Venus Metals updates the Youanmi revival story, new gold zone found
Results from an ongoing drilling campaign include gold grading up to 191.56 grams per tonne.
Venus Metals Corporation (ASX: VMC) has released a comprehensive outline of recent drilling at its joint venture for the historic Youanmi project in Western Australia.
The latest development is that gold mineralisation has been discovered in granite north of the Youanmi mining leases.
Venus Metals is a minority partner in several gold projects at the historic Youanmi gold centre where Rox Resources (ASX: RXL) is the operator.
The release follows reverse circulation drilling at the Hope, Shed Bore, Taylor’s Reef and Sovereign prospects.
The Youanmi gold mine is located 480km northeast of Perth and to the east of Geraldton.
At the historic Youanmi mining centre, an estimated 667,000oz of gold (at an average 5.47 grams per tonne) has been produced since its discovery in 1901. It has been mined over three periods: 1908-21, 1937-42 and 1987-97.
The project is located in the Youanmi greenstone belt.
Drilling deeper at Hope produces results
At Hope (Venus 45%), which is located 2km north of the Youanmi mining leases, first pass drilling beneath historic shallow holes and anomalies returned 1m at 9.30 grams per tonne gold and 3m at 1.53g/t.
Hope is less than 7km from the Grace prospect announced last January where gold was also found in granite.
Reverse circulation drilling at Taylor’s Reef (VMC 45%) was following up on an earlier discovery of high-grade, near-surface gold mineralisation.
Venus reports that this latest drilling program has extended the previously intersected gold mineralisation story.
The best intersections include 3m at 4.29g/t, 1m at 5.10g/t and 2m at 3.09g/t.
Venus holds 50% of the Sovereign prospect and its own team recently identified gold there about 5km north of the Penny gold deposits owned by Ramelius Resources (ASX: RMS).
The latest drilling tested a target identified by magnetic exploration.
Follow up RC drilling to proceed
Bedrock gold mineralisation at Sovereign was intersected between 70m and 120m southwest of previous gold intercepts.
“This exciting new exploration result appears to indicate a continuation of the bedrock mineralisation and is open along the newly identified southwest target trend,” the company stated.
Best results at Sovereign include 2m at 4.87g/t and 2m at 1.71g/t.
Gold mineralisation at Sovereign is hosted in multiple lodes that appear to align with high-grade gold mineralisation at other prospects at the joint venture property, Venus noted.
Shed Bore also returned gold intercepts.
Venus has planned reverse circulation drilling at Sovereign, Taylor’s Reef and Hope to explore the potential down-plunge and along-strike extensions of the mineralisation