Venus Metals
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JORC 2012 inferred mineral resource estimate of 330.6 mt @ 0.29% v205, 5.95% tio2 951,000 tonnes of vanadium pentoxide

The Youanmi Vanadium Project tenement E57/986 (210.9 km2) is located about 42km southeast of Windimurra and 4km west of Youanmi Mining Centre (Figure 1). Venus holds a 90% interest and the prospector holds a 10% interest in this tenement (refer ASX Release 1 August 2014).

The tenement area falls within Youanmi Intrusive Complex in Southern Cross province of Archean Yilgarn Craton of WA. The tenement covers substantial strike length of Youanmi intrusive gabbroic complex that has intruded the poorly exposed Youanmi greenstone sequences. The Youanmi Intrusion occupies an oval shaped area about 20 kilometres north-south by 10 kilometres east-west bounded by marginal greenstone lithologies and granitic rocks (Figure 2).

The Youanmi Intrusion contains several prominent vanadiferous titano-magnetite units forming two strong magnetic horizons near the base of the intrusive stratigraphy.  The units comprise many individual titano-magnetite bands up to 1m thick separated by magnetite gabbro.  This stratigraphy is well exposed in the northern and western part of the tenement forming prominent resistive strike ridges (Figure 3).

The surrounding areas of this tenement contain numerous gold, zinc (+copper) occurrences or deposits. During late 1990’s Australian Gold Resources Pty Ltd (AGR) carried out reconnaissance surface sampling, aeromagnetic data acquisition and interpretation, geological mapping, RC drilling, metallurgical test work and resource estimation. After the identification of vanadiferous horizons from surface sampling and aeromagnetic interpretation, 101 vertical RC holes were drilled at 80m spacing on 4 lines approximately 640m apart. Out of which 74 RC holes falls within Venus E57/986. AGR in 1999, had calculated the Pre JORC Inferred Resource of 136 Million Tonnes grading 0.42% V2O5 (cut-off 0.27% V2O5). Subsequently a diamond drilling program was carried out during 2010 by Youanmi Metals Pty Ltd comprising 11 holes for 637.5m targeting Fe-V-Ti mineralisation which confirmed the presence of thick layers Vanadiferous Magnetite in this tenement.

Widenbar and Associates (“WAA”) was commissioned by Venus Metals Corporation Limited (“Venus”) to produce a Mineral Resource Estimate for the Youanmi Vanadium Deposit.
Two high grade mineralised domains have been interpreted, with low grade domains lying between and above them. The Resource Estimate has been classified in the Inferred category as defined by the 2012 edition of the JORC code. WAA has reviewed the drilling, sampling and assaying data used in the estimate and considers it to be of sufficient quality to support the resource classification applied (refer Appendix 1- JORC 2012 Table). Historical drillhole data of 49 RC holes and 11 diamond holes were used for resource modelling1 (Figure 4).

WAA has reported a JORC 2012 compliant Inferred Mineral Resource estimate of 330.6 Million Tonnes @ 0.29% V2O5, 5.95% Titanium (TiO2) and 19.41% Fe (0.10% V2O5 cut-off, 350m RL base) for 951,000 tonnes of Vanadium Pentoxide resource (Table-1). This mineral resource includes high grade 167.7 Million tonnes @ 0.41% V2O5, 7.52% TiO2 and 24.6% Fe (0.25% V2O5 cut-off) for Vanadium Pentoxide resource of 683,000 tonnes.

Table 1. JORC 2012 Inferred Vanadium Mineral Resources Summary

Material Cut-Off
%V2O5
 Million
Tonnes
V2O5% V2O5
Tonnes
TiO2
%
Fe%
 Oxide  0.10  110.6  0.30 333,000 6.15 20.18
 Fresh  0.10  220.0  0.28 618,000 5.85 19.03
 Total  0.10  330.6  0.29 951,000 5.95 19.41

Vanadium Exploration Target Potential at E57/986:

WAA has estimated Vanadium exploration target potential forE57/986 (Table-2) based on existing drillhole data and aeromagnetic signatures. The drilled and modelled area of the Youanmi Vanadium deposit has a strike length of approximately 3.5 km, and it has been compared to the aero-mag data. Areas to the south of the current model with similar aero-mag signatures have been delineated and have a strike length of 14 to 15 km (Figure 5). Taking the current modelled resource to a depth of 125 to 130m (350m RL), it contains approximately the following tonnes per km of strike length.
Within high grade mineralised zones : 42 Mt/km (0.25% V2O5 Cut-off) and 48 Mt/km
(0.10% V2O5 Cut-off).
Within broad envelope (including high grade material): 48 Mt/km (0.25% V2O5 Cut-off) and
95 Mt/km (0.10% V2O5 Cut-off).

Table-2. Youanmi Vanadium Exploration Target Potential*

 Cut-Off  Exploration Target Potential Grade Range
V2O5%
 0.25  555 to 650 Million Tonnes  0.38% to 0.42%
 0.10  1.0 to 1.30 Billion Tonnes  0.25% to 0.30%
* An estimate of the exploration target potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade, relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.

Figure-5. Location of Youanmi Vanadium Exploration Target Potential Area shown on Aeromagnetic Anomaly Map

  1. L. Widenbar, 2015, “Youanmi Vanadium Project Resource Estimate Summary Report January 2015”- Internal Communications
  2. N. Wells, 2014 “Vanadium Prices Forecasted to Rise with Chinese Construction”, Vanadium Investing News,(http://vanadiuminvestingnews.com/6426-vanadium-price-china-russia-india-construction.html)
  3. http://www.largoresources.com
  4. M. Davis, “Vanadium to Revolutionize Green Energy”, (http://www.bnwnews.ca/editorial-Vanadium-to-Revolutionize-Green-Energy.html)

 

Competent Persons Declaration:

The information in this report that relates to Mineral Resources has been compiled by Mr Lynn Widenbar. Mr Widenbar, who is a Member of the Australasian Institute of Mining and Metallurgy, is a full time employee of Widenbar and Associates and produced the Mineral Resource Estimate and exploration target potential based on data and geological information supplied by Venus. Mr Widenbar 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 Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Widenbar consents to the inclusion in this report of the matters based on his information in the form and context that the information appears.