Venus completes last piece of Gold Mine acquisition puzzle

By Jonathan Jackson. Published at Jun 21, 2019, in Mining

Venus Metals (ASX:VMC) has completed settlement of the Youanmi Gold Mine option.

“We are very pleased to complete settlement of the Youanmi Gold Mine option,” said Venus metals Managing Director Matthew Hogan.

“The Gold Mine itself, with its substantial gold resources and infrastructure, was the last major piece needed to complete our tenement consolidation over the highly prospective Youanmi Greenstone belt.”

Settlement of Youanmi Gold Mine Acquisition at Venus Metals Office.

Venus has been issued 25 million ordinary fully paid shares in joint venture (JV) partner Rox Resources (ASX:ROX), who will also pay VMC $2,550,000.

The completion of the acquisition of the Youanmi Gold Mine sees the formation of four separate joint ventures between Venus and Rox.

The first of these is the Youanmi Gold Mine joint venture (OYG). Both parties will take a 50% stake, with Rox to spend $2 million on drilling and relevant ground exploration. To complete its ownership obligations, Rox will also take responsibility for two years’ worth of holding costs including rents and rates.

Rox has the option to increase its stake by a further 20% in the OYG JV before 30 June, 2021 for a total sum of $3 million. Details of which can be found in today’s announcement.

Initial RC drilling at the OYG JV of circa 14,500 metres will begin in early July, with multiple targets already identified to confirm and expand the near surface oxide resources within the OYG mining leases.

Settlement of the acquisition initiates the formation of three further regional exploration Joint Ventures known as:

  1. Venus Joint Venture
  2. Youanmi Joint Venture
  3. Currans Find Joint Venture

Venus JV

VMC currently own 100% of the Venus JV, with Rox earning a 50% gold rights interest only in the tenements highlighted in blue on the map below:

The Youanmi Gold Project will be broken up into four joint ventures between Venus Metals and Rox Resources.

Following the completion of its 50% interest earn-in, Venus and Rox will contribute equally.

There is no option for Rox to increase its ownership in this JV and Venus remains the manager.

VMC’s first task in this particular JV will be to oversee RC and air core drilling, which is planned along strike from the Spectrum Penny West North discovery and at the Golden Victoria prospect. Drilling here will also commence in July.

Youanmi JV

Venus has a 90% holding of the Youanmi JV, with Rox to earn a 45% in gold rights interest in the tenements highlighted in green above.

Rox will contribute $200,000 on exploration and once it has earnt its interest, the companies will contribute equally. There is no option for Rox to increase its stake in the JV.

Drilling targets are currently being evaluated, with Venus again acting as the manager of the project.

Currans Find JV

Venus and Rox each have a contributing 45% interest in the Currans Find JV on the tenements highlighted in yellow on the map above.

Recent drilling here outlined high grade intersections around the old Currans Find and Currans North workings

Currans Find was the subject of excellent recent drilling results.

Additional RC drilling is scheduled for July to follow up on these high-grade results. Venus is Manager of the project.

“With our new joint venture partner in place, the necessary drilling and exploration to advance the project is set for the next two years,” Hogan said.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!

X