Venus Metals Corporation Limited (ASX:VMC) RC Drilling Commences At Bassit Bore Gold Project
Perth, Dec 12, 2011 AEST (ABN Newswire) - Venus Metals Corporation Limited (
ASX:VMC) are pleased to announce RC drilling has commenced at the Company's Bassit Bore Project (refer ASX release 16th August 2011 option agreement signed to purchase the tenement) located in the Gascoyne Province of WA.
The drilling program of some 1500m for 20 holes will test high grade gold quartz veins outlined by a program of rock chip sampling and follow up soil sampling. Two main targets will be tested, namely the Bassit Vein shear zone over a 300 metre strike length, and the Kempton Vein also over a 300 metre strike length.
BACKGROUND
The Gascoyne region of WA, together with the adjacent Ashburton Region, is an emerging gold province with a number of new discoveries and significant production developments. Large scale open pit mining has taken place at Mt Olympus, high grade underground mining is underway at the Paulsens deposit, and the Glenburgh discovery is growing in size and magnitude. The high grade Andy Well deposit north of Meekatharra is also a new discovery.
In particular, the Paulsens deposit has developed from very modest initial surface indications, highlighting the potential for high grade underground deposits in the general Province.
BASSIT BORE PROSPECT
High grade gold values up to 421g/t were obtained from grab samples taken by the Company in July 2011 from gossanous quartz boudins exposed over a 300 metre strike zone at Bassit bore (refer ASX release 16th August 2011). Assays were undertaken by SGS Laboratory, 50g fire assay with AAS finish. The prospect is a new discovery with no history of previous drill testing.
Recent geological mapping by consultant Richard Russell has outlined two predominant mineralised shear zones both striking WNW. The Bassit Vein carries the high grade gold values, with the Kempton vein showing surface copper enrichments. The Kempton vein passes into adjacent tenements controlled by Gascoyne Resources who report surface assays up to 73g/t Au on the vein (named by them as the Harrier Prospect).
The geological mapping indicates that the two WNW vein sets are may be controlled by regional shears trending ENE within the sheared granite and granite porphyries of the Proterozoic crystalline basement rocks in the Mt Phillips area.
SOIL SAMPLING RESULTS
The area of the Bassit vein was soil sampled in October. A total of 132 soil samples on a 20 by 40 meter grid were collected and assayed by SGS for Au (25gm Aqua Regia, DIBK,AAS finish), Cu Pb, Zn and Ag (ICP-AES after ARE Digest).
Gold assay results show a strong correlation with mapped quartz vein outcrops.
Values for Cu, Pb, Zn and Ag also reinforce the vein prospectivity (See Figures 3, 4, 5, 6 and 7 from the link at the bottom of the release)
DRILL RESULTS
These will be released when available.
For the complete announcement including figures, please view:
http://media.abnnewswire.net/media/en/docs/ASX-VMC-571057.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.
| ||
|
