Venus Metals Corporation has upgraded the mineral resource estimate for its Bellchambers gold deposit in WA’s Goldfields region with a 35 per cent increase in tonnage and a 40 per cent rise in gold ounces.
The updated JORC-compliant resource now sits at 722,000 tonnes at 1.31 grams per tonne gold for a total of 30,500 ounces at a cut-off grade of 0.5g/t gold. The indicated mineral resource category now holds 22,100 gold ounces.
The deposit forms part of Venus’ 90 per cent-owned Sandstone operation, which sits about 70km north-east of the Youanmi gold project. The company recently completed an RC program at the site that highlighted assays of 34m going 1.25g/t gold from 160m, including 1m grading an impressive 9.47g/t gold from 178m.
Management says all three of its latest drill holes at Bellchambers hit significant gold mineralisation and extended the depth from 100m down to about 175m, allowing for an impressive increase in the deposit’s mineral resource. Geological consultants Widenbar and Associates were commissioned by Venus to produce the updated resource using historical data from 51 RC holes and four diamond holes, in addition to data for 14 RC holes drilled by the company between 2019 and this year.
The previous estimate for the deposit was 536,000 tonnes going 1.27g/t gold for 21,800 ounces based on a nine-hole drilling program totalling 1176m in late 2020. At the time, the updated figure represented a 29 per cent increase in gold ounces. Assay highlights from the 2020 drilling include 26m at 1.47g/t gold from 79m, 20m at 1.41g/t gold from 71m and 11m at 1.42g/t gold from 85m.
Bellchambers has a mining history dating back to the early part of the 20th century with production totalling 3688 ounces from 5620 tonnes of ore at a very respectable 21g/t gold.
Gold mineralisation at the project is hosted within a north-easterly trending sequence of sheared sediments and mafic rocks. Venus believes the mineralisation shows similarities with common banded iron formation–hosted gold mineralisation that is also reported from the central section of the Sandstone greenstone belt.
Interpretation of the geology and mineralisation of the Bellchambers deposit is ongoing and additional RC and diamond drilling campaigns are planned to further define the mineralisation at depth. Venus has agreed with Rox Resources to negotiate a mine gate sales agreement for any potential ore from the Bellchambers deposit on a best endeavours basis.
Just last week, the company announced it will become a major shareholder in joint venture partner Rox after they agreed to consolidate their ownership interests in WA’s greater Youanmi gold project. The deal will see all gold rights held by the two companies consolidated under single ownership to develop the project.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Michael Philipps
