13:34 AEST Feb 24, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
Perth, Australia (ABN Newswire) - The Directors of
Venus Metals Corporation are pleased to confirm the granting of tenement E59/1593 'Yarloo Well 'Murchison Base Metal Project.
The Yarloo Well Project has returned anomalous base metal geochemistry from a Venus initiated CSIRO well and water bore sampling program. A significant result was returned from a sample collected at the Yarloo Well with strongly elevated Cu (466ppb) and Zn (540ppb) values. Please refer ASX Announcement 14/10/2010.
Additionally, the CSIRO researchers report that 'The groundwater is more saturated with respect to these secondary copper minerals than any other sample previously collected in the northeast Yilgarn regional groundwater. The Yarloo Well groundwater chemistry is similar to that found in groundwaters near the Jaguar VMS deposit,' located 300 km north of Kalgoorlie, WA.
VMS mineralisation generally contain massive sulphides and can be detectable with electromagnetic technique as highlighted by Sandfire Resources - Degrussa Cu Deposit, Jabiru Metals - Jaguar deposits.
As such, it is proposed that the area surrounding the Yarloo Well, be flown with a high resolution Helicopter Electromagnetic (HEM) survey. The survey will provide both conductivity and magnetic data which will highlight any massive sulphides or conductive materials. The area proposed* to be flown is shown in Figure 1 (see link below).
http://www.abnnewswire.net/media/en/docs/530549.pdf
About Venus Metals Corporation Limited:
Venus Metals Corporation Limited (ASX:VMC) current projects consist of the Yalgoo Iron Ore Project which is located within the Murchison mid west region of Western Australia which is an emerging multi-billion dollar Chinese and Japanese iron ore investment province. The Yalgoo Project is subject to a formal farm-in agreement with HD Mining & Investment, a subsidiary of Shandong Provincial Bureau or Geology & Mineral Resources (SDGM) involving an $8m sole spend by HD Mining to earn a 50% interest in the Iron Ore Project. Once the joint venture is formed if Venus Metals elects not to contribute it will receive a 4.5% gross iron ore royalty from any production from the Yalgoo Iron Ore Project.
The company also has 3 super projects being Argyle North, Telfer North and Tropicana East projects. The focus of the super projects is for the discovery of world class deposits within concealed parts of the lower proterozoic orogenic belts which host the majority of Australia’s giant ore bodies including Argyle (diamonds), Telfer (gold), Olympic Dam (iron oxide copper gold), Broken Hill (base metals) and Mt Isa (base metals, IOCG).
Contact:
Venus Metals Corporation Limited
Matthew Hogan
Managing Director
Ph: +61-8-9321-7541
Barry Fehlberg
Senior Expert Exploration Advisor
Ph: +61-8-9321-7541
http://www.venusmetals.com.au
