- Stage 1 drilling targets shallow (0 to 30m depth) cobalt-nickel mineralisation in weathered mafic-ultramafic rocks at Currans Well where historic drilling has shown thick intersections with up to 0.15% Co (see Note 1 below) (refer ASX release dated 3 April 2017).
- The geological settings at Currans Well can be comparable with the Clean TeQ Holdings Limited (ASX:CLQ) "Syerston Cobalt Project" where the surficial deposit hosted is within lateritic stratigraphy, overlying metal rich ultramafic rocks (see Note 2 below).
- The targeted style of mineralization is similar to that at the Quicksilver Nickel-Cobalt Project in the South West Mineral Field of Western Australia (of Golden Mile Resources - ASX:G88). Supergene enrichment of cobalt and nickel occurs within the deep weathering profile developed on ultramafic bedrock. At Currans Well, other targeted commodities include copper, platinum and palladium.
- Preparation and permitting for Stage 2 drilling is underway. Drilling will test two additional targets (see Figure 1 in link below) for supergene cobaltnickel mineralisation within the Youanmi Project area:
Estonia Target is a historic geochemical anomaly (see Note 3 below) in magnetic surface lag that indicates the presence of ultramafic rock over a strike length of approximately 2 km under lateritic cover and shows highly anomalous nickel and cobalt along this trend.
Penny West North Target is an approximately 2.4 km long and up to 0.2 km wide ultramafic talc-tremolite schist with a weathering profile that warrants drill-testing for supergene cobalt-nickel mineralisation.
- Stage 2 drilling is scheduled to commence in January following Programme of Work (PoW) approvals.
1. WA DMP WAMEX Report No A78024, 2007, Currans Well Project Annual Report, Ellendale Resources NL.
3. WA DMP WAMEX Report No A75836, 2007, Pincher Hill Project, Youanmi Annual Report, Goldcrest Mines Pty Ltd.
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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
Golden Mile Resources Ltd
Clean TeQ Holdings Limited