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St Clair Option Extended Until 30 June 2019

Youanmi Gold Mine Update
Youanmi Gold Mine Update
Perth, Jan 2, 2019 AEST (ABN Newswire) - Reference is made to the ASX release made by Venus Metals Corporation Limited (ASX:VMC) ("Venus") on 28 May 2018 in relation the 2 option agreements that enable Venus to purchase the historical Youanmi Gold Mine (MLs) and all associated infrastructure and the mine village.

One of the options is with St Clair Resources Pty Ltd ("St Clair") which has brought forfeiture applications (or plaints) in the Warden's Court over the tenements. This option gives Venus the right to call upon St Clair to withdraw the forfeiture applications.

Venus is pleased to advise that it has paid $50,000 to St Clair to extend the option period until 30 June 2019, which brings it in line with the option period under the other option, which is to purchase all the shares in Oz Youanmi Gold Pty Ltd.

Venus additionally advises it has completed its due diligence and evaluation of the Youanmi Gold Mine and is currently assessing several different strategies/proposals for the potential settlement of the transaction by 30 June 2019.


About Venus Metals Corporation Limited

Venus Metals ASX:VMC

Venus Metals Corporation Limited (ASX:VMC) holds a significant and wide ranging portfolio of Australian base and precious metals exploration projects comprising lithium, cobalt, vanadium, copper, zinc, nickel, gold and platinum group of elements.

Key project areas in Western Australia include:

- Pincher Well Zinc-Copper Project (Youanmi): Over 5 km of under explored VMS trend with an Exploration Target of 15-20 Million Tonnes@ 2-8% Zinc,which also hosts a number of high grade lodes (>10% Zinc).

- Currans Well Cobalt-Nickel-Copper Project (Youanmi): Significant Cobalt mineralisation up to 1483 ppm Co in historical drilling. Extensive Lateritic Duricrust Co-Ni target areas identified.

- Curara Well Nickel-Copper-Gold Project (Doolgunna):10 km northeast of Sandfire Resources DeGrussa Copper Mine. Wide intercepts of disseminated Nickel Sulphides (Millerites) in Ultramafics.

- Southern Cross Vanadium Project (Youanmi): JORC 2012 Inferred Vanadium Mineral Resource of 167.7 Millions Tonnes @ 0.41% V2O5, 7.52% TiO2.

- Strategic Lithium-Tantalum Projects in WA.

 


Contact

Matthew Hogan
Managing Director
T: +61-8-9321-7541

Barry Fehlberg
Exploration Director
T: +61-8-9321-7541



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