Multi-commodity explorer, Venus Metals, has received a vote of confidence from Queensland multi-millionaire and veteran coal miner, Christopher Wallin, who has ploughed $4 million into the company at 20 cents a share, slightly above the current market price. The investment gives Mr Wallin, one of Australia’s top 50 richest people, a substantial 17.25% stake in the Perth based ASX-listed company as it attempts to unlock some riches in the rapidly developing Youanmi mineral province of Western Australia.
Wallin also bought another $10,581 worth of Venus shares on market, which takes his total shareholding to 26,064,128 shares, just over 17% of the company.
Wallin is increasing his stake in Venus just as things are starting to get interesting for the Perth based ASX-listed company– particularly in light of some of the impressive drill numbers that have been coming out of Venus’ JV project with Rox Resources, the Youanmi Gold Project.
Recently the JV partners hit the ball out of the park with their latest RC drilling results with some walloping intercepts – including 5 metres at an amazing 4 ounces to the tonne gold, right from the surface. This result includes smaller zones of 1 metre at an extraordinary 591.89 grams per tonne gold and 0.5m at a crazy gold grade of 1058.49 grams per tonne.
More recently, Venus added base metals and platinum group elements to its “to find” list and successfully discovered a significant extension of the Vidure West mineralisation within the company’s Youanmi play, including 10 metres at 0.46% copper and 0.25% nickel from a depth of 103m and 22m at 0.28% copper and 0.14% nickel from 102m.
Mr Wallin was the Queensland Government's chief coal Geologist before starting his own company, QCoal, in 1989 when he discovered and developed several mines in the Bowen Basin.
One of Australia’s top 50 richest people in 2019, the QCoal Managing Director’s personal fortune puts him just shy of the billionaire ranks.
There is a lot going on at Youanmi for Venus at the moment.
With a solid confirmed mineral resource of 1.19 million ounces of gold and a comprehensive suite of infrastructure including a mothballed gold processing plant already on site, Wallin might find himself in the gold mining business sooner rather than later in addition to his coal mining activities.
At face value at least he looks like he should be able to take the company all the way if it continues its success with the drill bit.
Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au
By Matt Birney
