Venus Metals Corporation Limited: Bell Chambers Project Wide Gold Intersections
Perth, Australia - Venus Metals Corporation Ltd. (ASX:VMC) announces wide gold intersections have been obtained from recent RC holes drilled at the Bell Chambers Gold Project near Sandstone, WA.HIGHLIGHTS
- Two holes for 156m were completed and results include:
BCRC 106 27m @2.72 g/t Au from 27m
BCRC 107 64m @1.7g/t Au from 10m
- The holes were drilled to provide geological and assay confirmation for the inferred JORC 2012 resource (refer ASX release 20 March 2015)
340,000 tonnes @1.5g/t Au for 17,000 Oz Au (cut-off 0.5g/t Au)
- The robust assay results confirm previous drill results and will enable fresh JORC resource calculations to be completed to move the inferred resource to the indicated and measured categories.
- Further drilling is also planned as the resource is open at depth.
Mr Matt Hogan, Managing Director of Venus Metals commented "The results show extensive and continuous gold intersections confirming both the previous geological interpretation as well as grade continuity down dip in the oxide-transition and fresh rock zones. This is a very positive and robust result for the project".
Project Background
The Bell Chambers Gold Project E57/984 is located approximately 23km southwest of Sandstone, adjacent to the Sandstone-Paynes Find main road (see Figure 1 in link below). Venus holds a 90% interest and a prospector holds a 10% interest in the tenement (refer ASX release 1 August 2014).
Bell Chambers has a high-grade production history. The recorded production from 1907 to 1942 (Mines Department production list of cancelled gold mining leases) is 3,979 tons for 2,682 oz Au at a recovered grade of 20.96 g/t Au.
JORC 2012 Resource Estimate
Widenbar and Associates prepared a JORC 2012 resource estimate for VMC Bell chambers in March 2015 (refer ASX release 20 March 2015).
This was based on RC and diamond drilling carried out at the prospect between 1988 and 2001.
Current Drilling and Results
A summary plan view of the Bell Chambers Gold project (see Figure 2 in link below) shows the extent of historical drilling, the two recent Venus RC drill holes BCRC106 and BCRC107 (see Table-2 in link below), and the surface projection of the JORC 2012 inferred gold resource envelope.
Holes BCRC 106 and BCRC 107 were drilled in the central portion of the southern zone to confirm the inferred gold resource envelope by drilling into the centre of the mineralized envelope; angled holes were used to avoid historical stopes.
The drilling results are presented in two cross section (see Figures 3 and 4 in link below) and the mineralized intersections (see Table 3 in link below) for the two RC holes are:
BCRC 106 7m @ 1.50 g/t Au from 15m
27m @ 2.72 g/t Au from 27m
BCRC 107 64m @ 1.7 g/t Au from 10m
The maximum value recorded was 1m @19.38 g/t Au from 29m in hole BCRC 106.
The drilling (see Figure 5 in link below) has provided clear definitions of the oxide - transition and fresh rock boundaries, important inputs for metallurgical studies and mining parameters for scoping study purposes.
As part of the project evaluation, down hole surveys were conducted for the two recently completed holes. No significant deviations were noted. This significantly increases confidence in the accurate 3D positioning of historical drilling.
Ongoing Work
Scoping study work can progress once revised resource estimates and metallurgical test work results are received.
Regional exploration to test numerous gold-mineralised targets along the shear zone north and south of the Bell Chambers Mine is planned.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/397TV4JQ
About Venus Metals Corporation Limited:
Venus Metals Corporation Ltd. (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.
Source:
Venus Metals Corporation Ltd.
Contact:
Venus Metals Corporation Ltd. Matthew Hogan Managing Director T: +61-8-9321-7541 Barry Fehlberg Exploration Director T: +61-8-9321-7541
