Annual Report 2016
Perth, Sep 9, 2016 AEST (ABN Newswire) - Venus Metals Corporation Limited (
ASX:VMC) are pleased to provide the Company's Annual Report 2016.
REVIEW OF OPERATIONS
SUMMARY
During 2015-16, Venus Metals Corporation Ltd (VMC) carried out exploration works on its diverse portfolio of projects focusing mainly on Lithium, Gold and Base Metals.
- Lithium-Tantalum Projects (Poona, Pilgangoora, Wodgina South, Nardoo Hill and Greenbushes)
- Curara Well Gold-Base Metal-Diamond project
- Youanmi Gold-Base Metal Project (Inky South, Currans Well (Vidure) and Pincher Well)
The exploration activities include:
- Geological mapping and surface rock chip sampling at Poona Lithium Project
- Geological mapping and reconnaissance surface sampling across three identified target areas at Wodgina South of Pilgangoora region.
- Reconnaissance sampling at Nardoo Hill Lithium-Tantalum Project.
- A desktop evaluation of Greenbushes Lithium project and delineation of number of priority targets.
- Memorandum of Understanding (MoU) with Lithium Australia (ASX:LIT) to test Lithium carbonate and Lithium hydroxide potential/commercial lithium potential of Venus' Pilgangoora tenements in the Pilbara region of Western Australia.
- Initial reconnaissance survey (including helicopter aerial survey) of Pilgangoora Northeast tenements and delineation of potential target areas for soil sampling.
- Modelling of recently conducted Versatile Time-Domain Electromagnetic (VTEM) geophysical survey and 3D inversion modelling of historical regional detailed Magnetics of Curara Well Gold-Base Metals-Diamond Project at Doolgunna Region. WA Government co-funded Exploration Drilling Programme grant of $150,000 under Exploration Incentive Scheme (EIS) was awarded by Department of Mines and Petroleum (DMP).
- DMP has awarded $150,000 drilling grant under EIS Programme for Inky South Base Metals Project at Youanmi.
- A desktop historical geological data review and modelling of historic EM data (Moving Loop EM, Fixed Loop EM and Down Hole EM) of Vidure Nickel-Copper Prospect at Youanmi Currans Well Project.
- DMP has approved the conversion of Yalgoo Iron Ore Project Mining Lease (M59/742) to a Retention Licence (R59/0001).
Venus currently has 14 granted Exploration Licences, 2 Prospecting Licences and 1 Retention Licence and Pending 14 Exploration Licence Applications (ELA) and 1 Prospecting Licence (PLA) in Western Australia.
To view the report, please visit:
http://abnnewswire.net/lnk/W9A237UI
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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