Venus Metals Corporation Limited (ASX:VMC) Reports Significant New Gold Discovery at Yalgoo Gold Project
Sydney, Oct 31, 2011 AEST (ABN Newswire) - Venus Metals Corporation Limited (
ASX:VMC) are pleased to announce the receipt of very significant gold assays from detailed sampling of drillhole YGRC 156 completed at the Yalgoo Gold Project, together with excellent results from selected composite sampling in four other holes.
DETAILED ONE METRE SAMPLING (YGRC 156)
One metre assays intervals from 96 to 178m gave the following result:
YGRC 156, from 96 to 178m, 82m grading 4.12 g/t Au
(Note: Assays started in mineralization grading 3.98 g/t and ended in mineralisation grading 2.75 g/t End of Hole. Further assays and drilling may well extend the size of this intersection).
COMPOSITE FIVE METRE SAMPLING FROM 4 HOLES
- *Hole YGRC 137, from 0 to 68m, 68m grading 1.86g/t Au (assays ended in mineralisation of 2.44 g/t)
- *Hole YGRC 144, from 195 to 215m, 20m grading 1.4g/t Au
- *Hole YGRC 141, from 98 to 114m, 16m grading 1.88 g/t Au from 166 to 172m 6m grading 1.19 g/t Au
- *Hole YGRC 140, from 58 to 72m, 14m grading 1.65 g/t Au
*Indicates results are subject to confirmation assays from individual 1 metre samples
BACKGROUND and COMMENT
The Venus Yalgoo Gold tenements are host to a number of small scale near surface historical gold workings. However, past exploration has not produced any intersections of any significance until now.
In the last quarter, a program of gold assaying was initiated based on selecting drill hole intervals that showed quartz veining and / or disseminated sulphides in the drill logs. The assay program was designed to test for the presence of any gold values in five selected drillholes.
The distance between the most northerly drill hole assayed (YGRC 144) and the most southerly (YGRC 156) is more than 6 kilometres. They both have deep intersections in the sulphide zone. How deep they will eventually go is unknown. The potential would seem to be large.
Because every drill hole assayed gave good gold results, they are believed to be collectively very significant.
They indicate
1. the project area hosts very consistent gold grades over large widths in a number of areas;
2. the gold is associated with quartz veined disseminated and massive sulphides (which drilling has shown to be relatively common);
3. consistent gold values occur both in oxide and fresh rock zones; and
4. the gold values show strong continuity with depth.
These factors lead the Company to believe that further intensive exploration will likely lead to the identification of a number of gold discoveries within the Yalgoo Gold Project area.
Large numbers of already completed drill holes will now be assayed for gold to determine the spread of gold values in all areas drilled. A project team will be assembled by the Company to advance the new gold development opportunities these result indicate.
"We are very excited by these results" said Matthew Hogan, MD for Venus. "While I have always believed our tenements had gold potential, the size and scope of these results are significant. The Yalgoo project has two major opportunities - iron ore and now gold ".
For the complete Venus Metals Corporation announcement including figures and tables, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-VMC-564112.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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