Venus Metals Corporation (ASX:VMC) Gravity Survey Confirms Large IOCG Target At Radi Hills With A Strong Gravitiy Amplitude of 5mGal The Same As The World-Class Prominent Hill IOCG Deposit
Perth, Aug 23, 2010 AEST (ABN Newswire) - Gravity survey results over Venus Metals Corporation Limited (
ASX:VMC) Radi Hills IOCG/base metal target(*) show that the Radi Hills magnetic high has a coincident "bullseye" 5 mGal gravity high typical of Iron oxide-Copper-Gold (IOCG) deposits.
Geophysical consultants Resource Potentials have modelled the gravity high as a northwest-striking 3km x 2km body centred between two discrete magnetic anomalies. The gravity anomaly is comparable to other large IOCG deposits (refer Resource Potentials table at bottom of release, modified from Vella 2007).
The Radi Hills IOCG target is interpreted by Venus to occur within Proterozoic basement of the Paterson Orogen which to the south of Venus's Wallal project area hosts the giant 27 million ounce Telfer gold deposit and the world-class Kintyre uranium deposit.
Venus Exploration Director Kerry Taylor described the Radi Hills IOCG target as "one of the most exciting IOCG targets I have ever seen; it's not often that you see such a spectacular "bullseye" gravity high coincident with a magnetic high - it is reminiscent of the gravity response over the world-class Prominent Hill IOCG deposit".
Radi Hills is located within granted Venus Exploration Licence E45/3398 located approximately 207 kilometres north-northwest of Telfer within the Canning Basin Wallal Platform in a region where Venus interprets the Wallal Platform sedimentary cover to be relatively thin (<500m). Geophysical modelling of gravity and magnetics indicates that the Radi Hills IOCG target is within Venus's target depth range. E45/3398 is one of five contiguous Exploration licences forming the Wallal Project area, which, along with the Citadel Project to the east (three ELs) constitutes the Telfer North Super Project. Recent aeromagnetic results from Citadel have highlighted the presence of two "Telfer Dome look-alike" gold targets (ASX announcement 10 Aug 2010). The gravity crew will be mobilising to Citadel.
Telfer North Super Project tenements were applied for to cover a multitude of "world-class" exploration targets, based on the strategy of targeting concealed parts of productive Proterozoic Orogenic Belts utilising GIS-based statewide aeromagnetics and structural interpretation.
It is the aim of Venus to drill the Radi Hills IOCG target and the Citadel Telfer Dome look a-like gold targets as soon as possible.
References:
Vella,L.,2007. Geophysical Exploration for IOCG Deposits, with examples from the Gawler Craton and Eastern Succession. Centre for Exploration Targeting Iron-Oxide Copper Gold Deposits MSc Short Course February 2007.
Figure 3 (refer to link at bottom of release). Courtesy Minotaur Exploration Limited (ASX:MEP) /John Hart, Senior Geoscientist.
Resource Potentials Table-------------------------------------------------------------------DEPOSIT GRAVITY GRAVITY MAGNETIC MAGNETIC ANOMALY ANOMALY ANOMALY ANOMALY AMPLITUDE DIMENSIONS AMPLITUDE DIMENSIONS-------------------------------------------------------------------RADI HILLS* 5mgal 3km x 2km 1500nT 3.5km x 2.5kmProminent Hill 5mgal 2.5km x 1km 7000nT 700m x 500mCarapateena 2-2.5mgal 2km x 2 km 200-300nT 1.5km x 1kmWirrda Well 6mgal 6km x 9 km 1800nT 6km x 9kmOlympic Dam 17mgal 8km across 1400nT 8km acrossErnest Henry 2-3mgal 1.2km x 700m 7000-10000nT 1.2km x 700mEloise 1mgal 1km x 500m 1100nT 750m x 250m-------------------------------------------------------------------
(*) The term "Target" should not be misunderstood or misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2004), and therefore the terms have not been used in this context. It is uncertain if further exploration or feasibility study will result in the determination of a Mineral Resource or Mining Reserve.
For the complete Venus Metals announcement including figures, please refer to the following link below:
http://www.abnnewswire.net/media/en/docs/63573-ASX-VMC-502130.pdf
About Venus Metals Corporation Limited
Venus Metals Corporation Limited (ASX:VMC) is a West Australian based Company with a focus on gold, base metals, vanadium and lithium exploration projects. The Company aims to increase shareholder value through targeted exploration success on its projects.
The Company's major gold project is the Youanmi Gold Mine, located 500km north-east of Perth. The Youanmi Gold Mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%); Indicated and Inferred Resource of the mine is in excess of 3 million ounces of gold.
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