg has a 50 years of successful experience in exploration for gold, base metals, diamonds and iron ore. Mr Fehlberg has been director of exploration for various ASX listed Companies since 1978, and during his career he has made numerous discoveries in all these commodities. In 1980 he led the drilling team for Spargos Exploration N.L. that discovered the depth extensions of the Bellevue Gold mine which was successfully brought into production.

In more recent times, Mr Fehlberg led the exploration team as Technical Director that discovered the Railway Iron Ore deposit for United Minerals Corporation Ltd. This Company was taken over by BHP Billiton in 2010 in a $204 million transaction.

Mr Barry Fehlberg is an Honours Geology graduate of the University of Adelaide (1968).


Kumar Arunachalam

Chief Executive Officer

MAusIMM M.Sc (Geology), M.Tech (Hydrogeology), PG Dip in Geothermal Tech (NZ), Diploma in Science (GIS) (NZ)

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Kumar has over 38 years experience in geological and hydrogeological investigations in India, New Zealand and Australia. He has successfully managed environmental studies, approvals, tenements, native title at United Minerals Corporation.

Kumar was appointed as Executive Director in July 2011 and managing various projects at VMC.


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