Action packed weeks ahead for VMC
Two JVs with RXL.
Upcoming results from Grace and deeper Grace mineralisation (VMC has 30%) with two drill holes already showing bonanza gold with visible gold in one.
The Grace shallow resource JORC is due soon, recent infill drilling has shown that this is a shallow high grade low AISC resource. Grace is oxide gold with a high recovery rate. The shallow Grace JORC is being calculated and is due soon (100K oz au – 300k oz au).
Grace is targeted for near term cash flow, PFS this year FS early next year and production end of 2021.
VMC/RXL JV (45% each + prospector 10%).
VMC is the operator.
A significant target currently being drilled is Penny West Deep South
It is 4 kms from the historical Penny West with its bonanza gold. 2 kms to the north is Penny West find now owned by RMS with 300k oz au high grade gold.
Very promising and significant geological continuities with the 2 successful Penny Wests and the targets that Venus is now drilling.
Oxide gold along the strike is hosted in a sheared granodiorite at the base of a mafic greenstone. Along strike this mineralisation continues to the JV targets withregularoccurrences of granodiorite with associated pathfinder elements, indicative of a mineralised system,
A ground magnetic survey totalling 232 line Kmsconducted by Venus showed that the magnetic low corridor hostinggold continues right along the Penny West strike..
Penny West Deep South has numerous high priority targets that lie directly South along strike from the original Penny West gold deposit.
Both shallow and deep gold are strong possibilities. At Penny West North Spectrum (now owned by RMS) found abundant visible gold at more than 300 m.
The VMC geos are now drilling for gold in the bedrock mineralisation beneath anomalous shallow gold.
A Venus drilling program of 14 RC deep holes at Penny West Deep South is now underway.
Along the Penny West strike there are multiple PW style mineralisation targets
Other significant targets currently being drilled by Venus is Sovereign Gold with promising geology along the Younami Shear Zone.
Sovereign has compelling geology and has already returned high grade gold.
Grace shallow and Grace deep, 6 Penny West targets and Sovereign.
Price of gold at near 20 year record high.
Any one of these will double the VMC market cap and the share price.
VMC market cap $41m
RXL market cap $148m
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