Three months after farming out its nickel-copper project in Western Australia, Venus Metals Corporation (ASX: VMC) has picked up two neighbouring tenements that lie within the “Julimar lookalike” search now under way on that ground.
Chalice Gold Mines’ (ASX: CHN) share price soared in March when the company announced it had struck a massive sulphide zone with its first ever drill hole at the geographically large Julimar project, located 70km from Perth.
That intersection was hit at 48m below ground and returned 19m at 2.59% nickel, 1.04% copper, 8.37g/t palladium and 1.11g/t platinum group elements (PGE).
The Venus 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.
Venus Metals has now acquired two new exploration licences at Bridgetown East.
One new tenement part of 20km mineralised complex
One of the tenements includes the prospective northeastern part of the “Julimar lookalike” target, which is a 20km-long interpreted complex with a strong magnetic section and a massive sulphide occurrence.
At the Thor target, drilling intersected 2.4m at 0.5% copper, 0.05% nickel, 0.04% cobalt along with anomalous gold and PGE.
The new licence areas were acquired by Venus from Lithium Australia (ASX: LIT) for $15,700 plus a royalty on future production.
Venus says historical electromagnetic surveys identified a conductor closely associated with a strong anomaly which appears to be a northern extension of the Thor prospect.
Venus is planning to begin geological and geochemical studies, followed by ground aeromagnetic surveying.
The priority target is a 300m-long anomaly.
Venus is an equal partner with Rox Resources (ASX: RXL) on a large range of prospective tenements including Penny West Deep South, Sovereign, Currans and Pincher where high grade gold has been discovered.
Venus is currently the operator and also an equal partner in the tenement bordering Sabre Resources’ (ASX: SBR) compelling gold targets.