Quarterly Report
Perth, Jan 22, 2019 AEST (ABN Newswire) - Venus Metals Corporation Limited's (
ASX:VMC) (VMC) activities conducted during the quarter ending 31 December 2018 includes:
YOUANMI VANADIUM PROJECT
- A 6282m reverse circulation (RC) drilling programme at the Youanmi Vanadium Oxide Project has been completed. The RC drilling has delivered more than 100 tonnes of samples for further advanced metallurgical test work, to expand on the current metallurgical test work being conducted by METS (ASX release 13 December 2018).
- Updated JORC 2012 resource calculations based on the combined geological logs, assay results and magnetic susceptibility readings are expected to be available in February 2019.
YOUANMI GOLD PROJECT
- VMC has paid $50,000 to St Clair to extend the option period until 30 June 2019, which brings it in line with the option period under the other option, which is to purchase all the shares in Oz Youanmi Gold Pty Ltd (ASX release 31 December 2018).
- VMC has completed its due diligence and evaluation of the Youanmi Gold Mine and is currently assessing several different strategies/proposals for the potential settlement of the transaction by 30 June 2019.
DEGRUSSA NORTH COPPER PROJECT
- A reconnaissance ground gravity survey was conducted at DeGrussa North Project over portions of E52/3486 and E52/3068.
- The gravity survey has validated the regional government data and defined two main anomalous zones, together with two additional zones of gravity anomalism. These comprise of +1mgal anomalies which are considered significant within the geological granite domain setting. 3D inversion modelling of the data along with 2D modelling of anomaly 1 indicates a depth to a gravity source with a density of 3.5g/cc at approximately 200-250m. The anomalies may represent targets for Cu-Au mineralisation beneath the extensive soil and colluvial cover in the area. Ground EM surveys are being planned for the new year to refine the targets (refer ASX release 14 December 2018).
YOUANMI LITHIUM PROJECT (under option agreement with Lepidico Ltd (LPD)
- The assay results from the recent RC drilling by LPD confirm multiple Lithium intercepts include 12m@ 0.68% Li2O, 2m @1.58% Li2O and 4m@0.76% Li2O from Lepidolite-rich pegmatites. The Central Zone hosts a complex of multiple narrow high-grade pegmatites (refer LPD ASX release 8 January 2019).
To view the full report with tables and figures, please visit:
http://abnnewswire.net/lnk/94J31I16
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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