Venus Metals Corporation Limited: Anomalous PGE-Base Metals identified at Barrabarra North

Perth, Australia - Venus Metals Corporation Ltd. (ASX:VMC) is pleased to provide an update on its initial field reconnaissance studies at two highpriority areas at its Barrabarra North Ni-Cu-PGE Project (Figure 2*).

HIGHLIGHTS:

- Highly anomalous concentrations in soil with maxima of 63 ppm Ni, 46 ppm Cu, 13 ppb Pt+Pd and 3,169 ppm Cr in the north of the West Yilgarn Ni-Cu-PGE Province (Figure 1*).

- PGE - base metal anomalies in soil (same soil fraction as used by Chalice) may indicate mafic-ultramafic bedrock and are highly anomalous* as per regional Julimar data (refer CHN ASX release 9 June 2021).

- Venus expands landholding with two recent applications - ELA70/5912 and ELA70/5913.

- Systematic soil sampling and geophysical surveys planned upon grant of Venus' extensive tenure of c. 1,000 km2 at Barrabarra North.

Project Background

Venus' Barrabarra North Cu-Ni-PGE project is located in the northwest of the Yilgarn Craton and comprises five exploration licence applications (ELA59/2548, ELA70/5786, ELA70/5787, ELA70/5912 and ELA70/5913) for a total of 986km2 (Figure 2*); it abuts Chalice Mining Limited's (Chalice) Barrabarra Project (refer CHN ASX 21 July 2020) where Chalice is planning an aircore drilling program to test soil anomalies and EM conductors (refer CHN ASX release 28 July 2021).

The project area falls within the West Yilgarn Ni-Cu-PGE Province first outlined by Chalice (refer CHN ASX release 4 May 2021) that covers an area of c. 1,200km X 100km and extends from the Narryer Terrane in the north to the South West Terrane in the south. Venus' Bridgetown East Ni-Cu-PGE project (refer ASX release 24 September 2021) abuts Chalice's and Venture Minerals' South West Project (refer VMS and CHN ASX releases 21 July 2020).

Venus identified prospective target areas at its Barrabarra North Project near Chalice' tenure based on the Laterite geochemical database for the western Yilgarn Craton (YLA) published by the Geological Survey of Western Australia1. In the southern part of ELA 59/2548, concentrations of 4,410 ppm chromium (Cr), and 10.5 ppb and 12.5 ppb of palladium (Pd) and platinum (Pt) respectively are reported in YLA laterite sample #101216; in the central part of Venus' Barrabarra North Project, YLA laterite sample #101358 has 300 ppm Cr, 82 ppm copper (Cu), 13 ppb Pt and 16.4 ppb Pd. These concentrations are anomalous in laterite and may indicate the presence of mafic and/or ultramafic bedrock within the dominantly granitic terrain. Mafic-ultramafic intrusive rocks may, potentially, be sulphide-bearing and hosting Cu-Ni-PGE mineralization of the Julimar type discovered by Chalice.

Regional gravity data (Figure 3*) show areas of higher density and regional magnetic imagery shows magnetic features that may be related to mafic-ultramafic intrusives within the granite terrain (Figures 4 and 5*).

Initial field reconnaissance comprised soil and laterite sampling along traverses and at several random locations in two of the northern ELAs (ELA59/2548 and ELA70/5787). Soil samples were taken from c. 0.5m depth and sieved to +1.6 and -5 mm, the same soil fraction used by Chalice for its regional geochemical surveys. According to Chalice "values above 80 ppm Ni, 20 ppm Cu and 5 ppb Pd are considered highly anomalous" in soil (refer CHN ASX release 9 June 2021).

In ELA 59/2548, a west-northwest trending 1.9 km long soil traverse overlaps the location of YLA laterite sample #101216 (4,400 ppm Cr). The soils show very high Cr concentrations (max. 3,169 ppm) over a 400-500 m interval and highly anomalous Cu concentrations in most samples along the traverse (max. 45.8 ppm Cu) (Figure 4*). Nickel, Pt and Pd are also anomalous with maxima of 63 ppm, 9 ppb and 4 ppb respectively.

In ELA70/5787, soil sampling was completed along an 800 m long traverse (Figure 5) to test anomalous Pt-Pd-Cu concentrations in YLA laterite sample 101358. Two samples at the eastern end of the traverse show highly anomalous Pd (max. 6 ppb) and Cu (max. 42 ppm) and this anomaly remains open to the north, south and east. Laterite samples were taken to verify historical YLA results and to add to the coverage where possible.

Work planned

The Company is very encouraged by the results of this initial reconnaissance field program and is planning to carry out an extensive regional exploration program as soon as possible. This will include systematic soil and laterite sampling across Venus' tenure and ground geophysical surveys targeting potential mafic-ultramafic bodies that may host sulphide mineralization of the Julimar type for drill testing.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/M23O50J5

About Venus Metals Corporation Limited:

Venus Metals Corporation Ltd. (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.

Source:
Venus Metals Corporation Ltd.

Contact:

Matt Hogan Managing Director Venus Metals Corporation Ltd. Tel: +61 8 9321 7541