HENDERSON GOLD-NICKEL-LITHIUM PROJECT

The Henderson Au-Ni-Li Project comprises five exploration licences covering an approximately 800 km2 area along the central section of the Mt Ida/Ularring Greenstone Belt, ca. 50km northwest of Menzies in the Eastern Goldfields of Western Australia (Figure 1). The area is prospective for gold, nickel and lithium.

Two regionally significant fault zones, the Ida Fault and Ballard Fault, define the boundaries of the greenstone sequence and are considered to have played important controls on gold deposition. Significant gold mines associated with those structures in proximity to the Henderson Project include the historical First Hit Mine (Viking Mines; 7km south) the Riverina Mine (Ora Banda Mining; 15km south) and the historical Bottle Creek Mine (30km north) (Figure 1). Historical gold workings within the general project area include the Emerald Mine (excised from VMC tenement) and the Hilltop Mine.

VMC has conducted a reconnaissance Phase 1 aircore (AC) drilling programme on tenement E30/520 (90% Venus) to test gold targets in areas with extensive cover that were identified in a recent geological review of the area (refer ASX release 8 May 2020).

·       The shallow AC drilling identified new gold mineralised zones at the Emerald South and Henderson Bore Prospects. Significant results include:

·     HBAC016 7m @ 1.13 g/t Au from 45m,

including 1m @ 4.57 g/t Au from 49m

·     HBAC060 2m @ 2.2 g/t Au from 19m,

      including 1m @ 4.09 g/t Au from 19m

·    Further reverse circulation (RC) drilling is planned to test the lateral and depth extent of the newly discovered gold mineralisation and also to test previously identified gold targets in areas with shallow cover. This includes the historical Hilltop gold workings where exploratory rock-chip sampling of mullock returned 77.2 g/t Au and 2.4 g/t Au.

 Henderson Project TenementsFigure 1. Henderson Project Tenements on Aeromagnetic Image

Location of VMC AC Drill 

Figure 2. Location of VMC AC drill collars and target areas for follow-up RC drilling over GSWA 100,000 scale outcrop geolog

Emerald South ProspectFigure 3. Emerald South Prospect.  Schematic section at 6723550mN (looking north). Interpreted mineralisation outline, defined by 100 ppb Au intersections of Phase 1 AC drilling, dips gently in an easterly direction and is open at depth.

Snake Hill Target

Potential for Lithium Mineralisation

Historically, the Mt Ida/Ularring Greenstone Belt has been known to contain Lepidolite-rich lithium pegmatites but interest in the area as a target for hard rock lithium exploration has increased significantly following recent announcements by Red Dirt Metals (RDT) of substantial intersections of spodumene-bearing lithium pegmatites at their Mt Ida Project, located directly north from and abutting VMC tenement E30/520 (Refer RDT ASX releases 28 September 2021, 14 October 2021).

VMC has initiated a review into the hard-rock lithium potential of the Henderson tenements. Available historical geological mapping confirms the common presence of pegmatite dykes cross-cutting the greenstone sequence at VMC’s Snake Hill and Emerald South Prospects (open file reports A14919, A21888) but no historical data on pegmatite composition has been identified. A sampling and mapping programme has started to determine the distribution and composition of outcropping pegmatites (Refer VMC ASX release 27 October 2021).