- Venus Metals has successfully identified four new untested electromagnetic conductors at its copper-nickel prospect
- The conductors represent extensions to the sulphide mineralisation as well as a potential down-dip conductor
- The company is now planning reverse circulation drilling program to test for copper-nickel mineralisation at the project area
- Venus’ share price is up 5.88 per cent this morning, with shares trading for 18 cents apiece
Venus Metals has successfully identified four new untested electromagnetic (EM) conductors at its Vidure Copper-Nickel Prospect on E57/1011.
The EM conductors were identified via a high-powered fixed-loop electromagnetic (FLEM) survey.
The aim of this EM survey was to follow up on historical EM surveys which were conducted with low-powered systems, resulting in poorly constrained deeper targets.
Two of the EM targets represent new, high, and conductivity targets, which are interpreted to be potential extensions of the Vidure sulphide mineralisation. The other two represent a potential down-dip conductor to Vidure.
When compared to previous drilling, these model plate locations indicate that all four EM conductors appear to be untested by historical drilling.
The Vidure Prospect is part of Venus’ Youanmi Base Metals Project and is located within the Youanmi tenement holdings.
The Youanmi area includes a variety of mineralisation styles and commodities such as gold, silver, copper-zinc, titanium-vanadium, and nickel-copper-platinum group elements (PGE).
The base metals project is 90 per cent owned by Venus, with the remaining 10 per cent owned by the prospector.
Base metal mineralisation was first identified by Venus in 1973 in a historical diamond drill hole, with a 1.22 metre intersection of massive sulphides, with 2.2 per cent nickel and 0.14 per cent copper from 135 metres.
In 1985, BHP drilled a nearby hole and encountered 8 metres at 1.47 per cent copper, 0.13 per cent nickel and 5 grams per tonne of silver, from 120.5 metres.
Planning and preparation of a reverse circulation drilling program to test the plate models for copper-nickel-PGE mineralisation is now in progress.
“The recent EM survey has been highly successful and we are extremely excited about the presence of the deep conductor plates that are prime targets for potential base metals mineralisation and have never been tested,” Managing Director Matt Hogan said.
“Drilling these conductors is a top priority and a program will commence as soon as possible,” he added.
Venus’ share price is currently up 5.88 per cent, with shares trading for 18 cents apiece at 1:17 pm AEDT.