South West Region
Venus Metals holds four exploration licences (E70/5315, E70/5316, E70/5712, E70/5620) and two exploration licence applications (ELA 70/6009, ELA 70/5675) totalling 400 square kilometres near Bridgetown, South West Region of Western Australia. Bridgetown East Ni‐Cu‐PGE project tenement E70/5315 includes the prospective north‐eastern part of the “ ‘Julimar lookalike’ Ni‐Cu‐PGE target: a ~20km long interpreted mafic‐ultramafic complex with a strong magnetic signature and massive sulphide occurrence (the Thor Target) by Chalice Mining Ltd” (ASX: CHN release 21 July 2020).
The prospectivity of the area has been demonstrated by the recently announced JV between Chalice Gold Mines (ASX CHN) and Venture Minerals (ASX: VMS) (Chalice may earn up to a 70% interest by spending $3.7 million on exploration over 4 years) to test for Julimar‐style mineralisation over Venture’s South West Project, covering the Thor prospect which intersected 2.4m of massive sulfide averaging 0.5% Cu with 0.05% Ni, 0.04% Co and anomalous Au & Pd (ASX: VMS and ASX: CHN releases 21 July 2020).
Historical Heliborne Electromagnetic (HEM) survey results indicated a conductor closely associated with a strong magnetic anomaly which appears to be the northern extension of the Thor magnetic trend. A recent review of the geophysical data including a new 3D inversion of the magnetics has been undertaken by the company.
The results of the modelling further highlight a coincident HEM/magnetic target. The priority target is characterised by a discrete HEM anomaly and conductivity inversion model evident over 300m, located along the strong magnetic anomaly interpreted to represent the extension of the Thor magnetic trend. The HEM inversion model is outlined by an anomalous average conductivity of 10mS/m located approximately 100m from the surface and suggests a dip to the east and plunge to the north. Importantly, the magnetic anomalies are broadly coincident with previously mapped ultramafic bodies (Wamex report A5170).
Initial surface geochemistry (rock chip and laterite data) combined with historical data identified several target areas for potential mafic-ultramafic hosted Ni-Cu-Pt-Pd mineralisation. One of these areas in the east of E70/5315, coincides with an aeromagnetic high and a HEM anomaly (refer ASX release 7 December 2020). Follow-up soil sampling (Phase-1) detected anomalous concentrations of Pt, Pd and base metals (in the ultrafine soil fraction) in Target Area 1 (refer ASX release 29 April 2021) where mafic-ultramafic intrusive rocks crop out nearby.
A Phase-2 soil geochemical survey across units of interpreted or mapped mafic-ultramafic rocks withinE70/5315 and E70/5316 showed anomalous Pt concentrations together with elevated Pd, Cu and Ni(with maxima of 5160ppm Ni, 462ppm Cu, 27ppb Pt and 48ppb Pd) in the south of E70/5315 outlining an additional priority target for base metals - PGE mineralisation. During the quarter, a Phase-3 geochemical soil survey was completed on the recently granted E 70/5712 (Target Area 7) and at Target Area 2 in an area immediately north and along strike from a strong aeromagnetic and electromagnetic anomaly in the south of E 70/5315 (refer ASX release7 December 2020). Infill and extension sampling was completed around Target Area 1 in the east of E 70/5315. The assays for approx. 200 soil samples are pending.