Venus Metals confirms potential for a robust resource at Bell Chambers following wide gold intersections
Wednesday, 19 June 2019 Venus Metals Corporation Ltd (ASX:VMC) has drilled wide gold intersections from its recent reverse circulation (RC) program at the Bell Chambers Gold Proect near Sandstone in WA. Two holes for 156 metres were completed and the results include 27 metres at 2.72 g/t gold from 27 metres and 64 metres at 1.7 g/t gold from 10 metres. The holes were drilled to provide geological and assay confirmation for the existing inferred JORC 2012 resource of 340,000 tonnes at 1.5 g/t gold for 17,000 ounces of gold (cut‐off 0.5 g/t gold). Grade continuity down dip Venus managing director Matt Hogan said: “The results show extensive and continuous gold intersections confirming both the previous geological interpretation as well as grade continuity down dip in the oxide‐transition and fresh rock zones. “This is a very positive and robust result for the project.” Project background The Bell Chambers Gold Project is about 23 kilometres southwest of Sandstone, adjacent to the Sandstone-Paynes Find main road. Venus holds a 90% interest and a prospector holds a 10% interest in the tenement. Bell Chambers has a high-grade production history. The recorded production from 1907 to 1942 is 3,979 tonnes for 2,682 gold ounces at a recovered grade of 20.96 g/t gold. READ: Venus Metals intersects high-grade gold up to 10.79 g/t at Currans Find JV The company’s drilling at Bell Chambers has provided clear definitions of the oxide – transition and fresh rock boundaries, important inputs for metallurgical studies and mining parameters for scoping study purposes. As part of the project evaluation, down hole surveys were conducted for the two recently completed holes. No significant deviations were noted. This significantly increases confidence in the accurate 3D positioning of historical drilling. Ongoing work Scoping study work can progress once revised resource estimates and metallurgical test work results are received. Regional exploration to test numerous gold-mineralised targets along the shear zone north and south of the Bell Chambers Mine is also planned.
In trading on Thursday, precious metals shares were relative leaders, up on the day by about 5.4%. Leading the group were shares of Eldorado Gold, up about 14% and shares of Yamana Gold up about 10.8% on the day.
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