Drilling Commences at Currans Well Cobalt-Nickel Prospect
Perth, Nov 21, 2017 AEST (ABN Newswire) - A reconnaissance RAB drilling program has commenced at the Currans Well Prospect that is part of the Youanmi Cobalt-Nickel Project in the Youanmi greenstone belt, Western Australia.
- Stage 1 drilling targets shallow (0 to 30m depth) cobalt-nickel mineralisation in weathered mafic-ultramafic rocks at Currans Well where historic drilling has shown thick intersections with up to 0.15% Co (see Note 1 below) (refer ASX release dated 3 April 2017).
- 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 (see Note 2 below).
- The targeted style of mineralization is similar to that at the Quicksilver Nickel-Cobalt Project in the South West Mineral Field of Western Australia (of Golden Mile Resources - ASX:G88). Supergene enrichment of cobalt and nickel occurs within the deep weathering profile developed on ultramafic bedrock. At Currans Well, other targeted commodities include copper, platinum and palladium.
- Preparation and permitting for Stage 2 drilling is underway. Drilling will test two additional targets (see Figure 1 in link below) for supergene cobaltnickel mineralisation within the Youanmi Project area:
Estonia Target is a historic geochemical anomaly (see Note 3 below) in magnetic surface lag that indicates the presence of ultramafic rock over a strike length of approximately 2 km under lateritic cover and shows highly anomalous nickel and cobalt along this trend.
Penny West North Target is an approximately 2.4 km long and up to 0.2 km wide ultramafic talc-tremolite schist with a weathering profile that warrants drill-testing for supergene cobalt-nickel mineralisation.
- Stage 2 drilling is scheduled to commence in January following Programme of Work (PoW) approvals.
Notes:
Bibliography
1. WA DMP WAMEX Report No A78024, 2007, Currans Well Project Annual Report, Ellendale Resources NL.
2. http://abnnewswire.net/lnk/EUHML740
3. WA DMP WAMEX Report No A75836, 2007, Pincher Hill Project, Youanmi Annual Report, Goldcrest Mines Pty Ltd.
To view figures, please visit:
http://abnnewswire.net/lnk/1Q56C9G8
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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