JORC Inferred Mineral Resource Estimate of 219,000 tonnes @ 2.0 gpt Gold

The Bell Chambers Gold Project (E 57/984) is located 23 kilometres to the southwest of Sandstone in Western Australia.


Figure 1. Location of VTEM Survey Flightpath in Bell Chambers Gold Project


In early 2015 Venus announced a JORC 2012 compliant, Inferred Gold Mineral Resource Estimate of 219,000 tonnes @ 2.0 g/t Au for 14,000 Ounces for Bell Chambers Gold Project (refer ASX release 20 March 2015).

The gold mineralisation is associated with sulphides in shear zones, which can provide EM responses. An airborne VTEM survey was flown by UTS Geophysics in April 2015 with the VTEM max system on flight lines oriented 120-300° on 250m spacing. First pass analysis of the data indicated several significant conductive trends and anomalies (Figure 2). Eight anomalies were prioritised for modelling to determine geometry, depth and conductivity.

The conductivities of the model bodies vary over the survey and it is possible that source of the anomalies could be sulphides associated with gold mineralisation. Venus plans to determine the relationship between the absolute conductivity to gold mineralisation once the final VTEM data is received. In addition, the Company is reviewing all historical soil sampling and drilling data to further refine the drilling target locations for Venus’s future work programme.



Figure 2. VTEM Targets selected for modelling