- Venus Metals (ASX:VMC) and its joint venture partner Rox Resources (ASX:RXL) has completed the Xcite heli-borne Electromagnetic survey (HEM) at the Penny West Deep South Project
- The HEM survey has detected several conductive zones along the prospective Youanmi Shear Zone
- Venus expects the final results from the HEM survey will be received in the coming weeks and follow-up programs are planned
- On the market today, Venus Metals is down 9.09 per cent, trading at 15¢ per share
Venus Metals (ASX:VMC) and its joint venture partner Rox Resources (ASX:RXL) has completed the Xcite heli-borne Electromagnetic survey (HEM) at the Penny West Deep South Project.
The HEM survey has detected several conductive zones along the prospective Youanmi Shear Zone.
A HEM is a helicopter airborne geophysical survey, that helps mining companies learn about the area from the air.
The conductive zones extend over two to three flight lines providing a strike length of 200-400 metres, which is similar in size to the Penny West open-cut mine.
Mid-to late-time anomalies, PWDS1 and PWDS2, have been delineated in the north of the survey area. Both anomalies are located along the strike to the south from the Penny West deposit.
These anomalies have provided a much stronger response in comparison to the previously flown HEM line 950 (north of Penny West Mine) which returned a subtle mid‐time response.
Venus expects the final results from the HEM survey will be received in the coming weeks and follow-up programs are planned.
Managing Director for Venus, Matthew Hogan is pleased with the results.
“We are very pleased with the preliminary results of this latest HEM survey and the prospect of some potentially deep drill targets for Penny West‐style gold mineralization,” he told the market.
On the market today, Venus Metals is down 9.09 per cent, trading at 15¢ per share, while Rox is also down 9.52 per cent and is selling shares for 1.9¢ apiece at 1:20pm AEDT.