Venus Metals intersects high-grade gold up to 10.79 g/t at Currans Find JV
Thursday, 13 June 2019 Venus Metals Corporation Limited (ASX:VMC) in conjunction with JV partner Rox Resources Ltd (ASX:RXL) has received high-grade gold results of up to 10.79 g/t at the Currans Find Gold Project in Western Australia. The reverse circulation (RC) drilling at Currans Find North and the Red White and Blue reef prospects demonstrates continuity of high-grade gold mineralisation along strike and down plunge. High-grade gold values appear to form clusters within broad envelopes of gold mineralised zones, which is similar to the setting at other gold deposits in the Penny West district. READ: Rox Resources drills high-grade gold in first program at Currans Find READ: Venus Metals sells remaining 50% interest in Yalgoo Iron Ore Project Intersections from shallow RC drilling at Currans Find North include: 6 metres at 9.82 g/t gold from 36 metres; 4 metres at 5.72 g/t from 60 metres; and 2 metres at 5.25 g/t from 48 metres. Red White and Blue results: 1 metre at 10.79 g/t from 25 metres; 1 metre at 4.96 g/t from 46 metres; 4 metres at 4.81 g/t from 36 metres; and 1 metre at 3.51 g/t from 9 metres. The Currans Find JV is part of the Youanmi Gold Project and is about 5 kilometres north northwest of the historical Penny West Gold Mine. A purchase agreement has been entered into with Murchison Earthmoving & Rehabilitation Pty Ltd, a wholly-owned company of Doug Taylor, to acquire jointly with Rox Resources a combined 90% interest in Currans Find of 300 hectares and in Pinchers of 59 hectares. The 90% interest is shared equally between Venus and Rox, with the remaining 10% held by Mr Taylor. Venus is the manager of the joint venture. Follow-up drilling to test three targets This initial RC drilling program comprised 25 holes for a total of 1,208 metres targeting shallow high-grade gold mineralisation beneath historical workings at the main gold prospects – Currans Find North, Red White and Blue Workings and Taylor’s Reef. High-grade mineralisation is associated with quartz veins that plunge to the southwest and steeply dip to the southeast. The mineralisation is hosted by mafic rocks, ultramafics and diorite, similar rocks to those that host gold mineralisation at Penny West. Follow-up drilling will test Currans Find North, Red White and Blue as well as Taylor’s Reef along strike and down plunge.
In trading on Monday, precious metals shares were relative laggards, down on the day by about 2.4%. Helping drag down the group were shares of Tanzanian Gold Corporation (TRX), down about 5.1% and shares of Silvercorp Metals (SVM) down about 4.8% on the day.
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