Venus Metals Corporation Limited (ASX:VMC) Youanmi Vanadium Oxide Project Update
Date: Dec 13, 2018
Venus Metals Corporation Limited (ASX:VMC)(FRA:EZL) is pleased to announce the completion of a 6282m reverse circulation (RC) drilling programme at the Youanmi Vanadium Oxide Project, Western Australia.
SUMMARY- CENTRAL YOUANMI OXIDE RESOURCE:
A total of 139 holes for 5919m was carried out on the central Youanmi Oxide Resource where nineteen separate section lines were drilled covering a zone 300m to 400m wide and along some 2000m of strike (Figure 1) . The majority of the drilling was carried out on a 40m by 80m spacing and was designed to convert part of the JORC 2012 inferred mineral resource of 110.6 million tonnes @ 0.30% V2O5 (refer ASX release dated 6 February 2015) into a large measured and indicated oxide resource. Assays are in progress.
DRILLING DETAILS- CENTRAL YOUANMI OXIDE RESOURCE:
All drill holes were inclined at 60 Degrees north to 50m depth or until fresh rock was intersected (whichever came first). Drilling was very easy through the soft weathered oxide material, with extensive ferruginous oxide zones being intersected (Figure 1a) on all drill section lines. The results are consistent with previous geological drilling data. New RC drillhole locations together with historical drill hole locations are shown in Figure 1.
Updated JORC 2012 resource calculations based on the combined geological logs, assays results and magnetic susceptibility readings are expected to be available in January.
The RC drilling has delivered more than 100 tonnes of samples for further advanced metallurgical test work, to expand on the current metallurgical test work being conducted by METS.
