Venus Metals Corporation (ASX: VMC) has announced plans to carry out ground electromagnetic (EM) surveys over high-priority nickel-copper-platinum group elements (PGE) targets at its recently acquired Bridgetown East project in Western Australia.
The gold and base metals explorer today provided an update to the market on its wholly-owned exploration permits following initial fieldwork and targeting.
Venus picked up the two tenements in October. The ground includes the prospective north-eastern part of an approximate 20km long structure named ‘Thor’, which is believed to be similar to Chalice Gold Mines’ (ASX: CHN) Julimar nickel-copper-PGE discovery.
This majority of this Thor prospect is being tested for ‘Julimar-style’ mineralisation by Chalice in joint venture with Venture Minerals on the partners’ adjacent South West project.
Recent drilling by the joint venture intersected 2.4m of massive sulphide averaging 0.5% copper with 0.05% nickel, 0.04% cobalt and anomalous gold and palladium.
Bridgetown East work
In today’s announcement, Venus said its own reconnaissance surface sampling had generated platinum-palladium-copper anomalies in laterite, which together with historical data, outline high-priority targets in mafic-ultramafic rocks prospective for potential nickel-copper-PGE mineralisation.
Further systematic sampling has been planned.
Venus will also undertake detailed ground EM surveys across specific geochemical targets and previously identified airborne EM anomalies.
The company said it is currently liaising with landowners and the local community to facilitate land access.
Newly pegged ground
Venus acquired the two exploration permits making up the Bridgetown East project from Lithium Australia (ASX: LIT) for $15,700 plus a royalty on future production.
While it holds a 100% interest in Bridgetown East, Venus is an equal partner with Rox Resources (ASX: ROX) in other prospective projects including Penny West Deep South, Sovereign, Currans and Pincher, where high-grade gold has been discovered.
It also holds a 30% stake in the Rox-managed Youanmi gold mine under the OYG joint venture, 90% interests in the Youanmi vanadium oxide and the Bellchambers gold projects.