Venus to commence ground magnetics survey at Pincher Well
Venus Metals Corporation (ASX: VMC) has released details relating to second phase IP surveying conducted at its Pincher Well zinc prospect located in Western Australia. Lying 600 kilometres north-north-east of Perth the prospect forms part of the company’s Youanmi gold and base metal project.
Tenements E57/986 and E57/1019 hosting the trend are situated 15 kilometres south-west of the Youanmi gold mine and processing plant. Consequently, should VMC be able to progress the project there will be significant benefits from having access to nearby infrastructure.
Of course this is an early stage play and investors should seek professional financial advice if considering this stock for their portfolio.
The Pincher Dome Volcanogenic Massive Sulphide (VMS) trend covers more than 5 kilometres of strike and hosts a number of known zinc and copper prospects including the Linda and Franca Gossans, PW17 zinc discovery and a substantial body of zinc mineralisation at North Dome.
Recent reconnaissance drilling over the earlier IP anomaly confirmed the presence of significant thick and shallow ‘up dip’ extension of the known North Dome zinc-copper mineralisation.
Significant intercepts included 10 metres grading 7.3% zinc from 52 metres and 10 metres grading 5.1% zinc from 68 metres.
With these robust thicknesses and strong grades, the second phase of IP survey has been extremely insightful. The chargeability recorded in recent IP survey by comparison is stronger than the previous results and effectively extends the anomaly 400 metres to the south.
The modelled anomaly remains open and untested further to the south, potentially extending the target envelope of 1 kilometre strike and 250 metres in width.
A ground magnetic survey is commencing immediately to refine the targets with management extremely upbeat about what may materialise from these anomalies.