Venus to get drill bit spinning chasing promising | Australian Markets

Venus Metals has plans for a 26-hole, 2000m drill program to unearth additional gold at its 30,500-ounce Bellchambers gold deposit, within its wider Sandstone project within the Western Australian Goldfields.

The company holds a 90 per cent stake within the project, the place it has simply accomplished subject work involving mapping, rock chip sampling and preparation work for an upcoming reverse-circulation drill program.

Bellchambers has a 722,000-tonne useful resource grading 1.31 grams per tonne (g/t) gold for 30,500 ounces utilizing a 0.5g/t cutoff grade.

The project is 23 kilometres southwest of the historic gold-rush Sandstone township, the place old-timers extracted 3688 ounces of the dear yellow metallic from 5620t of ore at a more than tidy 21g/t.

Venus is planning a 14 to 16-hole reverse circulation drill program to improve its inferred and indicated sources to a larger class to increase the extent of confidence within the project. It will drill a additional 26 holes to check for gold mineralisation exterior the recognized useful resource.

The company will probably be hoping to stretch the useful resource by together with its superior Range View gold prospect, which is about 1.1km northeast alongside strike from Bellchambers.

Previous gold outcomes at Range View embody an 11-metre hit at a stable 4.69g/t from 12m, together with 1m going 38.92g/t from 20m, and 8m working at 1.22g/t from 30m, together with 1m at 4.48g/t from 30m.

Venus has not too long ago utilized for a mining lease utility that features Bellchambers and Range View. Management says the 2 areas are hosted within a northeast trending and steeply dipping sequence of sheared sulphide-rich sediments and mafic rocks.

A complete of 51 rock chip samples have been collected at Bellchambers, with 5 samples grading more than 0.5g/t gold and a most 2.19g/t. The sampling highlighted a number of areas potential for gold, with anomalous mineralisation recognized 1.5km northeast of Bellchambers and south-southeast of an space beforehand described because the Georgina-Rainbow pattern, which reveals potential for additional discoveries.

Venus will concentrate on understanding the controls on the gold mineralisation within its ground and full additional mapping to uncover new targets.

The project is 70km northeast of Rox Resources’ developing 2.3 million-ounce Youanmi gold project. Both Rox and Venus beforehand agreed to negotiate a mine sale settlement on a best endeavours foundation, which can present a processing option for the Bellchambers ore.

Venus holds a important 9.3 per cent shareholding within the more than $200 million market-capped Rox Resources.

Encouraging outcomes have been acquired from bottle-roll evaluation testing of composite samples comprising the assorted sorts of ore found at website from prior drilling.

Recovery ranges ranged from 86.3 per cent to 92 per cent for oxide materials, 81.9 per cent to 95.6 per cent from transitional ore and 75 per cent to 90.1 per cent from recent rock sampling.

Venus will probably be eager to develop recognized sources on the Sandstone project in mild of right now’s out-of-this-world price surge that has rocketed the gold price to more than $4800 per ounce in Aussie {dollars}.

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