Drill hole details, a drill location plan and assay results for the holes are attached. They confirm the continuity of vanadium mineralisation within the magnetic trends associated with the previously announced exploration target.
Widenbar has previously defined an exploration target potential* at a 0.1% V2O5 cut-off of 1 billion to 1.3 billion tonnes at 0.25 to 0.3% V2O5 (both oxide and hard rock) over 14-15km strike length (refer ASX release 6th February 2015).
Assuming the untested 14-15km of strike length indicated by the aerial magnetics hosts similar mineralisation to the JORC 2012 Resource in the drilled area, the following upper and lower limits can be postulated.
High Grade at 0.25 cut-off 550 to 650 Mt @ 0.38 to 0.42% V2O5
Mineralisation at 0.1 cut-off 1 Bt to 1.3 Bt @ 0.25 to 0.30% V2O5
Note: High grade material is included within the low-grade envelope.
*The exploration target potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a mineral resource and that it is uncertain if further exploration will result in the Estimation of a mineral resource.
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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.
Executive Exploration Director
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