Venus Metals (ASX: VMC) has intersected cobalt and nickel and identified multiple mineralised zones at its Youanmi project in Western Australia.
Drilling at the Estonia prospect identified two zones of nickel and cobalt at the project, with Venus claiming mineralisation could be up to 250m thick.
Assays from Estonia were 16m grading 0.089% cobalt and 0.71% nickel from 8m, with an 8m interval with 0.10% cobalt and 0.76% nickel from 12m.
A thicker but lower grade 20m intersection with 0.050% cobalt and 0.56% nickel contained a 4m interval with 0.15% cobalt and 0.84% nickel.
An 8m interval with 1.07% nickel was also identified.
Meanwhile, drilling at Stone Tank Bore, returned 12m grading 0.09% cobalt, including a 4m interval grading 0.15% cobalt.
Stone Tank Bore also gave up some scandium mineralisation with a 12m intersection grading 0.0096% scandium.
After carrying out a review of historical drilling records, Venus uncovered 14m grading 0.10% cobalt, 0.81% nickel and 12m grading 0.17% cobalt and 0.55% nickel at Stone Tank Bore.
A reconnaissance 77-hole drilling program was undertaken at the project during November and December last year across the Malbec, Vidure and Merlot prospects. The program identified cobalt and nickel anomalies across each prospect.
Drilling at Currans Well, which is also part of the project, unearthed cobalt grading up to 0.19% and 0.52% nickel.
According to Venus, the Youanmi cobalt and nickel project is also prospective for platinum and palladium.
In addition to Youanmi, Venus owns a suite of projects across WA prospective for lithium, tin, tantalum and gold.
Venus is about to begin on fieldwork at its Greenbushes East lithium and tantalum project, while sampling has been planned for the Poona lithium and tantalum project.
A helicopter electro-magnetic survey was recently completed at the Youanmi gold project which identified multiple conductors that may be linked to gold mineralisation.
Shares in Venus had rocketed more than 25% to A$0.15 by late morning trade.