Posted on VMC thread, just FYI:
Hi Buncher60, excellent point and I am sure one that the courts will focus on. Timeline per ASX announcements:13/02/2018
Helicopter-borne Electro-Magnetic (HEM) survey underway. 382 line kilometres are being surveyed including the Penny West Mine area (with the consent of the tenement holders) to delineate potential gold targets for follow-up drilling within VMC’s ground position7 . The Company has also recently applied for ELA 57/1078 expanding its tenement position to the south of the Penny West Gold Mine by 14 strike kilometres of the prospective Youanmi Shear Zone.
23/03/2018
Flight lines were also flown over the Penny West tenements including the historical Penny West Gold Mine and other known gold occurrences north of the mine. Subtle responses are closely associated with the gold occurrences and the mapped shear zone. This suggests that HEM responses to shear/sulphide associated gold mineralisation are detectable as subtle, weak to moderate strength, early to mid-time signals. The HEM anomalies were classified and prioritized based on their geological setting and anomaly strength.
30/04/2018
Helicopter-borne Electro-Magnetic (HEM) Survey A high-resolution, HEM XciteTM survey was flown by New Resolution Geophysics (NRG™) in February 2018. The HEM survey targeted potential conductive horizons along 23 km of the Youanmi Shear Zone that may represent increased sulphide contents related to gold mineralisation such as at the Youanmi Gold Mine and Penny West Gold Mine. 84 lines spaced 250 m apart for a total of 382 line kilometers were surveyed including the Penny West Mine area (with the consent of the tenement holders) (Figure 3). Flight lines flown over the historical Penny West Gold Mine and other known gold occurrences north of the mine show that subtle responses are closely associated with the gold occurrences and the mapped shear zone. This suggests that HEM responses to shear/sulphide associated gold mineralisation are detectable as subtle, weak to moderate strength, early to mid-time signals. The HEM survey thus confirmed the correlation of EM responses with known gold mineralization and, hence, similar EM responses on Venus’ ground along the Youanmi shear zone are prospective. The HEM anomalies were classified and prioritized based on their geological setting and anomaly strength. All of the priority conductors on Venus’ ground are in areas of transported cover.
The interpretation of the HEM final survey data by independent geophysical consultants Core Geophysics has identified 25 mid- to late-channel conductors within and adjacent to the Youanmi Shear Zone; 8 of these conductors (highlighted in red, see Figure 4) may represent high priority targets for sulphide-related gold mineralisation for follow-up work (refer ASX release 23 March 2018).Planned FutureWork: The Company is planning further field evaluation of the priority targetsalong the Youanmi Shear Zone in preparation for drill testing.
28/05/2018
TRANSFORMATIONAL DEAL FOR VENUS YOUANMI GOLD MINE PURCHASE OPTION
From 30/04/2018 all focus was on Youanmi. From what we can see.....VMC assessed Penny West via HEM survey and decided not to proceed or pursue the tenement. Planned future work was all Youanmi focused. VMC shareholders should be questioning their Directors as to why they did not act on Penny West if they had such crucial knowledge or the resource. It seems to me they made a mistake and focused on the wrong resource and are trying to save face!! All in my opinion and disclosure: SPX holder.Lets hope for everyone's sake this is resolved quickly and fairly.
(20min delay)