Perth, May 29, 2017 AEST (ABN Newswire) - The Directors of Venus Metals Corporation Limited (ASX:VMC) are pleased to announce that the phase 2 Induced Polarisation ('IP') survey was completed by Vortex Geophysics at Pincher Well Volcanogenic Massive Sulphide Trend ('VMS') with excellent survey results as interpreted by Core Geophysics.

PINCHER WELL ZINC-COPPER PROSPECT:

- 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 the extends the anomaly 400m to the south (see Figure 1 in the link below),

- The modelled anomaly remains OPEN and UNTESTED further to the south, potentially extending the target envelope of 1km strike and 250m width,

- The bifurcation of IP anomaly on southern line 6821300N interpreted due to the presence of NE trending fault. The eastern part of anomaly is located below the historical Linda and Franca Base Metal Gossans,

- A ground magnetic survey is commencing immediately to refine the targets for drilling these exciting anomalies.

1.0 Introduction

The IP survey has expanded the strike length of the previously reported chargeable zone (ASX announcement 14th October 2016) and indicates the extension of the target envelope. Further, the anomaly in the survey is not only open to the south but the area has also never been drill tested or recognised as a potential mineralised zone.

2.0 Pincher Well Zinc-Copper VMS Trend

The Pincher Well VMS Trend is located 600km north-northeast of Perth and forms part of Venus Metals Corporation Ltd.'s ('Venus') Youanmi gold & base metal project. The tenements (E 57/986 & E57/1019) hosting the Trend are situated 15 km southwest of the Youanmi Gold Mine and processing plant. The Youanmi region is well serviced by significant infrastructure associated with historical and ongoing mining operations in the region including those at Windimurra & Sandstone.

The Pincher Dome VMS Trend covers more than 5 kilometres of strike and hosts a number of known zinc and copper prospects including the Linda & Franca Gossans, PW17 zinc discovery and a substantial body of zinc mineralisation at North Dome.

Recent reconnaissance drilling over the earlier IP anomaly confirmed the presence of significant thick and shallow 'up-dip' extension of the known North Dome zinc-copper mineralisation. Significant intercepts of Zinc mineralisation include:

- E-W IP Survey Line 6821700mN
o VPW40 10m @ 7.31% Zinc from 52 m including
6m @ 9.5% Zinc from 55 m

- E-W IP Survey Line 6821900mN
o VPW62 10m @ 5.1% Zinc from 68 m
o VPW60 7m @ 4.2% Zinc from 87 m
(refer ASX announcement 27th April 2017)

3.0 North Dome IP Survey (Phase 2)

- IP survey in North Dome was recently carried out on 2 east-west directed survey lines (6821500mN and 6821300mN) each covering a total length of 2.1 km (see Figure 2 & Appendix- 1 in the link below). The lines were positioned 200m apart south of the previous surveyed lines (ASX announcement 14th October 2016).

- Out of 6 IP E-W survey lines completed ( Phase 1 and Phase 2) in the North Dome mineralisation covering a strike length of 1km has recorded chargeability ranging from 7mV/V (line at 6822312mN) to 19mV/V (line 6821500mN). The chargeability increases steadily in strength towards the south indicating the shallow 'up-dip' southern extensions of the known North Dome high grade Zinc mineralisation. The target envelope now potentially covers a strike length of 1km and 250 m width.

- The IP anomaly bifurcates in the south line (6821300m N) interpreted due to the presence of the NE trending fault. The eastern part of that IP anomaly is located below the historically mapped Linda and Franca Gossans and probably reflects the mineralisation underneath the gossans.

- The high chargeability recorded in survey lines 6821500mN and 6821300mN (see Figures 1 and 3 in the link below) have not been previously subject to any drill testing.

Conclusion:

The IP survey at North Dome has proven highly successful and POW application has been lodged with WA DMP to expedite and advance the work program. A ground magnetic survey is commencing immediately to refine the targets for drilling these exciting anomalies.

Venus Metals looks forward to updating shareholders exploration continues at North Dome and advances towards the definition of mineral resource.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/484JER4G


About Venus Metals Corporation Limited

Venus Metals ASX:VMC

Venus Metals Corporation Limited (ASX:VMC) holds a significant and wide ranging portfolio of Australian base and precious metals exploration projects comprising lithium, cobalt, vanadium, copper, zinc, nickel, gold and platinum group of elements.

Key project areas in Western Australia include:

- Pincher Well Zinc-Copper Project (Youanmi): Over 5 km of under explored VMS trend with an Exploration Target of 15-20 Million Tonnes@ 2-8% Zinc,which also hosts a number of high grade lodes (>10% Zinc).

- Currans Well Cobalt-Nickel-Copper Project (Youanmi): Significant Cobalt mineralisation up to 1483 ppm Co in historical drilling. Extensive Lateritic Duricrust Co-Ni target areas identified.

- Curara Well Nickel-Copper-Gold Project (Doolgunna):10 km northeast of Sandfire Resources DeGrussa Copper Mine. Wide intercepts of disseminated Nickel Sulphides (Millerites) in Ultramafics.

- Southern Cross Vanadium Project (Youanmi): JORC 2012 Inferred Vanadium Mineral Resource of 167.7 Millions Tonnes @ 0.41% V2O5, 7.52% TiO2.

- Strategic Lithium-Tantalum Projects in WA.

 


Contact

Matthew Hogan
Non-Executive Chairman
T: +61-8-9321-7541

Kumar Arunachalam
Chief Executive Officer
T: +61-8-9321-7541
Fax: +61-8-9486-9587
E: info@venusmetals.com.au



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