Pincher Well Update Gossan and Exhalite Overlies IP Target
Perth, Oct 28, 2016 AEST (ABN Newswire) - The Directors of Venus Metals Corporation Limited (
ASX:VMC) are pleased to announce recent field work shows previously unrecognised gossanous outcrop overlying the substantial Induced Polarisation ('IP') anomaly generated during the recent geophysical survey conducted at North Dome.
HIGHLIGHTS
NORTH DOME ZINC-COPPER PROSPECT:
- Field checking at North Dome zinc prospect shows gossanous and exhalite outcrop overlying the recently generated IP anomaly,
- Historical mapping did not identify these important areas of outcrop,
- Previous explorers, including WMC and BHP, have noted a strong association between these exhalite units and the Volcanogenic Massive Sulphide ('VMS') style base metal mineralisation across the Pincher Well Trend,
- The presence of these gossanous and exhalite lithologies further validates the IP anomaly as a target for drill testing,
- RC drilling and extensional IP geophysical surveying is now planned to test the recently identified 'Southern Extensions' to North Dome,
- The North Dome prospect is an increasingly high priority target for Venus, with a Program of Works now planned, with drilling to test the prospect and scheduled to commence in November 2016.
1.0 Introduction
The Induced Polarisation ('IP') survey has defined a significant chargeable zone over a previously unrecognised/untested zone of potential mineralisation to the south, and 'up-dip', from the outlined North Dome zinc-copper prospect. These 'Southern Extensions' are now further validated as a drill target due to the presence of these gossans and associated exhalites.
2.0 North Dome - Southern Extensions
The Pincher Well VMS Trend ('VMS Trend') is located 600km north-northeast of Perth and forms part of Venus Metals Corporation Ltd.'s ('Venus') Youanmi gold & base metal project (see Figure 1 in the link below). The identified VMS Trend covers more than 5 kilometres of strike and hosts a number of known zinc and copper prospects including the Linda & Franca Gossans, PW17 zinc discovery and a substantial body of zinc mineralisation at North Dome (see Figure 2 in the link below).
A recent IP geophysical survey at North Dome, validated the known envelope of zinc sulphide mineralisation (previously outlined by wide spaced drilling) as well as highlighting a strong IP anomaly on the potential southern extensions to the North Dome system. Field checking by Venus shows the presence of previously unrecognised exhalite and gossanous lithologies overlying the newly identified IP anomaly (see Figure 1 in the link below).
3.0 Gossanous Outcrop & VMS Style Mineralisation
Exploration through the North Dome area shows a proximal association between the outcropping exhalite horizons, including Banded Iron Formation ('BIF') which may represent the replacement of sulphidic mineralogies, chert and sulphidic cherts (see Figures 1 & 3 in the link below). Goldcrest Mines Pty Ltd, and previous workers, have made comment about these units including:
"The felsic volcano-sedimentary sequence, including prominent sulphidic exhalative chert and BIF horizons...... are typical of the VMS class, occurring in clusters along strike and down dip within a geological setting similar to that at the Golden Grove (VMS) mining camp, situated some 170km due west of Youanmi".
The presence of sulphidic exhalite horizons, as well as associated gossans, in conjunction with IP, magnetic, gravity and electromagnetic ('EM') anomalies and historical drilling, demonstrate the North Dome prospect to be a highly compelling VMS drill target with the potential to develop into a significant mineral deposit.
4.0 Conclusion
Exploration at North Dome continues to validate and highlight the known mineralisation and interpreted 'southern extensions' as a high priority target for drill testing in November 2016. Venus Metals has estimated a substantial 'Exploration Target' for the North Dome of:
15-25 Million Tonnes @ 2-8% Zinc and 3-4 gpt Silver
Including high-grade lodes grading >10% Zinc with associated Copper & Silver
Venus Metals looks forward to updating shareholders as drilling commences at North Dome in the coming weeks, and moving towards the delineation of a 'Mineral Resource'.
The potential quantity and grade of the 'Exploration Target' at North Dome is conceptual in nature, as Venus has determined that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource. The current drilling density is insufficient to classify the mineralisation as a 'Mineral Resource' under the 2012 JORC guide lines.
The 'Exploration Target' has been estimated utilising the information:
- Multiple programs of both reverse circulation and diamond drilling have tested the North Dome prospect, with 12 drill holes outlining the mineralised envelope,
- Limited drilling has outlined an extensive envelope of zinc sulphide mineralisation, hosted by a number of exhalite horizons that dip shallowly to the north,
- These mineralised horizons can, cumulatively, be up to 20 metres thick, but are estimated to average ~11 metres thick, covers over 1,000 metres of strike and is up to 550 metres wide,
- Eastmet conducted a detailed review of the project in 1988 and estimated a 'resource' at the North Dome, that falls within parameters of the 'Exploration Target' estimated by Venus Metals,
- A review of the drilling data by Venus Metals shows the North Dome prospect remains open in all directions and is NOT constrained by drilling,
- Recent IP survey indicates that the mineralisation at North Dome continues to the south and the strongest sections of the geophysical anomaly remain untested by drilling, potentially hosting sulphide lodes.
To view the release, please visit:
http://abnnewswire.net/lnk/77R6I608
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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