GASCOYNE REGION WESTERN AUSTRALIA
Venus Metals has 343 square kilometres of exploration ground prospective for rare earth, nickel, copper, platinum group elements and gold in the renowned Gascoyne region of Western Australia.
Two granted exploration licences (E09/2422, E08/3229) and one pending exploration licence under application (ELA 08/3375)
The Hastings Technology Metals Ltd (ASX: HAS) Yangibana rare earth (REE) Project contains a rare earth (REE) resource totalling 21Mt and is located approximately 50 km east southeast of Venus’ Mangaroon North tenements E09/2422 and E 08/3229 and, and is 10km south of Venus’ ELA 09/2541 Yangibana North Rare Earths Project.
Venus’ Mangaroon North tenements E 09/2422 and E 08/3229 abut Dreadnought Resources (ASX: DRE) and First Quantum Minerals Ltd’s (TSX: FM) Mangaroon JV Project targeting magmatic Ni-Cu-Pt-Pd mineralization associated with the mafic-ultramafic Money Intrusion.
Venus’ geochemical reconnaissance program totalling 1477 soil and 58 rock chip samples discovered several light rare earth element (LREE) anomalies in soil (maximum: 465 ppm Ce+La - based on the standard ultrafine analysis using an aqua regia digest). Subsequent re-analysis of 66 samples for a suite of 14 rare earth elements (REE) using a stronger multi-acid digest identified two areas of interest with anomalous rare-earth concentrations (upto1611 ppm TREO) that warrant systematic follow-up fieldwork in 2022.
Follow-up sampling is also planned around an isolated ironstone float specimen (TREO of 1735 ppm, including 316 ppm Nd) see below.
Venus Metals preliminary rear earth (REE) results are considered significant in view of Dreadnought Resources Ltd (ASX: DRE) recently identified carbonatite intrusions along the Lyon’s River Fault, located near DRE’s previously announced Yin rear earth (REE) Prospect. According to DRE, total rare earth oxides and mineralogical characteristics resemble those at the nearby Hastings Technology Metals Ltd (ASX: HAS) Yangibana rear earth (REE) Project.
Dreadnought Resources Ltd (ASX: DRE) discoveries may indicate more widespread occurrences of rare earth REE mineralization and potentially also occur within Venus’ tenements.
Dreadnought also identified a gossanous outcrop (see below) over a 1 km strike at Bookathanna Bore located approximately 3 km east of Venus’ E 08/3229. Significant rock chip results include up to 1.0%Cu, 0.6% Ni, 0.04% Co and 0.3g/t Pt-Pd-Au. see below.
Venus considers other north and northeast-trending Mundine Well dolerites, dykes, sills and small intrusions highly prospective for magmatic Ni-Cu-Pt-Pd mineralization and identified several Pd anomalies (up to 21ppb) in soil on or near Mundine dolerite. (see below) .
Structural targets along northwest-trending faults and shear zones within the Mangaroon North Project are considered prospective for gold mineralization similar to that at the historical high-grade Star of Mangaroon gold mining centre. The strongest gold anomaly is in the northern part of E 09/2422 with a maximum of 429 ppb Au.
Interpretation of remotely sensed spectral data and aeromagnetic data is in progress and will assist with planning systematic follow-up soil and rock chip sampling to generate drill targets in 2022.