Venus Metals Corporation Limited Annual Report to Shareholders
Perth, Australia (ABN Newswire) – In 2021-22, Venus Metals Corporation Limited (ASX: VMC) conducted exploration activities on its diverse portfolio of projects focused primarily on gold, lithium, rare earths, base metals and vanadium.
Highlights of these exploration activities are summarized below:
YOUANMI GOLD PROJECT
Youanmi’s near-surface resource increased from 204 koz Au to 1,004 koz Au. This resource upgrade includes 16,000m of additional RC drilling above 160m vertical depth and provides a 26% increase in contained gold near surface. The improved near-surface resource increases Youanmi’s overall gold inventory to 3.2 million ounces of Au. Albion Process Technology’s assay work has averaged 92.2% gold extraction (up to 94%) for the Youanmi Deeps mineralization.
BRIDGETOWN GREENBUSHES EAST LITHIUM BASE METALS EXPLORATION PROJECT
VMC’s Greenbushes East Lithium and Bridgetown East Ni-Cu-PGE projects include four concessions held by a Venus subsidiary, E70/5315, E70/5316, E70/5620 and E70/5712, and two exploration applications, E70/6009 and E 70/5675 (MVC). The western boundary of the MVC and Venus subsidiary tenure abuts the Greenbushes mining leases.
MANGAROON NORTH RARE EARTH PROJECT
Venus Metals is well positioned with four properties adjacent to the Mangaroon-Yangibana rare earth mineralized zone (REE). These buildings are considered prospective for REE due to the presence of host lithologies similar to those of the Dreadnaught’ Yin and Yangibana deposits, geological continuity, and linear and circular structures along major northwest-trending translithospheric faults, including including the Edmund fault, which crosses the buildings of Venus. .
MARVEL LOCH EAST RARE EARTH PROJECT
Venus’ Marvel Loch East Rare Earth Project consists of one exploration license granted (E15/1796) and four applications (ELA 15/1944, 15/1946, 15/1947 and 77/2721) for a total area of 283 blocks ( 828 km2). E15/1796 covers aeromagnetic highs in granitic terrain that have historically been interpreted to represent an arcuate residual greenstone belt with associated mafic-ultramafic rocks; most of the EL is covered by sand plain and salt lake sediments with some subcrops of mainly granitic rocks. Recently, Venus completed a large-scale geochemical study, the interpretation of the results of which is in progress.
YOUANMI BASE METALS – REE PROJECT
Wide-spaced reconnaissance core drilling at E57/1128 confirmed the presence of sheared mafic-ultramafic bedrock under cover along an east-southeast trending structure that flares offshore from the Youanmi shear near the Penny gold mine and makes this trend prospective for gold and the base. metal mineralization. Anomalous rare earth elements (REE) have been detected in several holes (see ASX press release dated May 31, 2022). Follow-up RC drilling is planned to explore the extent of the REE mineralized zone.
HENDERSON LITHIUM-GOLD-NICKEL PROJECT
The Mt Ida/Ularring greenstone belt is recognized as an emerging lithium province following the discovery of spodumene-rich lithium pegmatites near the Mt Ida gold mine, located approximately 15 km northwest of the Henderson project . Historical geological mapping and recent Venus fieldwork have identified pegmatite dykes cutting across the greenstone sequence. The Emerald SE zone has a relatively high density of outcropping LCT pegmatites with a lithium content greater than 100 ppm LiO2, including a maximum assay of 5.8% LiO2 from a 1 m wide narrow pegmatite.
YOUANMI VANADIUM PROJECT
A comprehensive hydrometallurgical study to develop an integrated flow sheet for the extraction of vanadium, iron and titanium was conducted by the Hydrometallurgical Research Group (HRG) at Murdoch University, Western Australia.
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About Venus Metals Corporation Limited:
Venus Metals Corporation Limited (ASX:VMC) is a Western Australia-based company focused on gold, base metals, vanadium and lithium exploration projects. The Company aims to increase shareholder value through the success of targeted exploration on its projects.
The Company’s principal gold project is the Youanmi gold mine, located 500 km northeast of Perth. The Youanmi gold mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%); Indicated and inferred resources at the mine exceed 3 million ounces of gold.
Venus Metals Corporation Limited
Matt Hogan Managing Director Venus Metals Corporation Limited Tel: +61 8 9321 7541