Venus Metals Corporation (ASX: VMC) has returned new high-grade gold assays from exploration at the Sovereign prospect within the Youanmi gold joint venture, 480 kilometres north-east of Perth.
Reverse circulation drilling to test beneath gold intersections reported in an earlier aircore campaign expanded the previous gold discovery and showed best assays of 10m at 3.64 grams per tonne gold from 79m, including 2m at 10.64g/t from 82m; and 4m at 2.68g/t gold from 116m, including 1m at 5.43g/t from 118m.
Other results were 7m at 3.97g/t gold from 59m, including 1m at 8.19g/t from 64m; 4m at 1.86g/t gold from 18m; and 3m at 1.98g/t gold from 24m.
Venus said the gold‐mineralised zone appears to trend approximately south-southeast and is open at depth and along strike, coinciding with an aeromagnetic low.
It said the continuation of gold mineralisation at depth was “highly encouraging” and will be followed up with further drilling.
Gold price regime
With an indicated and inferred gold resource estimate of 1.19 million ounces, Youanmi is believed to be one of the last big mines of its kind in WA to be re-examined for production under today’s high gold price regime.
The Sovereign prospect is located on an exploration licence within the Youanmi gold joint venture, where Venus holds 50% equity as manager and junior explorer Rox Resources (ASX: RXL) has an option on the remaining 50% (gold rights only).
Under the terms, Rox can earn its equity by spending $800,000 over two years to become a contributing partner.
The newly discovered mineralisation – intersected on two traverses, 50m apart – is associated with quartz veining in dominantly mafic schist with some ultramafic and intermediate rocks.
Venus is currently completing a high‐resolution ground magnetic survey covering the Sovereign area to delineate potential structural controls of the mineralisation.
Further deep reverse circulation drilling has been planned to explore the mineralisation at depth and along strike.