(MENAFN- ABN Newswire)
Venus Metals Corporation Limited (ASX:VMC) (VMC) in conjunction with Rox Resources Ltd (ASX:RXL) (RXL) is pleased to announce the results of an initial reverse circulation (RC) drilling programme at the Currans Find Joint Venture gold project(see Note below), part of the Youanmi Gold Project, Western Australia (see Figure 1 in link below).
- Significant intersections from shallow RC drilling at Currans Find Project include:
Currans Find North
CFRC016 6m @ 9.82g/t Au from 36m
CFRC014 4m @ 5.72g/t Au from 60m
CFRC010 2m @ 5.25g/t Au from 48m
Red White and Blue Workings
CFRC009a 1m @ 10.79g/t Au from 25m
CFRC008 1m @ 4.96g/t Au from 46m
CFRC006 4m @ 4.81g/t Au from 36m
CFRC009 1m @ 3.51g/t Au from 9m
CFRC007 3m @ 1.81g/t Au from 52m
- The RC drilling at both Currans Find North and Red White and Blue Reef prospects (25 holes for 1208m) demonstrates continuity of high-grade gold mineralization along strike and, particularly, down plunge.
- All reef testing was in the shallow oxide zone and the gold mineralisation remains open along strike and at depth.
- High-grade gold values appear to form clusters within broad envelopes of goldmineralised zones which is similar to the setting at other gold deposits in the Penny West district.
- Follow-up drilling will test Currans Find North, Red White and Blue, and Taylor's reef along strike, and down plunge.
Project background
The Currans Find project area is located within the Youanmi Greenstone Belt and situated approximately 5 km north-northwest of the historical Penny West gold mine (see Figure 1 in link below).
High-grade gold mineralization is associated with quartz veins that generally plunge to the southwest and steeply dip to the southeast. The mineralization is hosted by mafic rocks (amphibolite), ultramafics (talc-tremolite schist) and diorite. Similar rocks are host to the gold mineralisation at Penny West.
This initial RC drilling program comprising 25 holes for a total of 1,208 m (see Figure 2, Table 1 in link below), targeted shallow high-grade gold mineralization beneath historical workings at the two main gold prospects 'Currans Find North' and 'Red White and Blue Workings' and their interpreted down-plunge extensions; it also included initial holes at the Taylor's Reef.
It is significant to note that the recent high-grade gold discovery at Penny West North by Spectrum Metals Ltd (ASX:SPX) from 5 March 2019 followed up an isolated intersection of 1m @ 6.47g/t from 92m depth in historical drilling.
Currans Find North
At Currans Find North, old workings outline a mineralised envelope some 150 metres long. Drilling was targeted to test a south west plunge to the mineralised envelope. Historical drilling showed an intersection of 3m at 10.37 g/t Au in hole 6CURC008. There is no evidence of any workings at surface vertically above the intersection.
Drilling was successful in outlining further high grades either side of this drill hole, including:
CFRC016 6m @ 9.82g/t Au from 36m
CFRC010 2m @ 5.25g/t Au from 48m
CFRC014 4m @ 5.72g/t Au from 60m
CFRC017 1m @ 1.59g/t Au from 18m
Full results are shown on the Currans Find North longitudinal section (see Figure 3, Table 2 in link below), together with other significant historical results. The intersections highlight the possibility of plunging ore shoots within the mineralised envelope. These plunging shoots will be targeted in a follow-up drilling programme.
The cross-section B-B' also shows a pinch and swell nature to the ore shoots. Host rock to the mineralisation is a sheared talc-chlorite schist. The plunging ore shoots are open at depth and down plunge (see Figure 4 in link below).
Red White and Blue Reefs
Drilling results from below these workings are shown on the Red, White and Blue longitudinal section (see Figure 5 in link below).
Here, old workings define a mineralised zone that measures some 300 meters along strike.
New intersections include:
CFRC006 4m @ 4.81g/t Au from 36m
CFRC007 3m @ 1.81g/t Au from 52m
CFRC008 1m @ 4.96g/t Au from 46m
CFRC009 1m @ 3.51g/t Au from 9m
CFRC009a 1m @ 10.79g/t Au from 25m
The ore shoots are open at depth and down plunge. Further drilling will target these depth extensions.
Taylor's Reef
Due to unavailability of an excavator, RC drilling had to be conducted without the reef location being well defined. Seven shallow holes were drilled to chase the reef. An excavator is now available and further planned drilling can be more focussed.
Agreement Background
Note: A purchase agreement has been entered into with Murchison Earthmoving & Rehabilitation Pty Ltd (MER), a wholly-owned company of Mr Doug Taylor, to acquire jointly with Rox Resources Limited (RXL) a combined 90% interest in ML 57/641 "Currans Find" of 300ha and a combined 90% interest in ML 57/642 of 59ha "Pinchers" (see Figure 1 in link below). The 90% interest is shared equally between Venus and Rox, with the remaining 10% held by Mr Taylor. Venus is the manager of the joint venture (refer ASX release 15 April 2019).
To view tables and figures, please visit:
http://abnnewswire.net/lnk/4YDRFVUT
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 LimitedMatthew HoganManaging DirectorT: +61-8-9321-7541 Rox Resources LimitedAlex PassmoreManaging DirectorT: +61-8-9226-0044
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