10:03 AEST Mar 10, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
Perth, Australia (ABN Newswire) -
Venus Metals Corporation Limited (ASX: VMC) are pleased to confirm the identification of Four Conductive Anomalies from the recently conducted Electromagnetic survey at Venus Metals 'Yarloo Well'(E59/1593) Murchison Base Metals Project.
A Versatile Time Domain Electromagnetic (VTEM) survey has now been completed over Venus Metals Corporation's 100% owned E59/1593 'Yarloo Well' Murchison Base Metals Project. The survey was flown on east west oriented lines at 150m line spacing for a total of 202 line km. Geophysical consultants Resource Potentials have conducted an initial review of the preliminary data delivered from the field and they identified four conductive anomalies Figure 2 (see link at the bottom of the release).
Anomaly 1 represents a subtle late time double peaked response evident over 300m, located approximately 1km to the SSE of Yarloo Well. The B-Field profile for line 10310 is shown in Figure 3 (see link at the bottom of the release), with the anomaly centered on 409615E.
Anomaly 2 is a strong NE trending conductor approximately 1.5km in length located in the centre of the survey. The B-Field profile for line 10220 with the anomaly centered on 409250E is shown in Figure 4 (see link at the bottom of the release).
Anomalies 3 and 4 are small and located at the south end of the survey area.
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. 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 (refer ASX Announcement 14/10/2010). VMS mineralisation generally contain massive sulphides and can be detectable with the electromagnetic technique as highlighted by Sandfire Resources - Degrussa Cu Deposit, Jabiru Metals - Jaguar deposits.
Further processing, inversions and reconciliation of the anomalies will be completed on receipt of the final data VTEM data which is expected within the next few weeks. Follow up work programs will then be commissioned to drill test the final anomalies as soon as possible.
'We are very encouraged by the survey results' said Mr Hogan, Managing Director of Venus Metals. 'The Yarloo well project is located within a highly prospective, copper mineralised greenstone belt that has seen very little exploration to date. We have gone from having a strong base metal geochemical anomaly to now having four electromagnetic (EM) geophysical targets for drilling'.
'Strong EM anomalies have been responsible for major base metal discoveries in Australia and Canada. I believe the Yarloo Well results are significant for the Company'.
For the complete Venus Metals Corporation announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/532845.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:
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
