Quarterly Report and Cash Flow Report
Perth, July 31, 2017 AEST (ABN Newswire) - Venus Metals Corporation Limited (
ASX:VMC) provides the Company's Quarterly Report and Cash Flow Report for the period ending 30 June, 2017.
Venus Metals Corporation Limited's activities conducted during the quarter ending 30th June 2017 include Pincher Well (Youanmi) Zinc-Copper Project:
- The 2nd phase of IP surveying has confirmed the shallow 'up-dip' southern extensions of the North Dome high-grade zinc mineralisation. The chargeability recorded in recent IP survey along line 6821500N is stronger than the previous IP survey results and extends the anomaly an additional 400m to the south.
- The modelled anomaly remains OPEN and UNTESTED to the south, potentially extending the target envelope to over 1 km strike and 250m in width.
- The eastern part of anomaly on southern line 6821300mN is located coincident with the historical Linda and Franca Base Metal Gossans (ASX release 29 May 2017).
- A detailed Ground Magnetic survey was undertaken by Magnetic Resources NL in the Pincher Well North Dome area along 38 E-W lines of 1.8 km length at 50m line spacing. The interpretation of this data is in progress.
- VMC plans to commence RC drilling in the southern target area in August to test the recently discovered high chargeability IP anomalies.
Sandstone Gold Project:
Significant assay results from recent shallow RAB drilling include:
- 4m @ 2.21 g/t Au from 13m including 1m @ 3.98 g/t from 13m (BCR 246); 3m @ 1.03 g/t Au from 6m (BCR 26); 3m @ 0.96 g/t Au from surface and 3m @ 0.81 g/t Au from 6m (BCR 7) and 2m @ 0.70 g/t Au, 7.6 g/t Ag from 8m (BCR 271).
- The assay results confirm the occurrence of gold mineralisation at shallow depth in selected VTEM anomaly areas which warrant additional RC drilling to test this mineralisation to depth.
Curara Well Project:
- Diamond tails were completed on 3 RC holes (CWRC001, CWRC003 and CWRC005) at Curara Well for 361.9m under Co-funded EIS Government-Industry drilling programme. The interpretation of assays and Petrography study are now underway.
To view the full report, please visit:
http://abnnewswire.net/lnk/8C728KDO
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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