Venus Metals Corporation Limited (ASX:VMC) Drilling Commenced At Eucla Moodini Project Large Iron Oxide-Copper-Gold Exploration Targets
Perth, Mar 7, 2011 AEST (ABN Newswire) - Venus Metals Corporation Limited (
ASX:VMC) are pleased to advise that the RC and Diamond drilling programme has commenced at the Eucla Moodini Project.
The Moodini tenement was taken out to cover a section of a Venus-interpreted continental-scale north trending Proterozoic basement fault evident on state-wide and Australia-wide aeromagnetic imagery. The fault, known as the Mundrabilla Fault is concealed beneath younger sediments of the Eucla Basin, and is interpreted by Venus to be the western boundary of the South Australian Craton. West of the Mundrabilla Fault Venus interprets the basement as being the Proterozoic Albany- Fraser Orogen hosting the world-class Tropicana gold project. The Mundrabilla Fault is readily interpretable as a sinistral transpressional fault formed during Proterozoic north-west directed Australia-wide compression.
Australian Proterozoic orogenic belts (orogens) host a variety of world-class and giant ore deposits including Mt Isa (base metals), Olympic Dam (Iron Oxide-Copper-Gold-Uranium), Telfer (Gold) and Argyle (diamonds). Venus is selectively targeting concealed parts of Proterozoic orogens where cover is interpreted from geophysics to be relatively thin (<500m).
Gravity survey results (ASX release 23rd June 2010) obtained across two concealed discrete magnetic highs showed that the magnetic highs have coincident gravity highs, suggesting the possibility of extensive IOCG style mineralisation.
Venus Metals has Programme of Work approvals for 13 exploration holes covering both Moodini North and Moodini South targets.
The first drillhole commenced at the Moodini South IOCG target which has a strike length of approximately 14 kilometres.
Interestingly Venus's granted exploration licence has been over pegged by Anglo American Exploration (Australia) Pty Ltd.
For the complete Venus Metals announcement including figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/532288.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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