Penny West North Gold Targets
Venus Metals Corporation Limited (ASX:VMC) controls all strike extensions to the north and south of the Penny West tenure. The Company wishes to announce that following this news, it has completed a desk top review of previously announced Airborne EM targets* and associated historic RAB drilling on the Venus Metals Tenure (refer ASX release 21 February 2018). It is now moving to contract drill rigs to drill test the identified targets abutting the Spectrum (SPX) tenure along strike to the north (Targets EM01 to EM05).
Please refer attached plan showing the target* areas identified by this work.
*The term 'Exploration Target' should not be misunderstood or misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2012), and therefore the terms have not been used in this context.
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About Venus Metals Corporation Limited
Venus Metals Corporation Limited (ASX:VMC) is a West Australian based Company with a focus on gold and base metals exploration. 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%) (OYG JV); Indicated and Inferred Resources of the mine is 1.7 million ounces of gold.
Exciting new discoveries at the Youanmi Gold Mine have been made at the Grace prospect in footwall granites where very high grades of free milling gold have been intersected, including 25m @34.7g/t Au from 143m (RXRC 287) and 13m @60.49 g/t from 181m (RXRC 239). The Grace Prospect may substantially add to the Youanmi Gold Mine resources.
Venus Metals Corporation Limited