Heli EM Survey commences at Greenbushes East VMS Project
Perth, Sep 17, 2018 AEST (ABN Newswire) - Venus Metals Corporation Limited (
ASX:VMC) is pleased to announce the commencement of a high-resolution helicopter-borne electromagnetic survey (HEM) using NRG's Xcite(TM) Airborne Electromagnetic System over the southeast of its 100% owned Greenbushes Volcanogenic Massive Sulphide Base Metals Project, Western Australia (see Fig. 1 in link below).
The HEM Xcite(TM) survey(see note 1) will be flown by New Resolution Geophysics (NRG(TM)) and is expected to be completed in September.
Highlights:
- Large untested aeromagnetic high within Venus tenements, located along strike of Venture Minerals Limited's recent Thor VMS-style discovery(see note 2) to the southwest.
- Anomalous Cu and Zn in soil and a gravity high based on historical company reports(see note 4) coincide with an aeromagnetic high located in the Venus tenement on strike from Venture Minerals' recently announced VMS trend.
Venus Metals Managing Director Matthew Hogan comments: "We are extremely confident that the geological setting on the Company's Greenbushes tenement may be conducive to hosting VMS-style base metals mineralization similar to that announced and confirmed by Venture Minerals. Our current geophysical survey is designed to identify potential drill targets in this highly prospective terrain."
Project background
The Greenbushes East Project comprises exploration licences 70/4810 and 4814, 100% owned by Venus and located in the Balingup Metamorphic Belt. The tenement area is southeast of Talison Lithium's world-class Greenbushes Lithium-Tantalum mine, and Li-Ta exploration has been the focus of Venus' exploration activities to date.
In recent weeks, Venture Minerals Ltd (Venture) released exploration results from its exploration program on ground adjoining that of Venus. Venture reported that drilling had intersected a 17m zone of disseminated, semi- massive and massive sulphides with core samples containing up to 0.3% zinc and 0.2% copper (VMS ASX release 8 August 2018)(see note 2, 3) at its Thor discovery. Currently, Venture Minerals is conducting a Heli-borne EM survey on their tenements directly southwest and abutting Venus ground (VMS ASX release 30 August 2018).
The Thor prospect is located along a prominent aeromagnetic trend that extends northeast into Venus' tenement area. On Venus' E70/4810, the aeromagnetic signature shows significant thickening and structural complexity in terrain dominated by quartz-feldsparbiotite gneiss with units of quartz-mica schist, quartzite, banded iron formation and ultramafic rocks.
Geochemical data from open file (Wamex) company data(see note 4) shows anomalous Cu and Zn concentrations in surface sample media, and a reported gravity high broadly coincident with the aeromagnetic anomaly. Combined, this information is considered highly promising and warrants further investigation. The use of a high-resolution helicopter-borne electromagnetic (HEM) survey using NRG's Xcite(TM) Airborne Electromagnetic system is an effective and cost-efficient means for exploring Venus' tenements, targeting potential semimassive to massive sulphide bodies that may host copper-zinc mineralization.
Bibliography
1. NRG Company profile pdf. www.airbornegeophysics.com
2. VMS ASX release dated 30 August 2018. Major EM Survey to Commence at the Thor VMS Prospect, Southwest of Western Australia.
3. VMS ASX release dated 8 August 2018. Drilling intersects massive sulfides at Thor confirming VMS system, Southwest of Western Australia.
4. Amerod Holdings Pty Ltd, 2008. Bridgetown Combined Annual Report C37/2009. Wamex report A79877.
Exploration Targets
The term 'Exploration Target' should not be misunderstood or misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2012), and therefore the terms have not been used in this context.
To view figures, please visit:
http://abnnewswire.net/lnk/A558BHPR
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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