Poona New High Grade Lithium Prospect Identified
Perth, Oct 6, 2016 AEST (ABN Newswire) - The Directors of Venus Metals Corporation Limited (
ASX:VMC) are pleased to announce that sampling within the Poona lithium-tantalum project area in Western Australia has returned highgrade lithium results and identified a new target area for drill testing.
HIGHLIGHTS
POONA
- Reconnaissance mapping & sampling has identified a new prospect area at Poona East, to the north east of the main Poona Trend, which includes high-grade, pegmatite hosted lithium mineralisation
- Sampling has returned a significant number of high-grade lithium assays (up to 2.58% Li2O), over more than 1,000 metres of strike,
- Sampling include assays:
-- P308 1.72% Li2O & 0.89% Rubidium
-- P314 1.94% Li2O & 1.19% Rubidium
-- P318 2.58% Li2O & 1.21% Rubidium
- Reconnaissance shows the area to have limited outcrop, however the presence of quartz 'blows' & pegmatites may indicate a significant hydrothermal alteration system, similar to those found associated with Canadian lithium, pegmatite deposits,
- The Poona East prospect area will be drill tested in the coming months as part of the current exploration program.
1.0 Introduction
Venus Metals Corporation Limited ('Venus Metals') holds two tenements (E 20/885 & ELA 20/896) in the Poona region. This project lies within the Murchison Mineral Province in Western Australia (Figure 2, see link below).
2.0 Poona Lithium-Tantalum Project
The Poona project is located in the Murchison Mineral Field, approximately 560 km to the northnortheast of Perth. The project area is composed of two exploration licenses (E 20/885 & ELA 20/896) covering more than 249 km2. These tenements overlie a number of recognised lithium and tantalum occurrences including Patons Lode, Poona Reward and Coodardy North (Figure 3, see link below).
Reconnaissance work, away from the historical mining and prospecting areas, has resulted in the delineation of high-grade lithium mineralisation at Poona East.
Venus Metal's program of mapping & sampling over the project area has outlined a significant area of mineralised stratigraphy at Poona East, approximately seven kilometres to the northeast of the Poona Lithium Trend. Sampling has returned a significant number of anomalous assays, with highgrade lithium results including:
Sample P308: 7,001,156 N/ 552,658 E / 1.72% Li2O & 0.89% Rubidium
Sample P312: 7,001,433 N/ 552,385 E / 1.08% Li2O & 0.68% Rubidium
Sample P314: 7,001,415 N/ 552,093 E / 1.94% Li2O & 1.19% Rubidium
Sample P318: 7,001,630 N/ 551,931 E / 2.58% Li2O & 1.21% Rubidium
Sample P319: 7,001,929 N/ 551,664 E / 1.29% Li2O & 0.61% Rubidium
*A full table of sample results and assays can be found in Appendix 1 (refer to link below).
The mineralisation at Poona East shows similar characteristics to that of the Poona Lithium Trend, located to the southwest, with lithium-rubidium mineralisation hosted by both the intrusive pegmatites as well as the surrounding biotite-rich schistose and amphibolite units.
Outcrop through the Poona East prospect area is limited, however the presence of both intrusive pegmatitic units and quartz 'blows' (in both sub and outcrop) is indicative of a significant hydrothermal alteration system. This style of mineralisation is typical of Canadian-style lithiumpegmatite deposits.
Exploration at Poona East will advance significantly in the coming months, with the present mapping and sampling program having outlined a substantial zone of mineralisation and deemed sufficient to allow systematic drill testing to commence.
3.0 Conclusion
Sampling within the Poona lithium-tantalum project area continues to return high-grade lithium assays with recent exploration having outlined a significant zone of lithium mineralisation at Poona East.
Venus Metals looks forward to further updating shareholders as drilling commences at Poona East.
To view the full release including tables and figures, please visit:
http://abnnewswire.net/lnk/8XLJR2KG
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.
| ||
|
