Venus Metals Corporation Limited: Mangaroon North Project REE-Pd and Au Targets identified

Perth, Australia - Venus Metals Corporation Ltd. (ASX:VMC) is pleased to provide an update on results from its regional soil surveys in the Mangaroon North project area that abuts Dreadnought Resources Ltd's (ASX:DRE) tenure in the Gascoyne Region of Western Australia.

- Initial regional geochemical reconnaissance survey outlines multiple target areas for follow-up.

- Best results include:

- Total rare earth oxide (TREO) concentrations of up to 1611 ppm in soil (E 08/3229) and anomalous neodymium (316 ppm Nd) in an ironstone specimen (E 09/2422) indicate potential for rare earth mineralization northwest of the Yangibana REE carbonatite field.

- Encouraging palladium (Pd) anomalies in soil (max. 21 ppb Pd) associated with north-northeast trending Mundine Well dolerites.

- Strong gold anomaly in soil up to 429 ppb Au on E 09/2422 possibly associated with northwest trending shear zone.

- Follow-up field work planned for Q1 2022:

- Airborne surveys (photographic and magnetic) planned across select areas to identify potential carbonatite intrusion.

- Geochemical surveys to be extended across REE, Au & Pd targets.

- Aircore drilling of high-priority targets.

Project Background

Venus' Mangaroon North tenements (E 09/2422 and E 08/3229) abut Dreadnought's and First Quantum Minerals Ltd's (TSE:FM) ("FQM") Mangaroon Project targeting magmatic Ni-Cu-Pt-Pd mineralization associated with the mafic-ultramafic Money Intrusion and the Lumpy's Find Prospect (refer DRE ASX releases 15 March 2021 and 7 April 2021).

Venus' recent geochemical reconnaissance program totalling 1477 soil and 58 rock chip samples discovered several light rare earth element (LREE) anomalies in soil (maximum: 465 ppm Ce+La - based on the standard ultrafine analysis using an aqua regia digest). Subsequent re-analysis of 66 samples for a suite of 14 rare earth elements (REE) using a stronger multi-acid digest identified two areas of interest with anomalous rare earth concentrations (up to 1611 ppm TREO) that warrant systematic follow-up field work.

Follow-up sampling is also planned around an isolated ironstone float specimen (TREO of 1735 ppm, including 316 ppm Nd) (Figure 2*).

These preliminary REE results are considered significant in view of Dreadnought Resources Ltd's (ASX:DRE) recently identified carbonatite intrusions along the Lyon's River Fault (refer DRE ASX release 29 November 2021), located near DRE's previously announced Yin REE Prospect (refer DRE ASX release 29 November 2021). According to DRE, total rare earth oxides and mineralogical characteristics resemble those at the nearby Yangibana REE Project by Hastings Technology Metals Ltd. (ASX:HAS) (refer DRE ASX release 19 July 2021). DRE's discoveries may indicate more widespread occurrences of REE mineralization and potentially, also occurring within Venus' tenements. The Yangibana REE Project contains a REE resource totalling 16.7 Mt @ 0.95% TREO (refer HAS ASX release 25 November 2021) and is located c. 50 km eastsoutheast of Venus' Mangaroon North tenements, and c. 10km south of Venus' ELA 09/2541 (Figure 1*).

Dreadnought also identified gossanous outcrop over 1 km strike at Bookathanna Bore located approximately 3 km east of Venus' E 08/3229 (Figure 3). Significant rock chip results include up to 1.0% Cu, 0.6% Ni, 0.04% Co and 0.3g/t Pt-Pd-Au (refer DRE ASX release 16 July 2021). Venus considers other northnortheast trending Mundine Well dolerites, dykes, sills and small intrusions highly prospective for magmatic Ni-Cu-Pt-Pd mineralization and identified several Pd anomalies (up to 21ppb) in soil on or near Mundine dolerite.

Structural targets along northwest trending faults and shear zones within the Mangaroon North Project are considered prospective for gold mineralization similar to that at the historical high-grade Star of Mangaroon gold mining centre. The strongest gold anomaly is in the northern part of E 09/2422 with a maximum of 429 ppb Au (Figure 4*). Systematic follow-up soil sampling and geological mapping is planned.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/216Z5IE2

About Venus Metals Corporation Limited:

Venus Metals Corporation Ltd. (ASX:VMC) is a West Australian based Company with a focus on gold and base metals exploration. The Company aims to increase shareholder value through targeted exploration success on its projects.

The Company's major gold project is the Youanmi Gold Mine, located 500km north east of Perth. The Youanmi Gold Mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%) (OYG JV); Indicated and Inferred Resources of the mine is 1.7 million ounces of gold.

Exciting new discoveries at the Youanmi Gold Mine have been made at the Grace prospect in footwall granites where very high grades of free milling gold have been intersected, including 25m @34.7g/t Au from 143m (RXRC 287) and 13m @60.49 g/t from 181m (RXRC 239). The Grace Prospect may substantially add to the Youanmi Gold Mine resources.

Source:
Venus Metals Corporation Ltd.

Contact:

Matt Hogan Managing Director Venus Metals Corporation Ltd. Tel: +61 8 9321 7541