Venus fires up drill rig to boost Sandstone gold | Australian Markets

As gold costs proceed to growth, Venus Metals has re-fired the drill rigs to kick off a recent reverse circulation drilling marketing campaign at its Bellchambers gold project in Western Australia.

The new 2000-metre marketing campaign is set to punch out up to 18 holes at an average depth of 100m.

The company will use a mixture of infill and extensional drilling to improve the present indicated assets to the measured class – a key transfer in de-risking the project for development. It can even chase down extensions within the hunt for new gold shoots across the tenement.

Sitting 23 kilometres southwest of the historic mining city of Sandstone and about 70km from Rox Resources’ Youanmi gold mine, Bellchambers already hosts a strong JORC compliant useful resource of 722,000 tonnes of ore grading 1.31 grams per tonne (g/t) gold for 30,500 ounces. The stock contains 22,100 ounces within the indicated class and a additional 8400 inferred ounces.

Bottle-roll testing on samples from a earlier drilling program has delivered spectacular gold restoration charges up to 92 per cent in oxide materials, 95.6 per cent in transitional zones and as high as 90.1 per cent in recent rock.

In a robust signal of confidence, the company has lodged a mining lease utility over Bellchambers and its outlying extensional targets, setting the stage for a potential fast-tracked mining operation.

Discussions are ongoing for a doable “mine gate” sale settlement with Rox, which not too long ago consolidated its curiosity within the Youanmi project forward of its own funding talks. Should Rox transfer to a last investment choice to develop a standalone mine later within the 12 months, it will present a clear pathway to monetisation for Venus.

Meanwhile, Venus has lots of targets to keep the drills busy. Just a kilometre northeast of Bellchambers is the Range View prospect, which has already coughed up some juicy outcomes. Historical hits embrace 11m at 4.69g/t gold from simply 12m depth, with a standout 1m operating 38.92g/t and 8m at 1.22g/t from 30m, together with a 1m shot at 4.48g/t.

The drill program is anticipated to wrap up within two weeks, with assays seemingly to observe a month later. Venus plans to roll the outcomes into an up to date useful resource estimate, alongside additional metallurgical take a look at work to fine-tune processing choices.

Venus already has appreciable publicity to WA’s exploration scene, with a portfolio spanning gold, copper, lithium and vanadium.

Added to that basket, the company owns 55 million Rox shares, that are at the moment price $19.8M, and has a helpful 1 per cent royalty over the Youanmi gold mine. The royalty was independently valued at $9.5M final 12 months, when the gold price was 40 per cent decrease than right now’s worth.

With money and liquid investments of $21.6M beneath its belt – nearly matching its $21.5M market cap – Venus seems well-funded to push Bellchambers towards development.

As the assays begin flowing in, punters can be watching carefully to see if Venus’ latest drilling program can unlock a larger prize hiding within the shadows of Bellchambers and switch the company into a golden growth story.

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