Venus unveils more high grade gold at Currans

By Trevor Hoey. Published at Aug 5, 2019, in Mining

Venus Metals Corporation Ltd (ASX:VMC) continues to intersect outstanding gold grades from stage II of its drilling campaign at the Currans Find North Prospect, part of the Youanmi Gold Project in which the company has various joint-venture interests.

Bonanza gold grades up to 72 g/t gold were revealed during initial drilling at Currans Find, and phase 2 reverse circulation (RC) drilling has been completed.

Some big hits featured in the drill results released on Monday morning included 3 metres at 25 g/t gold, including 1 metre at 57.1 g/t gold at a depth of approximately 110 metres.

At a similar depth, wider intersections of 8 metres also had outstanding grades of approximately 7.8 g/t gold.

VMC has delivered outstanding drill results.
VMC has delivered outstanding drill results.

Geological trends are positive

However, it isn’t just the high grades that have impressed management.

From a geological perspective, within the high‐grade gold intersections, accessory galena associated with significant sulphide contents has been identified in the RC rock chips.

Management said that this was an important new development which shows gold-sulphide association.

Underlining the significance of the presence of galena, management now intends to commence follow up RC drilling within the week.

An IP geophysical survey covering M57/641 will also commence soon to identify further sulphide‐rich gold lodes at depth, similar to that discovered at Currans Find North.

A 5000 metre aircore drill program will start this week, targeting a combined magnetic, electromagnetic (EM) and geochemical anomaly located north of the Spectrum Metals (ASX:SPX) Penny North discovery.

The following map shows the area that will be targeted (yellow).

VMC will begin a 5000 metre aircore drill program.
VMC will begin a 5000 metre aircore drill program.

The map also shows the varying part interest of Venus Metals in relation to other tenements that form the Youanmi Gold Project, an area that has become hot property due to extensive exploration success in and around the broader area including tenements closely located to Currans Find.

Is Venus a Spectrum in the making

One of the most notable was the discovery made by Spectrum Metals which lies just to the south-east of M57/641 as shown on the above map in grey.

The details of the discovery were released in March, resulting in the company’s shares increasing nearly four-fold in a matter of weeks, and further promising results in July triggered an increase of more than 200% in the company’s share price.

Interestingly, the higher grade intersections in these results weren’t all that much wider than those encountered by Venus Metals and the grades were similar.

The gold was encountered at depths of around 250 metres, suggesting that there may be upside at Penny’s Find as deeper drilling is undertaken.

Underlining Spectrum’s expectations of further high-grade mineralisation at depth is management’s decision to commence diamond drilling in the very near term.

Consequently, it isn’t surprising to see that Venus is adopting an exploration strategy in its stage III program that should assist it in identifying down-plunge mineralisation.

On this note, the company said: “Based on the outcomes of the recent RC drilling programs, the company has planned an IP geophysical survey at M57/641 (Currans Find).

“Its purpose is to detect sulphide bodies that may host gold mineralisation as observed in the recent drilling.

“Such potential gold lodes may have remained undetected by shallow historical drilling and surface sampling.

“The outcomes of this IP survey will assist in more effectively targeting the Stage 3 drilling.

“The Stage 3 RC program will also further explore the down‐plunge and along‐strike high‐grade gold mineralisation at Currans Find North with some specific follow‐up drilling to commence soon.”

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.

Thanks for subscribing!

X