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Venus Metals drilling seeks further bonanza-grade gold at Youanmi

Last month shares soared 20% to 15 cents after revealing bonanza grades at Currans Find North of up to 72.67 g/t.

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The Currans Find JV is about 5 kilometres NNW of the historical Penny West gold mine

Venus Metals Corporation Ltd (ASX:VMC) and partner Rox Resources Ltd (ASX:RXL) are seeking further bonanza-grade gold through a new 1,600-metre drilling program at Youanmi Gold Project in Western Australia.

This reverse circulation (RC) program will focus on Currans Find North prospect where 1,100 metres is planned, as well as other targets, and is expected to be completed by the end of July.

The partners will focus on down-plunge and along-strike extensions of bonanza-grade gold mineralisation intersected in previous RC drilling at Currans Find North, including:

  • 3 metres at 27.5 g/t gold from 39 metres, including 1 metre at 72.67 g/t from 39 metres; and
  • 2 metres at 13.34 g/t from 61 metres, including 1 metre at 25.38 g/t from 61 metres.

READ: Venus Metals sells remaining 50% interest in Yalgoo Iron Ore Project

Location of the planned RC drilling at Currans Find North.

In addition, four holes RC holes are planned at Golden Victoria prospect where historical drilling intersected shallow high-grade gold mineralisation associated with banded iron formation and potential down-dip extensions of mineralisation intersected in deeper drilling.

A high priority EM anomaly target along the main Youanmi Shear Zone will also be tested for gold and base metals mineralisation as part of this program.

In August, the company is planning a 5,000 metre aircore drilling program north of the historical Penny West gold mine, the historical Magenta and Columbia gold prospects and the recent Penny North gold discovery.

Aeromagnetic data show the stratigraphic units that host these gold deposits may extend north into the Venus Joint Venture tenement, where they present a prime gold exploration target for high-grade gold mineralisation of the Penny West type.

READ: Venus Metals confirms potential for robust Bell Chambers resource following wide gold intersections

The company also recently drilled wide gold intersections at the Bell Chambers Gold Project with results including 27 metres at 2.72 g/t gold from 27 metres and 64 metres at 1.7 g/t gold from 10 metres.

The holes were drilled to provide geological and assay confirmation for the existing inferred JORC 2012 resource of 340,000 tonnes at 1.5 g/t for 170,000 ounces of gold (cut-off 0.5 g/t).

At the time, Venus Metals managing director Matt Hogan said: “The results show extensive and continuous gold intersections confirming previous geological interpretation as well as grade continuity down dip in the oxide-transition and fresh rock zones.

“This is a very positive and robust result for the project.”

Quick facts: Venus Metals Corporation Ltd

Price: 0.185 AUD

ASX:VMC
Market: ASX
Market Cap: $22.24 m
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