Venus Metals Corporation Limited: Exploration Update

Perth, Australia - Venus Metals Corporation Ltd. (ASX:VMC) is pleased to announce the results of RC drilling programs at its Pincher Well Zinc-Copper Prospect in E 57/1019 that is part of the Youanmi Base Metals Project (100% Venus), and Henderson Lithium-Gold-Nickel Project, both located in the Goldfields Province of Western Australia.

Pincher Well Zinc-Lead-Copper-Gold Prospect

- Strong gold mineralization encountered at Linda Gossan Prospect:

VMC054: 9m @ 15.6 g/t Au from surface including 3m @ 35.2 g/t Au from 1m (VMC JV 50% - regional gold rights part of Youanmi Gold Project agreements- refer ASX release 10 April 2019).

- Base metals mineralization extended at Conductor PCW03:

VMC036: 12m @ 2.22% Zn, 0.15% Cu and 0.1 g/t Au from 128 m including 4m @ 5.02%. Zn from 128m.

- Base metals mineralization confirmed at IP anomaly, south of Pincher North Dome:

VMC058: 20m @ 1.2% Zn, 0.38% Pb and 0.17 g/t Au from 68m.

The recent RC drilling tested EM and IP targets at the Pincher Dome volcanogenic massive sulphide (VMS) system that hosts several known zinc (Zn) and copper (Cu) prospects and that had not been adequately tested by Venus' previous vertical drilling (maximum depth of 130m) (refer ASX release 31 Oct 2017). In total, 13 holes for 1980m were completed targeting three areas (Figure 1*).

A historical strong induced polarization (IP) anomaly, located south of previously drilled high-grade Zn mineralisation, e.g., in hole VPW40: 10m @ 7.31% Zn from 52 m including 6m @ 9.5% Zn from 55 m (refer ASX release 27 April 2017 and 29 May 2017). RC drilling along two east-west traverses, 6,821,331N and 6,821,531N, intersected 20m @ 1.2% Zn, 0.38% lead (Pb) and 0.17 g/t gold (Au) from 68m depth in RC hole VMC058 (Figure 2); one-meter analyses are pending.

Holes VMC049 and VMC055 (Figure 3) did not reach their respective target depths due to very strong ground water flow and diamond drilling is planned to test the centre of the IP anomaly along traverse 6,821,330N. Hole VMC VMC054 (Figure 3*) intersected strong gold mineralization from surface in the laterite zone with an interval of 9m @ 15.6 g/t Au including 3m @ 35.2 g/t Au from 1m. These results demonstrate the prospectivity of the Pincher VMS system.

The historical electromagnetic (EM) conductor PWC03, located southeast of North Dome, was tested ~ 60 m along strike to the south from previous drilling. RC hole VMC036 intersected sulphide mineralization between 124-144m depth and at the approximate location of the modelled EM conductor plate. The sulphide mineralization hosts an interval of 12m @ 2.22% Zn, 0.15% Cu and 0.1 g/t Au from 128 m depth; one-meter analyses are pending.

Three RC holes, VMC037, VMC038 and VMC040, tested a historical EM conductor, PWC12, that coincides with a gravity anomaly and that has remained untested at depth. The holes intersected steeply west dipping sulphide mineralization between 80-120m vertical depth with the best Zn interval of 4m @ 0.94% Zn from 96m depth in hole VMC037. A hole drilled beneath this intersection, VMC040, did not encounter significant mineralization. PWC16 was not tested at this stage due to logistical reasons.

Follow up RC drilling and field investigations are warranted at the Linda Gossan Prospect targeting high grade gold mineralization associated with gossanous chert horizons and felsic schist bedrock units. At the IP anomaly south of the Pincher North Dome, diamond drill tails are planned to extend two of the recent RC holes and to enable downhole EM surveying.

Henderson Lithium - Gold - Nickel Project

VMC tenement E30/520 covers about 25 km strike length of the Mt Ida/Ularring Greenstone Belt which historically is known for its gold and nickel potential but more recently is also recognised as an emerging Lithium Province (RDT ASX release 28 September 2021). Exploration by VMC has identified several outcropping LCT pegmatite clusters spread over a total strike length of some 20km (ASX releases 27 October 2021, 7 February 2022).

Phase 2 RC drilling (31 drill holes for a total of 2834m) (Table 1) was completed to test the outcropping pegmatites at the Snake Hill, Emerald SE and Emerald South Prospects (Figure 4*). The Emerald SE area is of particular interest as it shows a relatively high density of outcropping pegmatites with lithium concentrations over 100 ppm LiO2, including a maximum assay of 58000 ppm (5.8 %) LiO2 returned from one narrow, 1m wide, pegmatite (refer ASX release 27 May 2022).

The RC drilling confirmed a common gentle dip for the main pegmatite bodies at the Emerald SE area with individual pegmatites varying in thickness between 1m and 12m. Lithium analyses for selected intersections are listed in Table 3. Significant lithium assays from pegmatite include 1m @ 2330 ppm Li2O (HBRC007, 210m-211m) and 1m @ 1363 ppm Li2O (HBRC012, 29m-30m). Noticeable is the locally anomalous lithium (up to 1817 ppm Li2O) in ultramafic and mafic host rocks at the margins of the pegmatite bodies but also in separate narrow pegmatite-parallel zones (Figure 5*) which has been interpreted as evidence for extensive hydrothermal alteration associated with the intrusion of the pegmatites. This hydrothermal alteration extends well beyond the pegmatite bodies and outlines the faults and fractures that define the pathways for pegmatite intrusion.

The RC drilling was the first round of drilling to test lithium targets in the central and southern sections of tenement E30/520 and although the results did not replicate local high lithium grades encountered in surface samples, the drilling nevertheless provided important information on the geometry and geological setting of prospective pegmatite bodies which will be applied to continued lithium exploration in the northern sector of E30/520 during Q4 2022.

The current RC drilling also tested gold anomalies identified from Phase 1 AC drilling at Henderson South and Emerald South (refer ASX release 9 September 2021), and a 0.25 ppm Au surface rock anomaly identified within the Ida Fault Zone at the Snake Hill target area. Gold assay results for selected four-meter composite drill samples are listed in Table 4*. The gold grades include 4m @ 0.36 ppm Au from 24m returned from hole HBRC027 at Snake Hill and 4m @ 0.34 ppm Au from 76m in hole HBRC024 at Henderson South.

Interpretation of the drilling data is ongoing and will further rely on planned additional analyses of individual one-meter samples for selected composite sample intervals.

Moving forward, Venus' exploration will also be on the Nickel potential of the Mt Ida/Ularring Greenstone Belt. The Komatiite hosted Cullens Ni deposit is located 15 km northwest and along strike from similar ultramafic strata on E30/520 (Figure 4*) and this tenement has also been recognised to be prospective for Mt Alexander style or Jimberlana style intrusion related Nickel mineralisation (refer ASX release 8 May 2020).

A review of geophysical and historic geochemical data is in progress with follow up field-based studies and new geophysical surveys to be conducted as required.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/N56A3JTC

About Venus Metals Corporation Limited:

Venus Metals Corporation Ltd. (ASX:VMC) is a West Australian based Company with a focus on gold, base metals, vanadium and lithium exploration projects. 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%); Indicated and Inferred Resource of the mine is in excess of 3 million ounces of gold.

Source:
Venus Metals Corporation Ltd.

Contact:

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