Venus Metals Corporation Limited (ASX:VMC) New Discovery of Magnetite Mineralisation at East Bilberatha
Perth, April 20, 2011 AEST (ABN Newswire) - The Directors of Venus Metals Corporation Limited (
ASX:VMC) are pleased to advise the discovery of additional magnetite mineralisation at the East Bilberatha target- Yalgoo Iron Ore Project.
Eight RC holes have been completed at the East Bilberatha target* (Figure 1) with assay results of five drillholes confirming abundant magnetite mineralisation (average Fe % range 29-30%). Combined thickness of mineralisation varies between 29-71m (Table 1). Further assay results are awaited.
This programme of RC drilling is targeting an additional magnetite mineral resource of 150-300 MT (ASX Release 20 January 2011). These initial results are highly encouraging.
A Mining Lease Application (M59/742) has also been submitted to Department of Mines and Petroleum covering 48 km2 (Figure 2) for Yalgoo Iron Ore Project (Refer ASX announcement 16 December 2010 for JORC Compliant Inferred Magnetite Iron Ore Resource of 443.9 Million Tonnes at Bilberatha Hill).
ProMet Engineers are progressing with the Pre-Feasibility study for the project.
*The term "Target" should not be misunderstood or misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2004), and therefore the terms have not been used in this context. It is uncertain if further exploration or feasibility study will result in the determination of a Mineral Resource or Mining Reserve.
For the complete Venus Metals announcement including tables and figures, please refer to the following link below:
http://www.abnnewswire.net/media/en/docs/538173.pdf
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.
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