Venus Metals Corporation, together with joint venture partner Rox Resources, has struck several high-grade gold intersections at the Youanmi gold project near Mt Magnet in WA. The latest results include a 3.87 metre hit grading a solid 9.9 grams per tonne gold from 328.33m downhole and a 3.62m hit going 6.49g/t from 315.42m downhole. The newly discovered hanging wall lode remains open in all directions and is on track to increase estimated gold resources at the Youanmi gold project.
The solid results come off the back of follow up drilling after an initial intersection of a 4m section grading a lovely 45.5g/t gold from 341m including a high-grade 1.33m parcel, grading a bonanza 129.3g/t gold or over 4 ounces to the tonne from 341.75m downhole.
Plans for follow up drilling are already underway at the recently discovered hanging wall lode 300m south of the Youanmi mine.
Venus is looking to incorporate the drill results from the hanging wall lode discovery into the next project resource update that aims to upgrade the already impressive 1.7-million-ounce gold Youanmi gold resource grading 2.85g/t gold.
The results from the hanging wall lode define a west-northwest striking and southwest dipping shear zone. The orientation of the new lode is different to previously identified lodes at Youanmi that characteristically strike north to north-northwest.
Gold mineralisation is shear-hosted within highly altered basaltic rocks with alteration assemblages showing classic hydrothermal alteration consisting of sericite, quartz, carbonate and biotite. The gold is associated with pyrite and to a lesser extent arsenopyrite.
Venus Metals operates under a joint venture with Rox Resources at the Youanmi gold project, located on a 36 kilometre strike length of the Youanmi Greenstone Belt near the Ramelius owned Mount Magnet gold mine. Rox Resources holds 70 per cent with Venus holding the remaining 30 per cent of the near-mine Youanmi gold project joint venture.
In addition to resource drilling at the near-mine Youanmi project, results are pending for 25 RC and 15 diamond drill holes in addition to 22,000m of aircore drilling undertaken on regional prospects.
Rox Resources Managing Director, Alex Passmore said: “The hanging wall lode is emerging as a potential new ore body and is an exciting zone of mineralisation within a previously untested area. These results confirm the continuity of this zone which we now look forward to expanding with further step out drilling”.
Whilst drilling at the Youanmi near-mine gold deposit continues to churn out the goods with the discovery of a new high-grade hanging wall lode, regional targets are also soon set to come under the spotlight. With a plethora of assay results still outstanding and expected to be returned soon, the scene is set for a flood of highly anticipated newsflow in the run up to Christmas.
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By Matt Birney
