Quarterly Activities and Cash Flow Reports - 31 March 2024
Perth, April 29, 2024 AEST (ABN Newswire) - Venus Metals Corporation Limited's (
ASX:VMC) activities conducted during the quarter ending 31 March 2024 include the following:
Youanmi Lithium Project
Deep South Lithium Prospect (100% Venus):
Phase 1 Reverse Circulation (RC) drilling programme tested areas with outcropping lithium-rich pegmatites and distinct soil geochemical anomalies in areas with shallow soil cover.
- Significant intersections of high-grade lithium pegmatite at East Zone, starting from surface or shallow depth;
24m @ 1.71% Li2O, including 14m @ 2.54% Li2O (0-14m) (VMC220)
15m @ 1.34% Li2O, including 8m @ 2.19% Li2O (0-8m) (VMC209)
7m @ 1.54% Li2O, including 3m @ 2.89% Li2O (1-4m) (VMC224)
- High-grade lithium pegmatite intersected at North Zone include;
2m @ 4.09% Li2O (0m-2m) (VMC212)
3m @ 1.89% Li2O, including 1m @ 4.06% Li2O (16-17m) (VMC213)
- The lithium pegmatites are locally strongly enriched in tantalum (up to 1439 ppm Ta2O5). The drilling results confirm East Zone as a significant NNW-SSE trending lithium exploration target that is open along strike. An overall gently northerly plunge for the high-grade lithium mineralisation, presenting well defined targets for Phase 2 follow-up drilling programme (refer ASX release 25 March 2024).
Penny East Lithium Prospect (100% Venus):
- A reconnaissance soil geochemical survey was conducted at Penny East on tenement E57/1128, located 20km Northeast from the Company's Deep South Lithium Prospect. A distinct lithium soil anomalies (greater than or equal to110ppm Li2O, up to 182ppm Li2O) identified from the ultrafine (UF) soil sampling programme and the main geochemical anomaly is 800m long and up to 600m wide (refer ASX release 15 April 2024).
- A follow-up field sampling and shallow drilling at Penny East is being prepared to coincide with planned exploration at the Company's Deep South Lithium Deposit.
Sandstone Gold-Copper Project (90% Venus):
- Recent soil geochemical surveys define a distinct north-northeasterly trending and broadly 200m wide bismuth-molybdenum anomaly. The survey covers a historic mine shaft near outcropping quartz-malachite veins at Black Range West where rock chip samples returned up to 6.34% copper in association with bismuth (up to 2034ppm Bi), silver (up to 40.2 ppm Ag) and gold (up to 0.25ppm Au).
- Further fieldwork is planned to investigate potential links with granite-related Cu-Au style mineralisation.
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/P29X2XY2
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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