Venus Metals JV discovers high-grade gold mineralisation up to 1m @ 55.81g/t Au at Taylor’s Reef

by Leena Thomas
Image: Venus Metals Corporation Limited

Venus Metals Corporation Limited (ASX: VMC) in conjunction with its JV partner Rox Resources Limited (ASX: RXL) has announced the intersection of high‐grade gold mineralization from the RC and AC drilling at Taylor’s Reef Prospect, part of the Currans Find (M57/641) mining lease within the Youanmi gold mine joint venture.

Best results from the recent drilling at Taylor’s Reef Prospect include CFRC084 3m @ 19.58g/t Au from 21m Incl. 1m @ 55.81g/t Au from 23m, and 3m @ 14.30g/t Au from 73m Incl. 1m @ 19.86g/t Au from 74m; and CFAC047 2m @ 6.67 g/t Au from 57m Incl. 1m @ 12.27g/t Au from 58m.

Youanmi gold project

The Youanmi gold project is located 480km to the northeast of the city of Perth, Western Australia. The project (OYG JV) is a Joint Venture with Venus Metals Corporation, managed by Rox Resources. The project is owned 50% by Youanmi Gold Mine with option to increase to 70%, and 50% earn-in by regional JV’s.

Youanmi straddles a 36km strike length of the Youanmi Greenstone Belt. The total JORC 2012 Compliant Resource for the Youanmi Gold Mine is now estimated as ~1.2 Million Ounces of Gold.

The structure of the Youanmi Project is dominated by the north-trending Youanmi Fault Zone. Most of the gold mineralisation seen at the project is hosted within north-northwest splays off the north-northeast trending Youanmi Fault.

The principal deposits of Youanmi include Youanmi Main, Hill End, United North, Kathleen, Rebel, and Kurrajong6. The Grace prospect is located in the OYG joint venture area within the Youanmi Gold Mine in Western Australia.

Currans Find

VMC and RXL had jointly acquired a combined 90% interest in ML 57/641 “Currans Find” of 300ha and a combined 90% interest in ML 57/642 of 59ha “Pinchers”. The 90% interest is shared equally between VMC and RXL, with the remaining 10% held by Mr. Taylor. VMC is the manager of the joint venture.

The Currans Find Mining Lease is a historical high‐grade gold producer. Gold mineralization at Currans Find is hosted in multiple ENE‐trending quartz veins within mafic, intermediate, and ultramafic rocks.

These rock types are also host to the Penny West and Columbia –Magenta deposits south of Currans Find. At Currans North Prospect, previous RC drilling intersected multiple high‐grade gold intercepts associated with stacked quartz lodes.

Taylor’s Reef Prospect

A near‐surface untested strongly gold‐mineralized quartz reef was discovered by Mr. Taylor at Currans Find JV Mining Lease (M57/641). This reef was named ‘Taylor’s Reef’ and occurred in an area where almost no historical drilling had taken place.

Taylor’s Reef Prospect is a new unworked zone where high-grade gold was recovered from surface workings in recent times by Mr. D Taylor. Taylor’s Reef has a more easterly strike orientation than the northeast trending historical reefs.

Drilling at Taylor’s Reef

The company had recently completed AC holes c. 50m east‐northeast of the original gold‐mineralized reef. A follow‐up RC hole was also drilled beneath high‐grade gold intersections in these AC holes.

High-grade intersections

The company announced that the two recently drilled AC holes c. 50m east‐northeast of the original gold‐mineralized reef has intersected shallow high‐grade gold mineralization.

The JV partners said that the follow‐up RC hole, CFRC084 confirmed the extension of the mineralization at depth and also discovered a third, very high‐grade, lode at shallow depth that is open at depth and along strike.

Significant results from the recent drilling at Taylor’s Reef Prospect include CFRC084 3m @ 19.58g/t Au from 21m Incl. 1m @ 55.81g/t Au from 23m, and 3m @ 14.30g/t Au from 73m Incl. 1m @ 19.86g/t Au from 74m; and CFAC047 2m @ 6.67 g/t Au from 57m Incl. 1m @ 12.27g/t Au from 58m.

The JV partners said that the high‐grade gold discovery at Taylor’s Reef Prospect is interpreted as a continuation of high-grade gold lodes at Currans North Prospect, offset by a north‐northeast trending fault. With widespread gold anomalies in laterite to the southwest of Taylor’s Reef, it forms an approximately 900m long northeast‐trending target zone for further drilling and evaluation.

What’s next?

The JV partners announced that RC drilling is planned along strike of Taylor’s Reef Prospect and beneath the recent high‐grade gold intersections to explore the potential depth extension of the multiple gold‐mineralized quartz veins.