Gold and base metals explorer Venus Metals Corporation has announced the start of phase one aircore (AC) drilling at its Henderson gold-nickel project in Western Australia’s eastern goldfields.
The Henderson project is situated along the southern section of the Ularring Greenstone Belt, about 50km northwest of Menzies, WA.
The project comprises five exploration licences covering about 800sq km. The current drilling is focused on tenement E30/520, which is held 90% by Venus and 10% by a prospector.
In today’s market update, Venus said the drilling will test structurally controlled gold targets that were identified last year in a review of historical exploration data and geological and geophysical interpretations.
ASX-listed explorer Venus Metals has launched into an air-core drilling campaign at its Henderson gold-nickel project in the Eastern Goldfields of Western Australia where it is targeting structurally controlled gold associated with two fault zones crossing the tenure. Several historical gold operations near Henderson are believed to be connected to the faults and there is a 322,000-ounce gold resource just 15km away.
Covering some 800 square kilometres, Henderson consists of five exploration licences along the southern part of the Ularring Greenstone Belt about 50km north-west of Menzies.
Venus’s phase-one drilling campaign will focus on a 90 per cent owned concession crossed by the Ida Fault and the Ballard Fault at the southern end of the tenure.
Management believes the two significant fault zones may have been integral to the formation of structurally controlled gold deposits in the region.
Venus Metals and joint venture partner Rox Resources have grown resources at their Youanmi gold project near Mt Magnet in Western Australia’s Murchison district by a whopping 39 per cent. Nearly 1.7 million ounces have now been defined with 800,000 ounces near surface and a further 856,000 high-grade ounces at depth. Resource drilling continues with a feasibility study on the cards.
Junior partner Venus surged more than 8 per cent on the market early today on the news, taking its market capitalisation to $28.7 million.
Rox, which is operator and has 70 per cent of Youanmi, is funding all of Venus’ ongoing exploration costs up to any decision to mine by way of a limited-recourse interest-free loan to Venus. The loan is secured against Venus’ 30 per cent stake in the JV and can only be repaid from proceeds of a sale of Youanmi JV assets.
Venus also retains a 0.7 per cent net smelter royalty on gold and other minerals produced from the JV tenements.
Advanced minerals explorer Rox Resources and joint venture partner Venus Metals Corporation have reported a significant increase to the mineral resource estimate for the shared Youanmi gold project near Mt Magnet in Western Australia.
Drilling and exploration work has focused on the OYG joint venture area (where Rox is manager with 70% equity) and has yielded substantial increases in known and defined tonnages and ounces since its acquisition in mid-2019.
The project’s total mineral resource now sits at almost 1.7 million ounces of contained gold, representing an increase of 39% (or 466,000oz) on the previous estimate.
ASX-listed Venus Metals and joint venture partner Rox Resources are extending deep drilling at their Youanmi gold project near Mt Magnet in Western Australia. The pair have added 2,000m of diamond drilling to a program targeting depth extensions to high-grade gold shoots and new shoots.
Recent stellar gold hits are expected to feed into an upcoming resource update with the partners looking to add to the deposit’s 1.19 million ounces.
Youanmi historically produced 667,000 ounces at an impressive 5.47 grams per tonne gold from several open pits and underground mines until its closure in the 1990s.
A third drilling rig is being brought in by Rox, which has 70 per cent of Youanmi, and Venus, which owns the balance.
Joint venture partners Rox Resources and Venus Metals Corporation continue to drill test extensions of their Youanmi gold project in Western Australia with an updated mineral resource estimate expected this month.
This latest phase involves more than 2,000m of diamond core drilling to test depth extensions to high-grade ore shoots down plunge at Junction and Link.
Step-out drilling will also test Rox’s exploration model with the aim of identifying recurring northwest-plunging ore shoots within southwest-plunging mineralised envelopes.