Venus Metals Corporation Limited (ASX:VMC) is pleased to announce that a historical data review and target generation program has identified three highly prospective gold targets within VMC Youanmi tenements E57/986, E57/1019 and E57/985.

HIGHLIGHTS

- Venus Metals Corporation ('Venus') controls 26km of highly prospective gold stratigraphy along the highly mineralised Youanmi Shear Zone, on the Youanmi Greenstone Belt in Western Australia

- Exploration targeting has identified five significant gold prospects, the first three targets being within the Pincher Hill area, with an additional two gold targets at Youanmi North (see Figure 1 in the link below)

- High-grade gold ('Au') has been intersected in a number of drill holes completed by previous explorers at Pincher Hill including:

PWP 577 (2) 6m @ 11.15 g/t Au from 36m
Incl. 2m @ 23 g/t Au from 38m

PWP 393 (3) 3m @ 10.43 g/t Au from 56m

PW 096 (1) 1m @ 26.3 g/t Au from 5m
and 2m @ 18.45 g/t Au from 16m

PW 026 (1) 2m @ 6.0 g/t Au*

PW 0062 (2) 2.71m @ 5.60g/t Au from 128.78m

- These high-grade gold intersections have yet to be followed up and tested utilising modern exploration methods

- Pincher Hill is located between the Youanmi Gold Mine (667,000 oz @ 5.4 g/t Au) and high-grade Penny West Gold Mine (150,000 oz @ 22 g/t Au) discovered in 1990 - the mineralised zone at Penny West occurs in a quartz vein commonly less than 3m wide

- These highly prospective gold targets provide a major extension to the exploration work currently being conducted at Pincher Well Zinc Project

- These high-grade gold targets identified at Youanmi, including Pincher Hill, are interpreted to occur on structural splays from the main Youanmi Shear, similar to that hosting the high-grade Penny West gold deposit

- Venus is planning an aggressive exploration programme to test these high-grade gold targets including IP, EM and RAB /RC drilling.

2.0 Youanmi Shear Zone Gold Mineralisation

The Youanmi Shear Zone is located 600km north-northeast of Perth and forms part of Venus Metals Corporation Ltd.'s ('Venus') Youanmi gold & base metal project. The Venus tenements, E57/986, E57/1019 and E57/985 cover the 26km of the Youanmi Shear Zone. This highly prospective, goldrich, structural trend runs entirely within the Venus tenement package, on the Youanmi Greenstone Belt in the Yilgarn Craton of Western Australia. The Youanmi region is well serviced by significant infrastructure associated with historical mining operations in the region including those at Windimurra, Youanmi and Sandstone.

3.0 High-Grade Gold Targets

Historically the Youanmi Pincher Hill area was explored for base metals by Newmont, WMC, and BHP in 1980s and in the 1990 Eastmet discovered the Penny West Gold Mine.

The historical data review had identified three major highly potential gold targets (Pincher North, Pincher Hill and Pincher South) at Pincher Hill and two additional gold targets (Youanmi North 1 & 2) within the Venus Youanmi tenements E57/986, E57/1019 and E57/985 respectively (see Figure 1 in the link below). All the historical drill holes with more than 1 g/t Au are presented in Figures 2 & 3 (see the link below) and Table 1 (see the link below).

These significant exploration targets lie between the main Youanmi Mine in the North (which has historical production of 667,000 oz gold at 5.4 g/t, from both open pit and underground operations) and the high grade Penny West mine in the south (historical production of 150,000 oz gold at 22 g/t open pit). These high-grade mines occur in structural splays coming off the main Youanmi Shear Zone, and are associated with quartz-rich, sulphide alteration zones.

The Youanmi Gold Deposit was discovered in outcrop, with 667,000 oz being mined between 1908 and 1997. The present owners of the Youanmi Gold Mine report existing underground resources totalling 2.4 Mt grading 8.5 g/t Au, for an additional 659,000 oz Au.

The Penny West Mine was a 'blind discovery' and found in 1990 by a combination of soil sampling and deep RAB drilling down to more than 50m. The 150,000 oz from 200,000 t of ore was produced from below 50m depth in a narrow quartz-sulphide vein, commonly less than 3m thick.

3.1 Pincher North Prospect

Pincher North is 1.5 km long and 400 metres wide geochem gold anomaly overlies a northsouth trending fault. Best historical drillhole intersections above 1g/t gold with no further follow up drilling, were

*PW0026 (1) 2 m @ 6.0 g/t Au (depth of intersection not provided)
PWP505 (1) 2 m @2.06 g/t Au from 26 m
PWP533 (1) 2 m @ 1.0 g/t Au from 20 m
PWP521 (1) 2 m@ 1.7 g/t Au from 38 m

The top 10 to 20 metres of these drill holes were not assayed for gold (Wamex Report A66606).

3.2 Pincher Hill Prospect

In the Pincher Hill area, 1984 drilling showed high grade gold values of 6m @ 11.15g/t Au from 36m (including 23g/t Au over 2m from 38m) occurring beneath laterite cover in RAB holes drilled in 1984 at Pincher Hill area, which is half way between the Youanmi mine and Penny West. This intersection is within a 400m by 150m geochemical anomaly that is open along strike and at depth.

Best historical drillhole intersections within Pincher Hill area above 1 g/t of gold are

PWP0577 (2) 6m @ 11.15g/t Au from 36m
Including high-grade Au values up to 23g/t Au over 2m from 38m

PWP0576 (2) 2m @ 1.19g/t Au from 36m

PWP0393 (3) 3m @ 10.43g/t Au from 56m
Including 12.8g/t Au from 56-58m

PW0062 (2) 2.71m @ 5.60g/t Au from 128.78m
Including 1m @ 12.10g/t Au from 130.49m

In 1984, geological knowledge of structural gold settings at Youanmi was limited and there is no record of any follow up work having been undertaken. In addition rock chip sampling at the southern extension of the BIF target at Pincher Hill has recorded three samples with high-grade gold values including 63.1 g/t, 17.2 g/t, and 3.34 g/t. No drilling has been carried out over the rock chipped area or to the southern extension of the BIF (Wamex report A66606).

3.3 Pincher South

At Pincher South, three historical RC drillholes were drilled in an area where 4 BIF rock samples returned gold values of 14.9 g/t, 8.2 g/t, 3.41 g/t and 0.63 g/t Au. PW96 (1) intersected 1 m @ 26.3 g/t of gold at 5m depth with a further 2 meters @ 18.45 g/t of gold at 16 metres depth and other holes (PW 106 and PW0107) recorded anomalous gold values >0.4 g/t over 1 metre intervals. The extension of the BIF (1,200 x 500m) had no follow up drilling.

Apart from these results, other historical drill holes with gold intersections >1g/t Au towards south-west of Pincher North within E57/1019 are PW6 (4) 1m@ 3.42g/t Au from 139.5m and PW9 (2) 0.15m @1.38g/t Au from 63.15m. Recent Venus exploration drilling, targeting base metals (south-west of Pincher North), also encountered gold >1g/t in three RC drill holes, including:

VPW 64 1m@1.03g/t Au from 102m
VPW 66 1m@1.05g/t Au from 130m
VPW 42 1m@1.68g/t Au from 80m (refer Table 1 in the link below and VMC ASX release 27 April 2017)

3.4 Youanmi North Prospects 1 & 2

Additional gold targets at Youanmi North are located between 3 and 4km north of Youanmi Gold Mine and are located within, and adjacent to, the Youanmi Shear Zone. The Youanmi North 1 area hosts historic surface samples with recorded Au values of 29.06 g/t (Wamex A69231), 7.09g/t and 3.02g/t (Wamex A88022).

The best intersections, >1g/t Au, in historical drill holes are

Youanmi North 1: YUR391 (5) 8m @ 1.31 g/t Au form 48m including
4m@1.98g/t Au from 48m

Youanmi North 2: YUR044 (6) 4m@1.85g/t Au from 16m including
1m @ 3.11g/t Au from 19m

4. Conclusion

- In addition to the above Pincher Hill targets, the majority of the 26 km shear zone is covered by alluvium and hardpan cover and has been subject to minimal historical exploration.

- The gold exploration at Youanmi provides a major extension to the exploration work currently being conducted by Venus for Zinc at the Pincher Well VMS project

- Further exploration with modern techniques is also expected to outline additional and exciting new gold targets within the highly prospective Youanmi Gold tenements of Venus.

- The Company is planning an aggressive exploration programme on these high-grade gold targets including IP, EM and RAB /RC drilling.

Bibliography

(1) WAMEX Report A66606, 2003, Pincher Hill Project Annual Report, Snowpeak Nominees Pty Ltd

(2) WAMEX Report A16704, 1985, Gold Exploration in E57/23 Pincher Well, BHP

(3) WAMEX Report A16703, 1985, Mapping and Bedrock Geochemistry PW62-PW17 Area Pincher Well, BHP

(4) WAMEX Report A42431, 1994, Pincher Mapping Project Progress Report, Gold Mines of Australia Limited

(5) WAMEX Report A76122, 2007, Annual Report, La Mancha Resources Australia Pty Ltd (formerly Mines and Resources Australia Pty Ltd)

(6) WAMEX Report A97579, 2013, E57/524 Final Surrender Report, Empire Resources Ltd

To view tables and figures, please visit:
http://abnnewswire.net/lnk/4364YP95


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.

 

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



Link: Youanmi Gold Project High Grade Gold at Pincher Hill



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