Poona Project Drilling Intersects Lithium Mineralisation
Perth, Nov 23, 2016 AEST (ABN Newswire) - The Directors of Venus Metals Corporation Limited (
ASX:VMC) are pleased to announce that scout drilling of targets within the Poona lithium-tantalum project area in Western Australia has intersected anomalous lithium mineralisation in a number of drill holes.
HIGHLIGHTS
POONA DRILLING
- Reconnaissance drilling at Poona has intersected lithium mineralisation from surface,
- Target areas on the Poona Trend and at Poona East (Figure 3 in link below), have returned a significant number of anomalous lithium assays,
- Poona East drilling has returned significant lithium mineralisation from surface, including:
PORC002 9 metres @ 0.77% Li2O & 0.28% Rb from Surface
Including 3 metres @ 0.96% Li2O & 0.35% Rb from 3 metres
- Wide spaced drilling confirms that the Poona East Trend extends over more than 1,000 metres of strike and can extend to over 250 metres width, and analysis of the exploration indicates that the subsurface orientation of the pegmatite mineralisation is such that it has not be properly tested by this initial phase of drilling,
- Venus has a program of mapping and surface sampling planned to further delineate the Poona East mineralisation prior to a second phase of drill testing being undertaken.
Venus Metals Corporation Limited ('Venus Metals') holds two tenements (E 20/885 & ELA 20/896) in the Poona region. This project lies within the Murchison Mineral Province in Western Australia (Figure 2 in link below).
2.0 Poona Lithium-Tantalum Project
The Poona project is located in the Murchison Mineral Field, approximately 560 km to the northnortheast of Perth. The project area is composed of two exploration licenses (E 20/885 & ELA 20/896) covering more than 249 km2. These tenements overlie a number of recognised lithium and tantalum occurrences including Patons Lode, Poona Reward and Coodardy North (Figure 3 in link below).
Venus Metal's has recently completed a program of reconnaissance drilling on two key target areas within the Poona lithium project, namely the Poona East and Poona Lithium Trends (Figure 3), which has intersected anomalous lithium mineralisation. The lithium-rubidium mineralisation is hosted by pegmatites and associated intrusive stratigraphy.
3.0 Reconnaissance Drilling
Reconnaissance drilling has been completed on two key targets at Poona (Figure 4 in link below):
3.1 Poona East
Three holes (PORC 001-003) were drilled (Figure 4 & 5) along the northwest-southeast structural trend, with mineralisation associated with intrusive pegmatites. Previous surface sampling had returned high grade lithium assays of up to 2.58% Li2O1.
Drilling consistently intersected anomalous lithium mineralisation (>0.1% Li2O) in the near surface environment, including:
PORC002 9 metres @ 0.77% Li2O & 0.28% Rb from Surface
Including 3 metres @ 0.96% Li2O & 0.35% Rb from 3 metres
*Drillhole collar locations and assay results are included in Appendix 2.
This drilling confirms that the Poona East Trend extends for more than 1,000 metres, can extend to over 250 metres in width, and remains untested along strike. Analysis of the drilling data indicates that the subsurface orientation of the pegmatite mineralisation is such that it has not been properly tested by this initial phase of drilling.
Venus is presently planning a program of detailed mapping and sampling to follow up this drilling to further delineate the Poona East Trend. This program may also include auger and RAB drilling to better understand the orientation and distribution of the pegmatite units, and their associated lithium mineralisation, prior to further RC drilling being undertaken to test the depth extents to the pegmatite related mineralisation.
3.2 Poona Trend
Six holes (PORC 004-009) were drilled on the southern extents of the Poona Lithium Trend, in areas that had previously returned high-grade lithium assays at surface. These drill holes returned anomalous lithium mineralisation (>0.1% Li2O) in both the near surface environment and at depth.
Further analysis of the exploration data, generated to date, is required prior to further drilling being undertaken along the Poona Trend.
4.0 Conclusion
Drilling on the two targets at Poona has intersected encouraging lithium-rubidium mineralisation in the near surface environment, especially at Poona East. A program of mapping, sampling and analysis will be undertaken to further delineate the Poona East target prior to a second phase of drill testing being undertaken.
Venus Metals looks forward to further updating shareholders as the exploration at Poona continues.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/46WLY354
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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