Venus Metals Corporation Limited Quarterly Business Report
Perth, Australia (ABN Newswire) – The activities of Venus Metals Corporation Limited (ASX:VMC) conducted during the quarter ending September 30, 2022 include and highlight the following:
YOUANMI GOLD MINE (JOG OYG 30% Venus; 70% RXL):
Recently, the exploratory study was completed based on a resource estimate of 27.9 Mt at 3.57 g/t Au for 3.2 Moz of contained gold.
– The scoping study indicates that the Youanmi Gold Project is expected to be a high return project with low capital and operating costs compared to industry benchmarks.
– Average annual gold production target of approximately 71 koz per year with an average gold grade of 5.0 g/t Au for a total gold production target of approximately 569 koz over a life of 8 years of mine.
– First three years of production goal supported by 79%/21% inferred resource material in the production goal plan.
– Net present value (NPV) before taxes and without leverage of approximately $303 million, IRR of 45% (at a gold price of $2,450/oz).
– Combining the production target of gold bullion in concentrate and carbon in leach is considered an optimal marketing strategy for Youanmi (see RXL ASX press release dated October 19, 2022).
Mangaroon North Rare Earth Project (100% Venus):
The buildings at Venus’ Mangaroon North project which adjoin Dreadnought Resources Ltd (DRE) are seen as very promising for rare earths.
– The same host lithologies as Yin and Yangibana are present in the buildings of Venus. Geologic continuity of Yin and Yangibana along the regional northwest trend.
– Linear and circular structures along major northwest-trending translithospheric faults, including the Edmund Fault, intersect the buildings of Venus. These faults are interpreted to have acted as carbonatitic or ferro-carbonatitic melt or brine pathways.
– Proven ironstones in the carbonatite complex have distinct signatures in ASTER and Sentinel maps. Presence of iron stones and anomalies K, Th and U in all the buildings of Venus.
– A reconnaissance field sampling program was completed in September 2022 to evaluate several targets. Analyzes are in progress.
Marvel Loch East Rare Earth Project (100% Venus):
– Soil samples (UltraFine(TM)) contain up to 6,092 ppm TREO (Total Rare Earth Oxide), including 702 ppm Nd2O3 on and adjacent to bedrock.
– Analytical results define REE anomalies along the approximately 25 km strike length of the arcing aeromagnetic high and suggest the presence of REE-rich bedrock associated with the prominent magnetic features. Shallow AC drilling is planned targeting remnant clay zones over REE-rich bedrock to test clay-hosted REE mineralization. So far, only surface samples have been analyzed and there is a possibility of heavy rare earth (HREE) enrichment deep in the weathering profile.
Youanmi Pincher Well Zinc-Copper Prospect (100% base metals and 50% gold):
Highlights from recent RC drilling include:
– Strong gold mineralization encountered on the Linda Gossan prospect: VMC054: 9 m at 15.6 g/t Au from surface, including 3 m at 35.2 g/t Au from 1 m (VMC JV 50% – gold rights agreements that are part of the Youanmi gold project agreements).
– Mineralization in base metals extended to the PCW03 conductor: VMC036: 12 m at 2.22% Zn, 0.15% Cu and 0.1 g/t Au from 128 m including 4 m at 5.02%. Zn from 128m.
– Base metal mineralization confirmed at the IP anomaly, south of Pincher North Dome: VMC058: 20 m @ 1.2% Zn, 0.38% Pb and 0.17 g/t Au from 68 m.
*To view the full quarterly report, please visit:
About Venus Metals Corporation Limited:
Venus Metals Corporation Limited (ASX:VMC) is a Western Australia-based company focused on gold, base metals, vanadium and lithium exploration projects. The Company aims to increase shareholder value through the success of targeted exploration on its projects.
The Company’s principal gold project is the Youanmi gold mine, located 500 km northeast of Perth. The Youanmi gold mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%); Indicated and inferred resources at the mine exceed 3 million ounces of gold.
Venus Metals Corporation Limited
Matt Hogan Managing Director Venus Metals Corporation Limited Tel: +61 8 9321 7541