THE YOUANMI GOLD MINE
- Youanmi is one of the last big WA gold mines to be re-examined for production under today's high gold prices of AUD$1,700/oz.
- The Youanmi Gold Mine closed in 1995 with gold prices at AUD$450/oz after producing over 670,000 ounces at an average 5.4g/t Au.
- Venus has entered into two option agreements to enable it to purchase the Youanmi Gold Mine.
- Venus has upgraded all open pit and high grade underground resources to JORC 2012 compliance after extensive modelling of the existing 15,183 drill hole data base.
- Further major upside potential has been identified through the concept of developing a single "super pit" over a 2km strike zone (connecting all existing pits from surface).
- Drilling has shown significant potential for high grade resource extensions at depth.
- Venus holds all the surrounding exploration acreage where EM surveys have outlined extensive anomalies for testing to provide new discovery opportunities.
INDICATED AND INFERRED JORC 2012 RESOURCE ESTIMATE - TOTAL 1,190,600 OUNCES OF GOLD*
* Refer VMC ASX releases dated 28 May 2018 and 29 June 2018
YOUANMI GOLD PROJECT FORWARD PLANNING
- Complete due diligence prior to exercise of the purchase options
- Commence scoping studies on the near surface deposits for the "super pit" concept
- Drilling to upgrade resources for planning purposes
- Engineering studies for high volume treatment alternative
- Pre-feasibility studies and project finance discussions
- Preliminary discussions with open pit and underground mine operators
- Regional exploration to drill test identified targets
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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 (ASX:VMC) Farm-In Agreement on Pilgangoora-Wodgina Lithium Projects