Venus Metals
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Curara Well-RC Reconnaissance Drilling Results

Broad Intercepts of Disseminated Nickel Sulphides

Venus Metals Corporation Ltd (‘Venus’) holds seven tenements covering its Doolgunna project (E52/3068, E52/3069 and the recent ELA52/ 3320,ELA52/3486-3489) in Western Australia. These tenements cover over 165 km2 of the Marymia Inlier and are located approximately 10 km NE of Sandfire Resources high-grade Degrussa Copper Mine (Figure 1). 

 Untitled-1Figure 1. – Venus Metals Doolgunna tenements over the regional magnetic image with nearby mines and prospects.

Breccia Pipe Targets:

An evaluation of the historical geophysical and exploration data, indicates the presence of breccia pipes within the Curara Well tenement area (E52/3069).  Recent field reconnaissance by Venus has confirmed the presence of brecciated lithologies in outcrop.

These ‘breccia pipes’ are highly prospective given Thundelarra Ltd.’s (‘Thundelarra’) recent Red Bore copper massive sulphide discovery, adjacent to Sandfire’s Degrussa Copper Mine, only 12 km to the southwest of Curara Well. Results from Red Bore have included a substantial number of high-grade copper intercepts (>5% Copper) with grades of over 25% copper in several drill holes 1.

The ‘breccia pipe’ targets at Curara Well show a similar geophysical signature (Figure 2) to those at Thundelarra’s Red Bore and are a priority target for Venus’s ongoing exploration program.

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Figure 2. – Venus Metals Curara Well tenement (ELA 52/3069) over the regional magnetic image showing Red Bore-style breccia pipe targets (Curara P1-4) in yellow.
*Please note the Thundelarra & Venus magnetic images are NOT at the same scale.

Prospective Geology:

An initial evaluation of the tenement package shows the Curara Well tenement (ELA 52/3069) to host highly prospective geology for both base metal and gold mineralisation. Drilling by previous explorers within the tenement shows that areas previously mapped as ‘granitic outcrop’ are in reality a series of over thrust sheets of granite, below which is a preserved greenstone volcanic sequence. This sequence ranges in lithology fromvolcanoclastic sediments through to ultramafic volcanics; this same geological setting is recognised elsewhere in the Marymia Inlier.

Where these over thrusted sheets of granite occur they effectively ‘mask’ the surface geological and geochemical signature of any underlying mineralisation, making geophysics and drilling the most efficient means of testing these targets.

The initial interpretation of the bedrock geology at Curara Well shows a complex architecture of faulting and thrusting, which may have facilitated the emplacement of breccia pipes into the volcanic & basement stratigraphy. This interpretation conforms closely to the exploration model presently being successfully tested by Thundelarra, to the south at their nearby Curara Well and Red Bore prospects. Thundelarra are targeting the breccia pipes that may be associated with the deep seated ‘feeder zones’ for the volcanogenic massive sulphide (‘VMS’) mineralisation in the region.

A number of indicators from the historical exploration data validate the targeting model for breccia pipe mineralisation at Curara Well, including:

Magnetic Signature – four main target areas have been identified within the tenement, which indicate the presence of breccia pipe structures either individually such as the Curara P1 target or as clusters, such as the Curara P3 &4 targets (Figure 2).
 
Geochemical Signature – surface sampling by previous workers has outlined anomalous base metal mineralisation in rock chipping and soil sampling associated with a number of Venus’s breccia pipe targets2.

    In addition, historical drainage sampling by diamond explorers shows the presence of chromite concentrations indicative of intrusive pipes within the stratigraphy, particularly in the area of the Curara P1 target3.

Geological Outcrop – previous mapping and recent reconnaissance by Venus confirms the presence of altered & brecciated lithologies in outcrop.

The presence of the base metal gossans along strike from Curara Well, at Beering-Unna Tank (rock chips up to 1,100 ppm Copper, 14,500 ppm Zinc & 203 gpt Silver)4, demonstrate the prospectivity of this stratigraphy to host base metal mineralisation.

Targets and Ongoing Exploration:

Analysis of exploration data has generated a number of high priority targets for further testing.  Proposed exploration will include:

Geophysical Modelling & Interpretation – initial analysis of the Curara Well tenement shows a complex structural and lithological architecture. Acquisition of high resolution magnetics, combined with historical exploration data, will assist with 3D modelling of the basement geology and allow better targeting of drilling when combined with EM data.

Detailed Airborne Electromagnetics (EM) – recent geophysical surveys and exploration in the Doolgunna region shows EM to be a particularly effective in high-lighting and defining potential massive sulphide targets for drill testing.
 

References:

1. Presentation  Red Bore & Curara Well; the next big WA copper story?, Presentation to RIU Resources Round Up, Thundelarra    Ltd, May, 2015.

2. A95992  WAMEX Open File Report, North Doolgunna Project, Annual Technical Report, Astro Resources NL, October, 2012.

3. A56098  WAMEX Open File Report, C265/1997-Plutonic West Joint Annual Report for the period 1 July 1997 to 30 June   1998, Astro Mining NL

4. A38271  WAMEX Open File Report, Neds Creek Gold & Diamond Project, Report of Exploration,   Marymia Exploration NL,   March 1993.

5. A8478  WAMEX Open File Report, Redross Project, Final Report, Beering-Unna Tank, Peak Hill, WA, Pennzoil of Australia,   May, 1979.

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 “Australian Code for Reporting of Exploration Results, Mineral Resource 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.

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.