New Bonanza Gold Grades Extend the High-Grade Gold Discovery
New Bonanza Gold Grades Extend the High-Grade Gold Discovery
Perth, Aug 5, 2019 AEST (ABN Newswire) - Venus Metals Ltd (ASX:VMC) (FRA:EZL) report further bonanza-grade gold intersections in Stage 2 RC drilling at Currans Find North Prospect:

CFRC31 3m @ 25.00 g/t Au from 109m
including 1m @ 57.15 g/t Au from 110m

CFRC26 8m @ 7.81 g/t Au from 112m
including 4m @ 12.55 g/t Au from 112m

The Stage 2 intersections extend high-grade gold mineralization at depth and demonstrate the potential for the discovery of 'blind' high-grade gold lodes along strike and down-plunge from known surface and near-surface historical high-grade gold mineralization.

Stage 1 RC drilling had revealed the following bonanza-grade gold intersections:

CFRC16 3m @ 27.5 g/t Au from 39m
including 1m @ 72.67 g/t Au from 39m

CFRC14 2m @ 13.34 g/t Au from 61m
including 1m @ 25.38g/t Au from 61m

(refer ASX releases 13 June & 24 June 2019)

Within the high-grade gold intersections, accessory galena associated with significant sulphide contents has been identified in the RC rock chips. This is an important new development showing a gold - sulphide association.

Immediate follow up RC drilling will commence next week. An IP geophysical survey covering M57/641 will also commence soon to identify further sulphide-rich gold lodes at depth similar to that discovered at Currans Find North.

A 5000m Aircore drill program to start this week, targeting a combined magnetic, EM and geochem anomaly located north of the SPX Penny North discovery.

Project Background

Venus Metals Corporation Limited (VMC) in conjunction with Rox Resources Ltd (RXL) previously reported the discovery of significant high-grade gold intersections from its recent RC drilling program at the Currans Find Joint Venture gold project (ASX releases 13 June 2019 and 24 June 2019).

Recently, VMC and RXL jointly acquired a combined 90% interest in ML 57/641 "Currans Find" of 300ha and a combined 90% interest in ML 57/642 of 59ha "Pinchers" (Figure 1 in link below) from Murchison Earthmoving & Rehabilitation Pty Ltd, a wholly-owned company of Mr Doug Taylor. The 90% interest is shared equally between VMC and RXL, with the remaining 10% held by Mr Taylor. VMC is the manager of the joint ventures (ASX release 15 April 2019).

The Currans Find Mining Lease is a historical high-grade gold producer. Cancelled GML records show that 6,874 tons were treated at the Red White and Blue battery on site for a recovered average grade of 13 g/t Au.

Gold mineralization at Currans Find is hosted in multiple ENE-trending quartz veins within mafic and ultramafic rocks. These rock types are also host to the Penny West and Columbia-Magenta deposits south of Currans Find. It is a feature of the deposits that they show very high gold grades.

The initial RC drilling program comprised 25 holes for a total of 1,208 m and targeted shallow high-grade gold mineralization beneath historical workings at the two main gold prospects 'Currans Find North' and 'Red White and Blue Workings' and their interpreted down-plunge extensions.

A Stage 2 RC drilling program at Currans Find North has now been completed totalling 12 holes for 1058 m (Figure 2 in link below). The drilling targeted previously untested near-surface mineralization and the down-plunge and along-strike extension of the high-grade mineralization, outlined by the Stage 1 RC drilling program.

Significant results of the recent Stage 2 RC drilling are:

CFRC026 8m @ 7.81 g/t Au from 112m
including 4m @ 12.55 g/t Au from 112m

CFRC027 4m @ 2.64 g/t Au from 60m

CFRC031 4m @ 1.5 g/t Au from 104m
and 3m @ 25.00 g/t Au from 109m
including 1m @ 57.15 g/t Au from 110m

CFRC035 4m @ 1.10 g/t Au from 96m

CFRC037 4m @ 3.34 g/t Au from 72m

CFRC042 8m @ 2.29 g/t Au from 44m

CFRC043 16m @ 1.57 g/t Au from 32m

The results of the Stage 1 and Stage 2 RC drilling are shown on the Currans Find North longitudinal section (Figure 3 in link below), together with other significant historical results. The intersections highlight the presence of plunging high-grade ore shoots within the mineralised envelope. Host rocks to the mineralisation are talc-chlorite schist, amphibolite schist and intermediate rock types. The plunging ore shoots are open at depth and down plunge.

Summary and Planned Work

The bonanza gold grades revealed by the recent RC drilling confirm the potential of the Currans Find North prospect (and the Currans Find project in general) to host a significant high-grade gold deposit.

Importantly, the new high-grade gold lode discovered in holes CFRC026 and CFRC031 is associated with significant sulphide contents, particularly in CFRC031. Visual inspection of high-grade gold mineralization at Currans Find North has shown galena as a minor accessory mineral associated with Fe-sulphides. A gold - base metal (galena-sphalerite) association has been reported as a distinctive feature of the Penny West1 and Penny North (ASX release by SPX from 25 June 2019) high-grade gold mineralisation. The presence of such an association at Currans Find North would be further confirmation of the geological similarities between Currans Find North, Penny North and Penny West; base metal assays for high-grade mineralization from Currans Find North are pending.

Based on the outcomes of the recent RC drilling programs, the Company has planned an IP geophysical survey at M57/641 (Currans Find). Its purpose is to detect sulphide bodies that may host gold mineralization as observed in the recent drilling. Such potential gold lodes may have remained undetected by shallow historical drilling and surface sampling. The outcomes of this IP survey will assist in more effectively targeting the Stage 3 drilling.

The Stage 3 RC program will also further explore the down-plunge and along-strike highgrade gold mineralization at Currans Find North with some specific follow-up drilling to commence soon.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/4VK8SVLZ


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

Venus Metals Corporation Limited
Matthew Hogan
Managing Director
Ph +61 8 9321 7541

Rox Resources Limited
Alex Passmore
Managing Director
ph +61 8 9226 0044



Related Companies

Venus Metals Corporation Limited        
Rox Resources Limited   

ABN Newswire This Page Viewed:  (Last 7 Days: 24) (Last 30 Days: 112) (Since Published: 1528) 

Social Media