Venus Metals Corporation (ASX: VMC) says drilling at the Sovereign prospect in Western Australia has extended the known high-grade gold mineralisation down dip.
The best result from the latest reverse circulation (RC) drilling was 8m at 5.03 grams per tonne, including 2m at 15.83g/t and 3m at 2.86g/t.
Venus holds 50% of Sovereign which is within the Youanmi gold project joint venture with operator Rox Resources (ASX: RXL). The companies each control 50% (gold rights only) at Sovereign.
Sovereign is part of an overall project area incorporating the historic Youanmi goldfield. It is one of four joint ventures between Venus and Rox, with varying percentage holdings. This prospect lies north-west of the old Penny West mine.
The latest drilling was following up previous results reported in 2019 and July this year.
An interpretation of recent ground magnetic surveys covering another prospect, Currans Find, and Sovereign shows prominent north-east trending structures that align with the orientation of high-grade gold mineralisation at the Taylors Reef, Currans North, Red White and Blue prospects.
New priority target identified
Six priority targets have been identified in the eastern part of the survey area, one of which is located immediately west of Sovereign.
RC drilling is planned west and south-west of Sovereign to test this target, and also drilling beneath previous high-grade gold intersections.
Previous drilling there returned 3m at 6.61g/t, 4m at 2.68g/t, 7m at 3.97g/t and 3m at 1.24g/t.
The Youanmi gold mine is located 480km north-east of Perth and to the east of Geraldton.
Historically, the Youanmi mining centre has produced an estimated 667,000oz of gold (at an average 5.47g/t) since its discovery in 1901. It has been mined over three periods: 1908-21, 1937-42 and 1987-97.
Sovereign is located in the Youanmi greenstone belt.
The project came complete with a carbon-in-pulp plant (requiring significant refurbishment), a tailings disposal facility, mine offices, access road and landing strip.