Quarterly Report and Cash Flow Report
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.
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About Venus Metals Corporation Limited
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.
Venus Metals Corporation Limited