Youanmi Project Significant Cobalt Mineralisation Associated with Extensive Lateritisation at Currans Well
Perth, April 3, 2017 AEST (ABN Newswire) - Venus Metals Corporation Limited (
ASX:VMC) continues its evaluation of the Youanmi Project in the Murchison Mineral Field of Western Australia.
HIGHLIGHTS
- Analysis of drilling data at Currans Well has revealed thick intersections of cobalt mineralisation in drill holes,
- Intercepts include:
CWRC025 16m @ 869 ppm (0.09%) Cobalt from 16 metres
Including 4m @ 1483 ppm (0.15%) Cobalt
MYOV151 2.13 m@ 980 ppm (0.10%) Cobalt from 0.3 metres
94CUR0041 5m @ 586 ppm (0.06%) Cobalt from 17metres
And 6m @ 552 ppm (0.06%) Cobalt from 26 metres
- The geological settings at Currans Well can be comparable with the Clean TeQ Holdings Limited (ASX:CLQ) "Syerston Cobalt Project" where the surficial deposit hosted is within lateritic stratigraphy, overlying metal rich ultramafic rocks.
- Cobalt mineralisation is associated with anomalous Copper and Nickel in the near surface environment, eluding to secondary enrichment.
- Numerous historical drill hole samples have not been assayed for Cobalt.
- Extensive, untested, Ferruginous Laterites/Duricrust (see Figure 1 in the link below) at VMC Currans Well and Manindi East will be tested utilising a systematic RAB drilling programme as soon as possible.
Introduction
The Company's tenements cover over 524 km2 of the Youanmi greenstone belt and host a number of high-quality exploration targets, including the substantial Southern Cross Vanadium Inferred Resource (JORC 2012) (refer ASX release 6th February 2015). Analysis of the southern Youanmi project area shows a highly anomalous intercepts of Cobalt, associated with Copper and Nickel at Currans Well Prospect.
Currans Well Cobalt-Nickel Prospect
The Currans well area (E57/1011) overlies a structurally complex wedge on the southern margin the Youanmi greenstone belt and gabbro's of the Youanmi intrusion. The area hosts a number of Nickel-Copper-PGE prospects including Vidure, Merlot and Malbec (see Figure 2 in the link below). Substantial areas of ferruginous lateritic duricrust, mottled zone and upper saprolite overlie, and potentially mask, the subsurface nickel-copper mineralisation at Currans Well.
Base metal mineralisation was first discovered at Curran's Well in drill hole MYDD044 (WMC 1973), with a 1.22m intersection of massive sulphides, which returned assays of 2.2% Ni and 0.14% Cu from 136.64 metres depth. BHP followed-up this drilling in 1985, with another hole collared at a nearby location:
PW0076 7.06 metres @ 1.46% Copper, 0.36% Nickel & 5 gpt Silver from 120.5 metres Including 0.71 metres @ 7.01% Copper. 0.80% Nickel & 21 gpt Silver from 122.35 metres) (refer ASX release 2 November 2015).
Other notable intersections recorded in historical drill holes, at Vidure and Malbec prospects, include:
94CUR42 40m @0.44 ppm Pd, 0.10 ppm Pt and 0.13% Cu from the surface
94CUR41 40m @ 0.38 ppm Pd, 0.09 ppm Pt and 0.16% Cu from the surface
CNRC015 7 m@ 0.97% Ni, 1.44 ppm PGE (Pt+ Pd+ Au) and 0.49% Cu from 129m
A recent review of historical data at Currans Well area has revealed thick intersections of Cobalt mineralisation in drillholes and elevated Cobalt in surface sampling. Cobalt mineralisation associated with anomalous Copper and Nickel in the 'near surface environment' and is interpreted to be related to secondary enrichment associated with lateritic processes and the presence of elevated base and specialty metals (Such as Cobalt) in the underlying source rocks, namely the ultramafic stratigraphy.
The geological setting (Cobalt mineralisation in weathered lateritic layer overlying metal rich ultramafic rocks) can be correlated across the Currans Well area. The best intersections in drill holes include:
CWRC025 16m @ 869 ppm (0.09%) Cobalt from 16 metres
Including 4m @ 1483 ppm (0.15%) Cobalt
*Assays of Cu 0.25% & Ni 0.28% downhole.
MYOV151 2.13 m@ 980 ppm (0.10%) Cobalt from 0.3 metres
*Assays of Cu up to 0.77% & Ni 1.12% downhole.
94CUR0041 5m @ 586 ppm (0.06%) Cobalt from 17metres
And 6m @ 552 ppm (0.06%) Cobalt from 26 metres
*Assays of Cu up to 0.23% & Ni 0.22% downhole.
Several historical surface grab samples have recorded more than 200 ppm cobalt, with a peak Cobalt value of 1490 ppm reported for a grab sample CW01 collected from Malbec prospect (see Figure 3 in the link below).
Figure 1 (see the link below) shows the extensive outcrop of these untested Ferruginous Laterites and Duricrusts, which overlie mineralised ultramafic rocks. These units have been identified over an area covering more than150 km2 and include the outcrop at Currans Well, Manindi East and Pincher Well where the Company is currently drilling a strong IP anomaly for Zn.
These potentially Cobalt enriched lateritic duricrusts represent a compelling target and an exploration program is presently being developed by Venus Metals to systematically test the lateritic duricrust by utilising shallow RAB drilling.
The Company advises that Dr Tamal Pal has joined in VMC exploration team as Project Geologist. He worked with Ivanhoe Australia's Cu - Au + Mo - Re Cloncurry Project (2007- 2012) as a Project / Exploration Geologist. Dr Pal did research on the "genetic model for the SEDEX-type Zn-Pb rich Rajpura-Dariba deposit, Rajasthan, India". He was recommended by Douglas Kirwin, previous Executive Vice-President, Ivanhoe Mines.
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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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