(MENAFN- ABN Newswire)
Heli EM Survey commences at Greenbushes East VMS Project Perth, Sep 17, 2018 AEST (ABN Newswire) - Venus Metals Corporation Limited ( <>
The HEM Xcite(TM) survey(see note 1) will be flown by New Resolution Geophysics (NRG(TM)) and is expected to be completed in September.
Highlights:
- Large untested aeromagnetic high within Venus tenements, located along strike of Venture Minerals Limited's recent Thor VMS-style discovery(see note 2) to the southwest.
- Anomalous Cu and Zn in soil and a gravity high based on historical company reports(see note 4) coincide with an aeromagnetic high located in the Venus tenement on strike from Venture Minerals' recently announced VMS trend.
Venus Metals Managing Director Matthew Hogan comments: "We are extremely confident that the geological setting on the Company's Greenbushes tenement may be conducive to hosting VMS-style base metals mineralization similar to that announced and confirmed by Venture Minerals. Our current geophysical survey is designed to identify potential drill targets in this highly prospective terrain."
Project background
The Greenbushes East Project comprises exploration licences 70/4810 and 4814, 100% owned by Venus and located in the Balingup Metamorphic Belt. The tenement area is southeast of Talison Lithium's world-class Greenbushes Lithium-Tantalum mine, and Li-Ta exploration has been the focus of Venus' exploration activities to date.
In recent weeks, Venture Minerals Ltd (Venture) released exploration results from its exploration program on ground adjoining that of Venus. Venture reported that drilling had intersected a 17m zone of disseminated, semi- massive and massive sulphides with core samples containing up to 0.3% zinc and 0.2% copper (VMS ASX release 8 August 2018)(see note 2, 3) at its Thor discovery. Currently, Venture Minerals is conducting a Heli-borne EM survey on their tenements directly southwest and abutting Venus ground (VMS ASX release 30 August 2018).
The Thor prospect is located along a prominent aeromagnetic trend that extends northeast into Venus' tenement area. On Venus' E70/4810, the aeromagnetic signature shows significant thickening and structural complexity in terrain dominated by quartz-feldsparbiotite gneiss with units of quartz-mica schist, quartzite, banded iron formation and ultramafic rocks.
Geochemical data from open file (Wamex) company data(see note 4) shows anomalous Cu and Zn concentrations in surface sample media, and a reported gravity high broadly coincident with the aeromagnetic anomaly. Combined, this information is considered highly promising and warrants further investigation. The use of a high-resolution helicopter-borne electromagnetic (HEM) survey using NRG's Xcite(TM) Airborne Electromagnetic system is an effective and cost-efficient means for exploring Venus' tenements, targeting potential semimassive to massive sulphide bodies that may host copper-zinc mineralization.
Bibliography
1. NRG Company profile pdf. www.airbornegeophysics.com
2. VMS ASX release dated 30 August 2018. Major EM Survey to Commence at the Thor VMS Prospect, Southwest of Western Australia.
3. VMS ASX release dated 8 August 2018. Drilling intersects massive sulfides at Thor confirming VMS system, Southwest of Western Australia.
4. Amerod Holdings Pty Ltd, 2008. Bridgetown Combined Annual Report C37/2009. Wamex report A79877.
Exploration Targets
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 ) 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.
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