Quarterly Activities Report
Perth, Oct 28, 2021 AEST (ABN Newswire) - Venus Metals Corporation Limited's (Venus or Company) activities conducted during the quarter ending 30 September 2021 include and highlight the following:
YOUANMI GOLD PROJECT:
Four Joint Ventures are in place between Venus and Rox Resources Ltd (RXL or Rox): OYG JV (Venus 30%; RXL 70%), VMC JV (Venus 50%; RXL 50%), Youanmi JV (Venus 45%; RXL 45%) and Currans Find JV (Venus 45%; RXL 45%)
OYG JV -30% Venus and 70% RXL: YOUANMI GOLD MINE:
Drilling continued at Youanmi, with diamond and RC rigs operating at the OYG JV.
Known high-grade mineralisation extended at Link Prospect 120m down plunge of the existing resource envelope. The best intersections include RXDD026: 7.25m @ 15.02g/t Au from 315.8m, including 2.9m @ 22.37g/t Au from 320.1m; RXRC410: 3m @ 7.73g/t Au from 186m, within a broader zone of 12m @ 4.46g/t Au from 184m; RXRC409: 3m @ 6.45g/t Au from 236m, within a broader zone of 7m @ 3.56g/t Au from 234m; and RXRC408: 4m @ 6.24g/t Au from 239m. These results demonstrate strong potential for further increases to the Youanmi mineral resource estimate (refer RXL ASX release 9 September 2021).
High-grade intersection in untested hanging wall area reveals potential for new lode: RXDD022: 4m @ 45.5g/t Au from 341m, including 1.33m @ 129.3g/t Au from 341.75m (new hanging wall zone at Junction) Further high-grade gold intercepts received from infill and extension drilling at Junction: RXDD024: 16m @ 4.22g/t Au from 56m, including 3m @ 16.4g/t Au from 66m and 3m @ 4.1g/t Au from 203m (Junction) RXRC398: 3m @ 15.17g/t Au from 108m and 3m @ 3.35g/t Au from 204m (Junction) (refer RXL ASX release 6 September 2021)
Recent testwork delivers substantial improvement in gold extraction for Youanmi Deeps. Historical production averaged 86.8% gold recovery, with new testwork improving extraction to 95.6% (refer RXL ASX release 6 October 2021).
BARRABARRA NORTH Ni-Cu-PGE PROJECT (100% Venus):
Venus' Barrabarra North Cu-Ni-PGE project comprises five exploration licence applications located in the northwest of the Yilgarn Craton, abutting Chalice Mining Limited's (Chalice) Barrabarra Project (refer CHN ASX 21 July 2020). Recent reconnaissance sampling by Venus revealed highly anomalous concentrations in soil with maxima of 63 ppm Ni, 46 ppm Cu, 13 ppb Pt+Pd and 3,169 ppm Cr in the north of the project area. Systematic soil sampling and geophysical surveys planned upon grant of Venus' extensive tenure of c. 1,000 km2. PGE - base metal anomalies in soil (same soil fraction as used by Chalice) may indicate mafic-ultramafic bedrock and are highly anomalous as per regional Julimar data (refer CHN ASX release 9 June 2021).
HENDERSON GOLD-NICKEL PROJECT (90% Venus):
The recently completed shallow AC drilling identified new gold mineralised zones at the Emerald South and Henderson Bore Prospects. Significant results include: HBAC016 7m @ 1.13 g/t Au from 45m including 1m @ 4.57 g/t Au from 49m; HBAC060 2m @ 2.2 g/t Au from 19m including 1m @ 4.09 g/t Au from 19m. Further reverse circulation (RC) drilling is planned to test the lateral and depth extent of the newly discovered gold mineralisation and to test previously identified gold targets in areas with shallow cover (refer ASX releases 5 July and 9 September 2021).
MANGAROON NORTH Ni-Cu-Pt-Pd-Au PROJECT (100% Venus):
The Venus Mangaroon North project area abuts Dreadnought Resources Ltd's (
ASX:DRE) tenure (refer ASX release 19 July 2021) in the Gascoyne Region of Western Australia and is prospective for Ni-Cu-Pt-Pd, Au and rare earth mineralisation. An initial soil geochemical survey totalling c. 1,500 samples was completed across E 09/2422, E 08/3229 and ELA 08/3375. In addition, 58 rock chip samples were collected from gossanous outcrops, pegmatites and quartz veins. Assays are in progress (refer ASX release 18 October 2021).
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About Venus Metals Corporation Limited
Venus Metals Corporation Limited (ASX:VMC) is a West Australian based Company with a focus on gold, base metals, vanadium and lithium exploration projects. The Company aims to increase shareholder value through targeted exploration success on its projects.
The Company's major gold project is the Youanmi Gold Mine, located 500km north-east of Perth. The Youanmi Gold Mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%); Indicated and Inferred Resource of the mine is in excess of 3 million ounces of gold.
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