Quarterly Report and Cash Flow Report
YOUANMI GOLD PROJECT
Bonanza Gold Grades at Currans Find North:
- The RC drilling at both Currans Find North (Currans JV) and Red White and Blue Reef prospects (25 holes for 1208m) demonstrates continuity of high-grade gold mineralization along strike and, particularly, down plunge. High-grade gold values appear to form clusters within broad envelopes of gold- mineralised zones which is similar to the setting at other gold deposits in the Penny West district.
CFRC016 6m @ 9.82g/t Au from 36m; CFRC010 2m @ 5.25g/t Au from 48m
CFRC014 4m @ 5.72g/t Au from 60m; CFRC017 1m @ 1.59g/t Au from 18m
- Re-sampling has revealed bonanza gold grades in two holes. The upgraded results are
CFRC16: 3m @ 27.5 g/t from 39m which includes 1m @ 72.67 g/t Au from 39m
CFRC14: 2m @ 13.34 g/t from 61m which includes 1m @ 25.38g/t Au from 61m
(refer ASX releases 13 June 2019 & 24 June 2019)
The ore shoots are open at depth and down plunge. Follow RC drilling of 13 holes for 1058m has been completed and assays are pending.
Settlement of Youanmi Gold Mine Acquisition:
- VMC exercised two options to complete the acquisition of the Youanmi Gold Mine (refer VMC ASX release dated 28 May 2018 for full details). Following the settlement of the acquisition, four separate Joint ventures have now been formally formed in various ways between Venus Metals and Rox Resources Ltd (RXL) (Figure 1) (ASX release 21 June 2019).
- The OYG Joint Venture is commencing a RC drilling program of approximately 14,500m (in two phases) soon in the Youanmi Gold Mine leases.
BELL CHAMBERS GOLD PROJECT
- Wide gold intersections have been obtained from recent RC holes drilled at the Bell Chambers Gold Project near Sandstone, WA (ASX release 19 June 2019)
YOUANMI VANADIUM OXIDE PROJECT
- VMC has entered into a metallurgical research contract (co-funded by Commonwealth) with Murdoch University to advance the Youanmi Vanadium Oxide project (ASX release 17 June 2019).
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About Venus Metals Corporation Limited
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.
Venus Metals Corporation Limited