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Venus Metals picks up more of the Youanmi gold district, WA

Mining
ASX:VMC      MCAP $17.07M
22 August 2019 14:01 (AEST)

Venus Metals is up 4.35 per cent on the ASX today after expanding its holding in the Youanmi Gold district in Western Australia.

The latest exploration licence applied for by the company covers an eastern section of the Youanmi greenstone belt which, according to Venus, is considered highly prospective for Archean gold mineralisation.

The licence area is made up of 36 blocks for 108.4 square kilometres.

The Youanmi Gold Mine is owned in a 50/50 joint venture between Venus Metals and Rox Resources. An agreement between the companies was finalised in June 2019 under which four new companies would be formed for the ownership and management of exploration in the area.

These four companies include: OYG JV, Venus JV, Youanmi JV, Currans Find & Pincher JV.

The new exploration licence comes as part of a big month for the Youanmi area. Just a week prior to announcing the expansion, Venus announced it was kicking off more reverse circulation (RC) drilling at the Currans North prospect. The drilling is designed to follow up bonanza grade gold intersections from the area which were revealed earlier this year.

Also in August, the company announced a 14,000 metre RC drilling program and the OYG tenements, and a 5000 metre air-core drilling program at Penny North and Penny West.

Following all this drilling, induced polarisation (IP) and electromagnetic (EM) surveys are being planned across the Youanmi area.

Venus shares are worth 24 cents each just after midday today, trading in a $28.62 million market cap.

Rox Resources, however, are trading slightly in the red, with shares down 3.45 per cent to be worth 2.8 cents each in a $36.16 million market cap.

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