Venus Metals
Projects

Significant Cobalt Mineralisation Associated With Extensive Lateritisation at Currans Well
(refer ASX release 3 April 2017)

  • Analysis of drilling data at Currans Well has revealed thick intersections of cobalt mineralisation in drill holes.
  • The geological settings at Currans Well can be comparable with the Clean TeQ Holdings Limited (ASX:CLQ) “Syerston Cobalt Project” where the surficial deposit hosted is within lateritic stratigraphy, overlying metal rich ultramafic rocks5
  • Cobalt mineralisation is associated with anomalous Copper and Nickel in the near surface environment, eluding to secondary enrichment.
  • Numerous historical drill hole samples have not been assayed for Cobalt.
  • Extensive, untested, Ferruginous Laterites/Duricrust (Figure 1) at VMC Currans Well and Manindi East will be tested utilising a systematic RAB drilling programme as soon as possible.

Introduction Venus Metals continues its evaluation of the Youanmi Project in the Murchison Mineral Field of Western Australia. The Company’s tenements cover over 524 km2 of the Youanmi greenstone belt and host a number of high-quality exploration targets, including the substantial Southern Cross Vanadium Inferred Resource (JORC 2012) (refer ASX release 6th February 2015). Analysis of the southern Youanmi project area shows a highly anomalous intercepts of Cobalt, associated with Copper and Nickel at Currans Well Prospect.

Currans Well Cobalt Nickel Copper PGE Prospect 1

Currans Well Cobalt-Nickel-Copper-PGE Prospect

The Currans well area (E57/1011) overlies a structurally complex wedge on the southern margin the Youanmi greenstone belt and gabbro’s of the Youanmi intrusion. The area hosts a number of Nickel-Copper-PGE prospects including Vidure, Merlot and Malbec (Figure 2). Substantial areas of ferruginous lateritic duricrust, mottled zone and upper saprolite overlie, and potentially mask, the subsurface nickel-copper mineralisation at Currans Well.

Currans Well Cobalt Nickel Copper PGE Prospect 2

Base metal mineralisation was first discovered at Curran’s Well in drill hole MYDD0446 (WMC 1973), with a 1.22m intersection of massive sulphides, which returned assays of 2.2% Ni and 0.14% Cu from 136.64 metres depth. BHP followed-up this drilling in 1985, with another hole collared at a nearby location: PW00767 7.06 metres @ 1.46% Copper, 0.36% Nickel & 5 gpt Silver from 120.5 metres Including 0.71 metres @ 7.01% Copper. 0.80% Nickel & 21 gpt Silver from 122.35 metres (refer ASX release 2 November 2015).

Other notable intersections recorded in historical drill holes, at Vidure and Malbec prospects, include:

94CUR423 40m @0.44 ppm Pd, 0.10 ppm Pt and 0.13% Cu from the surface
94CUR413 40m @ 0.38 ppm Pd, 0.09 ppm Pt and 0.16% Cu from the surface
CNRC0158 7 m@ 0.97% Ni, 1.44 ppm PGE (Pt+ Pd+ Au) and 0.49% Cu from 129m

A recent review of historical data at Currans Well area has revealed thick intersections of Cobalt mineralisation in drillholes and elevated Cobalt in surface sampling. Cobalt mineralisation associated with anomalous Copper and Nickel in the ‘near surface environment’ and is interpreted to be related to secondary enrichment associated with lateritic processes and the presence of elevated base and specialty metals (such as Cobalt) in the underlying source rocks, namely the ultramafic stratigraphy.

The geological setting (Cobalt mineralisation in weathered lateritic layer overlying metal rich ultramafic rocks) can be correlated across the Currans Well area. The best intersections in drill holes include:

CWRC0251 16m @ 869 ppm (0.09%) Cobalt from 16 metres Including 4m @ 1483 ppm (0.15%) Cobalt *Assays of Cu 0.25% & Ni 0.28% downhole.
MYOV1512 2.13 m@ 980 ppm (0.10%) Cobalt from 0.3 metres *Assays of Cu up to 0.77% & Ni 1.12% downhole.
94CUR00413 5m @ 586 ppm (0.06%) Cobalt from 17metres And 6m @ 552 ppm (0.06%) Cobalt from 26 metres *Assays of Cu up to 0.23% & Ni 0.22% downhole.

Several historical surface grab samples have recorded more than200 ppm cobalt, with a peak Cobalt value of 1490 ppm reported for a grab sample CW014 collected from Malbec prospect (Figure 3).

Figure 1 shows the extensive outcrop of these untested Ferruginous Laterites and Duricrusts, which overlie mineralised ultramafic rocks. These units have been identified over an area covering more than150 km2 and include the outcrop at Currans Well, Manindi East and Pincher Well where the Company is currently drilling a strong IP anomaly for Zn.

These potentially Cobalt enriched lateritic duricrusts represent a compelling target and an exploration program is presently being developed by Venus Metals to systematically test the lateritic duricrust by utilising shallow RAB drilling.

Currans Well Cobalt Nickel Copper PGE Prospect 3

Figure 3. Historical Drillholes and surface samples with high Co are shown on regional  aeromagnetic anomaly map

Bibliography

1. WA DMP WAMEX Report No A78024, 2007, Currans Well Project Annual Report, Ellendale Resources NL..
2. WA DMP WAMEX Report No A4021, 1973, AMAD TR 3930H, Youangarra Terminal Report, WMC Limited.
3. WA DMP WAMEX Report No A45180, 1995, Pincher Project, Report on Exploration 1994-95, GMA Limited.
4. WA DMP WAMEX Report No A63801, 2001, Currans Well Project Annual Report, Valdera Resources Limited.
5.http://www.cleanteq.com/wp-content/uploads/2016/12/9772_Clean-Teq-SYERSTON-PROJECT-GEOLOGY-AND-RESOURCE_31-1-17.pdf
6. WA DMP WAMEX Report No A5392-93, 1973, Western Mining Corporation, Youangarra Annual Report.
7. WA DMP WAMEX Report No A19317, 1985, Pincher Well Diamond drilling report, BHP Minerals Ltd.
8. WA DMP WAMEX Report No A70953, 2005, Currans Well Project Annual Report, Ellendale Resources NL.

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.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Venus Metals Corporation Limited planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although Venus Metals Corporation Ltd believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

Competent Person’s Statement

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr T. Putt of Exploration & Mining Information Systems, who is a member of The Australian Institute of Geoscientists. Mr Putt has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Putt consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.