Venus’ Youanmi Vanadium deposit is located on the exploration licence 57/986 (198.5 km2) (Figure 1) and approximately 40km southeast of the very substantial vanadium deposit at Windimurra. The Youanmi Vanadium deposit has good access to major infrastructure such as gas pipeline, roads and port facilities. Venus holds a 90% interest and the prospector holds a 10% interest in this tenement.

YVP Fig01
Figure 1. Location of Youanmi Vanadium Project

The tenement area falls within Youanmi Intrusive Complex in Southern Cross province of Archean Yilgarn Craton of WA. The tenement covers substantial strike length of Youanmi intrusive gabbroic complex that has intruded the poorly exposed Youanmi greenstone sequences. The Youanmi Intrusion occupies an oval shaped area about 25 kilometres north-south by 10 kilometres east-west bounded by marginal greenstone lithologies and granitic rocks.

The Youanmi Intrusion contains several prominent vanadiferous titano-magnetite units forming two strong magnetic horizons near the base of the intrusive stratigraphy. The units comprise many individual titano-magnetite bands up to 1m thick separated by magnetite gabbro. This stratigraphy is well exposed in the northern and western part of the tenement forming prominent resistive strike ridges

Widenbar and Associates (“WAA”) was commissioned to produce a Mineral Resource Estimate for the Youanmi Vanadium Deposit.

Two high grade mineralised domains have been interpreted, with low grade domains lying between and above them. The Resource Estimate has been classified in the Inferred category as defined by the 2012 edition of the JORC code. WAA has reviewed the drilling, sampling and assaying data used in the estimate and considers it to be of sufficient quality to support the resource classification applied. Historical drillhole data of 49 RC holes and 11 diamond holes were used for resource modelling.

WAA has reported a JORC 2012 compliant Inferred Mineral Resource estimate of 330.6 Million Tonnes @ 0.29% V2O5, 5.95% Titanium (TiO2) and 19.41% Fe (0.10% V2O5 cut-off, 350m RL base) for 951,000 tonnes of Vanadium Pentoxide resource (Table-1). This mineral resource includes high grade 167.7 Million tonnes @ 0.41% V2O5, 7.52% TiO2 and 24.6% Fe (0.25% V2O5 cut-off) for Vanadium Pentoxide resource of 683,000 tonnes (refer ASX Release: 6 February 2015).

 

Table 1. JORC 2012 Inferred Vanadium Mineral Resources Summary

MATERIAL

Cut-Off

% V2O5

Million

Tonnes

V2O5%

V2O5

Tonnes

TiO2%

Fe%

OXIDE

0.10

110.6

0.30

333,000

6.15

20.18

FRESH

0.10

220.0

0.28

618,000

5.85

19.03

TOTAL

0.10

330.6

0.29

951,000

5.95

19.41


Vanadium Oxide Mineral Resource

A RC drilling program was conducted to convert part of the JORC 2012 inferred mineral resource of 110.6 million tonnes @ 0.30% V2O5 into a large measured oxide resource from surface to 45m depth.

A JORC 2012 Vanadium Oxidemeasured, indicated and inferred resourceof 134.73 mt grading 0.34% V205, 6.27% TiO2 and 21.33% Fe and containing 458,900 tonnes (approximately 1,011,415,600 lbs) of V205 (Vanadium Pentoxide) (refer ASX release dated 20 March 2019) was calculated by Company Consultant Widenbar and Associates and was based on 139 recent RC holes for 5919m and 49 historical RC and 11 Diamond holes for 3268m (Figures 2&3 and Table 2).

YVP Fig02
Figure 2. Location of Historical and recent RC Drillholes

YVP Fig03
Figure 3. Plan view showing Measured, Indicated and Inferred Vanadium Oxide Resource

Table 2. JORC 2012 Youanmi Vanadium Oxide Mineral Resource Estimate - March 2019

MATERIAL

Cut-Off

% V2O5 

Million 

Tonnes

V2O5%

V2O5

Tonnes

TiO2%

Fe%

OXIDE

0.10

110.6

0.30

333,000

6.15

20.18

FRESH

0.10

220.0

0.28

618,000

5.85

19.03

TOTAL

0.10

330.6

0.29

951,000

5.95

19.41

(Widenbar and Associates,2019)

 

VMC initiated a metallurgical research contract with Dr. Aleks Nikoloski (Murdoch University) to develop a novel process for iron,titaniumand vanadium recovery from the Youanmi oxide ore. The research project, in its first phase, undertook a process assessment and bench scale development and is expected to investigate a pyro-metallurgical approach to test the recovery of all three valuable components, iron, vanadium and titanium in the Youanmi Oxide Ores.

The prime objective of this study is to develop information that will guide the development of a novel process for iron, titanium and vanadium recovery from the Youanmi oxide ore. The process should enable Venus to make an informed decision on the opportunities presented by this large exploitable resource. The $100,000 study is being co-funded by the Commonwealth Government under Innovation Connections Project grant on a 55% Venus / 45% Commonwealth funding basis. Professor Nikoloski and lead researcher Dr Rorie Gilligan will manage the project with an extensive program of combined pyrometallurgical and hydrometallurgical process options for the Youanmi Oxide ores.

The pyrometallurgical approach is different from the acid leach only approach and is designed to test the recovery of all three valuable components being iron, vanadium and titanium in the Youanmi Oxide Ores. Facilities at the Murdoch School of Engineering and Information Technology are ultra-modern, very comprehensive and world-class, enabling full metallurgical testing to be carried out on site. The pyrometallurgical research work is in progress.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Venus Metals Corporation Limited planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although Venus Metals Corporation Ltd believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

Competent Person’s Statement

The information in this report that relates to Mineral Resources and Exploration Targets has been compiled by Mr Lynn Widenbar. Mr Widenbar, who is a Member of the Australasian Institute of Mining and Metallurgy, is a full time employee of Widenbar and Associates and produced the Mineral Resource Estimate based on data and geological information supplied by Venus Metals. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Widenbar consents to the inclusion in this report of the matters based on his information in the form and context that the information appears.

The information in this release that relates to the Youanmi Vanadium Project is based on information compiled by Mr Barry Fehlberg, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Fehlberg is Exploration Director of Venus Metals Corporation Limited. Mr Fehlberg has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr Fehlberg consents to the inclusion in the release of the matters based on his information in the form and context that the information appears.