Venus Metals Corporation: Gravity Survey Confirms Large IOCG Target At Radi Hills With A Strong Gravitiy Amplitude of 5mGal The Same As The World-Class Prominent Hill IOCG Deposit

14:00 AEST Aug 23, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.

Perth, Australia (ABN Newswire) - Gravity survey results over Venus Metals Corporation Limited (ASX: VMC) Radi Hills IOCG/base metal target(*) show that the Radi Hills magnetic high has a coincident 'bullseye' 5 mGal gravity high typical of Iron oxide-Copper-Gold (IOCG) deposits.

Geophysical consultants Resource Potentials have modelled the gravity high as a northwest-striking 3km x 2km body centred between two discrete magnetic anomalies. The gravity anomaly is comparable to other large IOCG deposits (refer Resource Potentials table at bottom of release, modified from Vella 2007).

The Radi Hills IOCG target is interpreted by Venus to occur within Proterozoic basement of the Paterson Orogen which to the south of Venus's Wallal project area hosts the giant 27 million ounce Telfer gold deposit and the world-class Kintyre uranium deposit.

Venus Exploration Director Kerry Taylor described the Radi Hills IOCG target as 'one of the most exciting IOCG targets I have ever seen; it's not often that you see such a spectacular 'bullseye' gravity high coincident with a magnetic high - it is reminiscent of the gravity response over the world-class Prominent Hill IOCG deposit'.

Radi Hills is located within granted Venus Exploration Licence E45/3398 located approximately 207 kilometres north-northwest of Telfer within the Canning Basin Wallal Platform in a region where Venus interprets the Wallal Platform sedimentary cover to be relatively thin (<500m). Geophysical modelling of gravity and magnetics indicates that the Radi Hills IOCG target is within Venus's target depth range. E45/3398 is one of five contiguous Exploration licences forming the Wallal Project area, which, along with the Citadel Project to the east (three ELs) constitutes the Telfer North Super Project. Recent aeromagnetic results from Citadel have highlighted the presence of two 'Telfer Dome look-alike' gold targets (ASX announcement 10 Aug 2010). The gravity crew will be mobilising to Citadel.

Telfer North Super Project tenements were applied for to cover a multitude of 'world-class' exploration targets, based on the strategy of targeting concealed parts of productive Proterozoic Orogenic Belts utilising GIS-based statewide aeromagnetics and structural interpretation.

It is the aim of Venus to drill the Radi Hills IOCG target and the Citadel Telfer Dome look a-like gold targets as soon as possible.


References:

Vella,L.,2007. Geophysical Exploration for IOCG Deposits, with examples from the Gawler Craton and Eastern Succession. Centre for Exploration Targeting Iron-Oxide Copper Gold Deposits MSc Short Course February 2007.

Figure 3 (refer to link at bottom of release). Courtesy Minotaur Exploration Limited (ASX: MEP) (PINK: MURXF) /John Hart, Senior Geoscientist.

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DEPOSIT        GRAVITY     GRAVITY     MAGNETIC       MAGNETIC
               ANOMALY     ANOMALY     ANOMALY        ANOMALY
              AMPLITUDE   DIMENSIONS   AMPLITUDE     DIMENSIONS
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RADI HILLS*     5mgal     3km x 2km     1500nT       3.5km x 2.5km
Prominent Hill  5mgal     2.5km x 1km   7000nT       700m x 500m
Carapateena   2-2.5mgal   2km x 2 km    200-300nT    1.5km x 1km
Wirrda Well     6mgal     6km x 9 km    1800nT       6km x 9km
Olympic Dam    17mgal     8km across    1400nT       8km across
Ernest Henry  2-3mgal     1.2km x 700m  7000-10000nT 1.2km x 700m
Eloise          1mgal     1km x 500m    1100nT       750m x 250m
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(*) The term 'Target' should not be misunderstood or misconstrued as an estimate of Mineral Resources and Reserves as defined by the JORC Code (2004), and therefore the terms have not been used in this context. It is uncertain if further exploration or feasibility study will result in the determination of a Mineral Resource or Mining Reserve.

For the complete Venus Metals announcement including figures, please refer to the following link below:
http://www.abnnewswire.net/media/en/docs/63573-ASX-VMC-502130.pdf


About Venus Metals Corporation Limited:

Venus Metals Corporation Limited (ASX:VMC) current projects consist of the Yalgoo Iron Ore Project which is located within the Murchison mid west region of Western Australia which is an emerging multi-billion dollar Chinese and Japanese iron ore investment province. The Yalgoo Project is subject to a formal farm-in agreement with HD Mining & Investment, a subsidiary of Shandong Provincial Bureau or Geology & Mineral Resources (SDGM) involving an $8m sole spend by HD Mining to earn a 50% interest in the Iron Ore Project. Once the joint venture is formed if Venus Metals elects not to contribute it will receive a 4.5% gross iron ore royalty from any production from the Yalgoo Iron Ore Project.

The company also has 3 super projects being Argyle North, Telfer North and Tropicana East projects. The focus of the super projects is for the discovery of world class deposits within concealed parts of the lower proterozoic orogenic belts which host the majority of Australia's giant ore bodies including Argyle (diamonds), Telfer (gold), Olympic Dam (iron oxide copper gold), Broken Hill (base metals) and Mt Isa (base metals, IOCG).



Contact:

Matthew Hogan, Managing Director
Venus Metals Corporation
Tel: +61-8-9321-7541
www.venusmetals.com.au

Kerry Taylor, Executive Director - Exploration
Venus Metals Corporation
Tel: +61-8-9321-7541