Sandstone Gold Project

The Sandstone Gold Project comprises three exploration licenses near the town of Sandstone in the Western Australian Goldfields (Figure 1). The 217km2 project area is located about 50km northeast from VMC’s Youanmi Gold Project and covers the western section of the Sandstone Greenstone Belt and adjacent Youanmi Shear Zone. The gold endowment of this belt totals ca. 2Moz which includes a historical gold production of approximately 1.2 Moz, and resources and reserves recently reported for advanced resource projects by Middle Island Resources (MDI) and Alto Metals Ltd (AME) totalling about 0.8 Moz.

 Location MapFigure 1. Location map

 

Historical exploration and recent work by Venus Metals Corporation (VMC) has highlighted several gold trends that are interpreted to be controlled by stratigraphy and cross-cutting structures. The Bellchambers-Range View Gold Trend, located in the southern part of tenement E57/984 (90% Venus, 10% Prospector), is the most significant mineralisation trend identified to date and is host to the historical Bellchambers and Range View gold mines (Figure 2).

The Bellchamber gold mine has a high-grade production history. The recorded production from 1907 to 1942 (Mines Department production list of cancelled gold mining leases) is 3,979 tons for 2,682 oz Au at a recovered grade of 20.96 g/t Au. In September 2020 Widenbar and Associates prepared a JORC 2012 resource estimate for Bellchambers based on historical drilling and 11 RC holes drilled by VMC (Table 1; Figure 3). This new gold resource presents an increase of 58% in tonnes and 29% in ounces (at 0.5 gm/t cut-off) compared with a 2015 resource estimate and, importantly, a major portion of the resource (18,400 ounces) has now been classified in the Indicated Mineral Resource category.

Table 1: Bellchambers JORC 2012 Resource Summary

Class

Cut-off

Volume

Tonnes

Density

Au

Ounces

Indicated

0.5

158,000

425,000

2.70

1.34

18,400

Inferred

0.5

40,000

111,000

2.77

0.96

3,400

Total

0.5

198,000

536,000

2.71

1.27

21,800

 

 

 

 

 

The Range View Gold Prospect is located 1.5km northeast and along strike from the Bellchambers Gold Deposit.  Reconnaissance RC drilling by VMC beneath historical shallow workings at Range View identified high-grade gold mineralisation in drill hole BCRC120 (11m @ 4.69 g/t Au including 1m @ 38.92 g/t Au (Figure 3).

A follow-up drilling programme of 11 RC holes further delineated the extent of the gold mineralisation which is hosted within a northeast-trending and steeply southeast dipping sequence of faulted sediments and mafic rocks, interlayered with thin chert and Banded Iron Formation (BIF). Higher grade zones (>2 g/t Au) are associated with sheared BIF layers and increased quartz veining within a 10-25m wide zone of mineralisation. Analysis of the drilling results indicates a likely gently east-northeast plunge to high-grade shoots with the high-grade mineralisation open down-plunge and to the northeast (Figure 4).

Drillholes

Bellchambers Gold Deposit

Figure 3. Bellchambers Gold Deposit. Plan view of mineralisation wireframes and drillholes used in the 2022 resource study.

 

Drillhole Collar

Figure 4. Drillhole collar plan with summary of significant gold intercepts. Red arrow shows interpreted trend of gently plunging high-grade shoot.