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VENUS METALS CORPORATION LIMITED - Corporate Spotlight

VMC holds a significant portfolio of gold projects and Joint Ventures in WA with a focus... VMC holds a significant portfolio of gold projects and Joint Ventures in WA with a focus on the Youanmi region with an indicated and inferred JORC gold resources of c. 1.2 Million Oz of Gold, with exciting exploration upside from the surrounding 340 km2 of tenements.More

Corporate Spotlight

VMC holds a significant portfolio of gold projects and Joint Ventures in WA with a focus on the Youanmi region with an indicated and inferred JORC gold resources of c. 1.2 Million Oz of Gold, with exciting exploration upside from the surrounding 340 km2 of tenements.
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YOUANMI GOLD PROJECT - NEW GOLD TARGETS

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YOUANMI GOLD PROJECT

PENNY WEST DEEP SOUTH PROSPECT‐ NEW GOLD TARGETS IDENTIFIED

AIRCORE DRILLING TO COMMENCE SHORTLY

ASX Announcement 10th February 2020


Venus Metals Corporation Limited (“Venus” or the “Company”) in conjunction with its Joint Venture partner Rox Resources Limited (ASX: RXL) is pleased to announce that:


  • A multi‐element geochemical anomaly measuring c. 400m x 600m at the Penny West Deep South Gold Prospect on E57/1078 (Figure 1) c. 4km south of the historical Penny West Gold mine has been delineated from a recently completed geochemical survey.
  • The TerraLeach element signature at the Penny West Deep South Gold Prospect resembles that found in soil over the recent Sovereign gold discovery (refer ASX release 4 November 2019), north of the Penny West gold mine, where further drilling is also planned.
  • A 4,000m aircore drilling program will commence shortly to test this promising new gold target area (Figure 2).


A soil survey using the TerraLeach partial digest was completed over an area of c. 3.1km by 0.45km to explore the strike extension of a mafic‐intermediate‐ultramafic rock sequence that hosts the historical Penny West gold mine and other historical gold prospects as well as the recent Sovereign gold discovery by the VMC Joint Venture (VMC 50% and RXL 50% Earn‐in, gold rights only).


Approximately 1km north of the soil survey, historical high‐grade gold drill intercepts of up to 2m @ 33.98 g/t have been reported by Aldoro Resources Ltd (ASX: ARN). ARN is currently exploring a magnetic low corridor (Figure 2) which is interpreted as the strike extension of the Penny West Shear (refer ASX releases ARN 21 Oct 2019 and 27 Nov 2019). 


Aldoro recently completed a drilling program along the Penny West Shear and noted that the southern portion of their target trend was emerging as an area of interest with a noticeable increase in the depth of weathering (refer ASX releases ARN 3 Feb 2020).

Historical exploration on E57/1078 mainly targeted the eastern greenstone units and only a few wide‐spaced drill traverses also tested the interpreted prospective western sequence that hosts significant gold mineralization further north.


Some of these historical holes show minor gold anomalies that in conjunction with the results of the recent soil geochemical survey were used to delineate a target area (Figure 2) for high‐grade Penny West‐style gold mineralization in this deeply weathered and largely depositional terrain.

Necessary approvals are in place for a 4,000m aircore program that will test the gold target area; drilling will commence shortly.


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DRILLING PROGRAM

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WA GOVERNMENT CO‐FUNDED DRILLING PROGRAM GRANT DeGRUSSA NORTH COPPER‐GOLD PROJECT DOOLGUNNA REGION

ASX Announcement 25 November 2019 


The Directors of Venus Metals Corporation Limited  (“Venus”) are pleased  to announce that  the  Company  has  been  awarded  a  $142,500  grant*  under  the WA  Government Exploration Incentive Scheme (Co‐funded Exploration Drilling Program).  


The grant is for drilling of previously announced promising gravity anomalies (refer ASX release 14 December 2018) at the DeGrussa North Copper‐Gold Project (E52/3486 and E52/3068, both 100% Venus). Venus’ project area abuts Sandfire Resources NL’s high‐ grade DeGrussa Cu‐Au mine area in the Doolgunna Region of Western Australia (Figure 1).


Prior  to  drilling,  a  high‐powered  ground  EM  survey  is  planned  to  refine  drill  target locations; the survey is scheduled to commence as soon as the geophysical survey team becomes available.   


Venus looks forward to updating shareholders as exploration progresses at the DeGrussa North Copper‐Gold Project.


*Venus will be required to match the $142,500 funding grant on a dollar‐for‐dollar basis on direct drilling costs.


Figure 1. DeGrussa North Copper‐Gold Project‐ Gravity Anomaly Map


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SIGNIFICANT GOLD MINERALIZATION

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Youanmi Gold Project 

ASX Announcement 4 November 2019 


Significant Gold Mineralization Discovered in Air Core Drilling close to the Youanmi Shear Zone North of Penny West with Hole ending in Mineralization


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 results of an air core drilling program at its Youanmi Gold Project (Figure 1), north of the historical Penny West gold mine and the historical Magenta and Columbia gold prospects.


Highlights

  • High-grade gold mineralization discovered during a Stage 2 Air Core drilling (AC)that followed up on anomalous gold identified during the initial AC drilling (refer ASX release 15 October 2019). Significant results from this latest AC drilling include: 


VRAC151 4m @ 7.02 g/t Au from 24m, and 

5m @ 2.41 g/t Au from 60m to EOH 

VRAC161 4m @ 0.94 g/t Au from 32m 


  • The strong gold mineralization in deeply weathered mafic rocks in VRAC151 (Figure 2) is open at depth and along strike; it is located along a north-northwest trend close to the Youanmi Shear Zone and c. 5km north of the historical Penny West Gold Mine. 
  • Immediate RC and further AC drilling to commence to confirm the extensions of the high-grade mineralization at depth and along strike.


Project Background 

Venus Metals Corporation Limited (VMC) in conjunction with Rox Resources Ltd (RXL) previously reported historical aeromagnetic data showing a magnetic low within which the Penny West gold deposit and the Columbia-Magenta prospects are located (refer ASX release 12 August 2019). This magnetic feature extends north into the VMC Joint Venture tenement (E57/1019) where it appears to diverge into two subparallel trends both of which present highly prospective settings for gold mineralization of the Penny West type.


The initial AC drilling was designed to explore for geochemical anomalies that may indicate the presence of Currans North and Penny West-style high-grade gold mineralization at depth.


The recent AC program mainly targeted the western trend and followed up on gold anomalies broadly associated with anomalous base metals (refer ASX release 15 October 2019).


The AC drilling area is located on E57/1019 that is part of the VMC Joint Venture (VMC 50% and RXL earning 50% - gold rights only). A single AC traverse was drilled on M57/641 (Currans Joint Venture; VMC 45% and RXL).


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RC DRILLING COMMENCED

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YOUANMI BASE METALS PROJECT VIDURE COPPER‐NICKEL PROSPECT RC DRILLING COMMENCED ON EM CONDUCTORS

ASX Announcement 31 October 2019 


Venus Metals  Corporation  Limited  (VMC)  is  pleased  to  announce  the  commencement  of  a c. 1,400m  reverse  circulation  (RC)  drilling  program  at  the  Vidure  Copper‐Nickel  Prospect, Youanmi Base Metals Project (E57/1011), Western Australia (Figure 1).  The drilling program will  target  recently identified four new Electromagnetic  (EM)  targets  (refer ASX Release 23 October 2019) (Figure 2) and drilling is expected to be completed within a fortnight.  


Two  untested  Electromagnetic  (EM)  Conductor  targets  represent  new,  high‐conductivity targets  (VDEM1 and VDEM2) and are interpreted  to  be  potential extensions  to  the Vidure massive sulphide mineralisation.  


The  other  two  EM  Conductor  targets  represent  a  potential  deep,  down‐dip  conductor  to Vidure (VDEM3) and a strong anomaly located to the northeast (VDEM4). EM Plate modelling indicates high  conductivities  (600S‐4000S) and  depths  ranging  from  70m  to  250m below surface.


The Vidure prospect is part of the Company's Youanmi Base Metals Project and is within the Youanmi tenement holdings.  The Youanmi area includes a variety of mineralisation styles and commodities including gold, silver, copper‐zinc, titanium‐vanadium, lithium and nickel‐copper‐ PGEs. The base metals project on E57/1011 is 90% owned by Venus with the remaining 10% owned by the Prospector.



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METALS PROJECT

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YOUANMI BASE METALS PROJECT VIDURE COPPER-NICKEL PROSPECT FOUR NEW UNTESTED ELECTROMAGNETIC CONDUCTORS IDENTIFIED

ASX Announcement 23 October 2019


The Directors of Venus Metals Corporation Limited ("Venus") are pleased to advise that a high-powered fixed-loop electromagnetic (FLEM) survey has successfully identified four new untested EM Conductors at the Company's Vidure Copper-Nickel Prospect on E57/1011 (Figure 1).


  • Two untested Electromagnetic (EM) Conductor targets represent new, high conductivity targets (VDEM1 and VDEM2) and are interpreted to be potential extensions to the Vidure massive sulphide mineralisation. 
  • The other two EM Conductor targets represent a potential deep, down dip conductor to Vidure (VDEM3) and a strong anomaly located to the north east (VDEM4) (Figure 2). 
  • Modelling of the target anomalies completed by the Company’s consultants has returned plate models of various dimensions with high conductivities (600S-4000S) and depths ranging from 70m to 250m below surface (Table 1 and Figure 3).
  • These conductivities are in line with that of the Vidure EM response which returned a conductivity of 4000S as reported earlier (refer ASX release 11 December 2015).


Project background 

The Vidure prospect is part of the Company's Youanmi Base Metals Project and is within the Youanmi tenement holdings. The Youanmi area includes a variety of mineralisation styles and commodities including gold, silver, copper-zinc, titaniumvanadium and nickel-copper-PGEs. The base metals project on E57/1011 is 90% owned by Venus with the remaining 10% owned by the Prospector.


The Vidure prospect was identified as a Ni-Cu-PGE geochemical anomaly located on the southern margin of the Youanmi layered mafic intrusion. Base metals mineralisation was first identified by WMC in 1973 in the historical diamond hole MYDD0041 (WMC 1973) with a 1.22m intersection of massive sulphides with 2.2% Ni and 0.14% Cu from 135m. In 1985, BHP drilled a hole nearby, PW00762 and encountered 8m @ 1.47% Cu, 0.13%Ni and 5 g/t Ag from 120.5m, including 0.71m @ 7.01% Cu, 0.8% Ni and 21 g/t Ag from 122.35m (refer VMC ASX releases 2 November 2015 & 11 December 2015).


The current high-powered EM survey was commissioned to follow up on historical EM surveys which were conducted with low-powered systems resulting in poorly constrained deeper targets that appear to represent potential down-dip and downplunge extensions of the known mineralisation highlighted earlier (refer ASX releases 11 December 2015 and 17 October 2019).


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