Reconnaissance soil sampling has identified what Venus Metals Corporation (ASX: VMC) reports as “compelling” strong soil anomalies at its Bridgetown East nickel-copper-platinum group elements project in Western Australia.
The project area has been described by Venus as covering the northern part of the “Julimar lookalike” nickel-copper-PGE target, a reference to the headline-making Julimar discovery in March 2020.
Chalice Mining (ASX: CHN) struck a massive sulphide zone with its first ever drill hole at the geographically large Julimar project located 70km from Perth.
The intersection was hit at 48m below ground and returned 19m at 2.59% nickel, 1.04% copper, 8.37 grams per tonne palladium and 1.11g/t platinum.
Chalice now has a farm-in agreement with Venture Minerals on another project, Southwest, where it can earn a 70% interest by spending $3.7 million over four years.
Soil sampling at Bridgetown East has returned geochemical results up to 5,160 parts per million nickel, 462ppm copper, 27 parts per billion platinum and 48ppb palladium.
The nickel-copper-PGE anomalies are closely associated with ultra-mafic rocks.
Venus plans to complete geophysical ground surveys when ground conditions improve at the project.
Southwest nickel-copper project
Venture Minerals has given Chalice an option to earn up to a 70% stake by spending $3.7 million on its Southwest nickel-copper project which also has Julimar-style targets.
Southwest includes the Thor prospect where work located a massive sulphide averaging 0.5% copper, along with nickel, cobalt and anomalous gold and palladium.
The Venture ground into which Chalice farmed-in lies on the western margin of the Yilgarn Craton in Western Australia and which has had limited exploration but is seen by Chalice as having the potential for nickel-copper-PGE sulphide discoveries.
Initial data on Bridgetown East
Venus acquired the two exploration licences at Bridgetown East from Lithium Australia (ASX: LIT) for $15,700 plus a royalty on future production.
At the time, Venus said historical electromagnetic surveys identified a conductor closely associated with a strong anomaly.
Initial rock chip and laterite data, combined with historical data, identified several target areas for potential mafic-ultramafic hosted mineralisation.
Venus Metal’s is also a minority partner in four gold projects at the historic Youanmi gold centre where Rox Resources (ASX: RXL) is the operator.