Venus Metals Corporation Limited Identified Significant Copper Zinc Targets At Murchison Uranium And Base Metals Project

11:26 AEST Oct 14, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.

Perth, Australia (ABN Newswire) - Venus Metals Corporation Limited (ASX: VMC) are pleased to announce significant results from the Companies co-funded CSIRO reconnaissance water bore sampling program recently completed in the North West Murchison Uranium and Base Metals project.

- Results from a groundwater sample collected at Yarloo Well by CSIRO researchers have given strongly elevated Cu (466 ppb) and Zn (540 ppb) values. The CSIRO researchers report that 'The groundwater is more saturated with respect to these secondary copper minerals than any other sample previously collected in the northeast Yilgarn regional groundwater.

The Yarloo Well groundwater chemistry is similar to that found in groundwaters near the Jaguar VMS deposit,' located 300 km north of Kalgoorlie, WA.

Venus Metals has 5 tenement applications totalling 1429 sq km in the northwest Yilgarn Craton covering exploration targets for uranium and base metals.

In July 2010, CSIRO researchers in collaboration with Venus Metals collected 86 shallow groundwater samples (from established wells and water bores, for hydrogeochemical analysis and mineral exploration interpretation over Venus Metals tenements in the area. The CSIRO researchers believe that 'Ground water interacts with mineralised rocks and creates a geochemical signature that may be much greater in size than the mineral deposit as the ground water is more mobile than the surrounding minerals'.

Samples were collected and analysed according to the methods in Noble and Gray (2010). QA/QC was ensured using duplicates (inserted 1 in 15) and a contamination parameter determined from previous work on groundwater of the northern Yilgarn (Gray et al., 2009). Mineral saturation indices were created using PHREEQE and Geochemists Workbench.

Elemental and mineral saturation data were mapped and compared to the regional groundwater of the adjacent northeast Yilgarn Craton (Gray et al., 2009). Elevated groundwater uranium was found in the Yarloo Well and Meka project areas with this signature being similar to groundwater signatures observed around calcrete hosted U prospects in the northeast Yilgarn Craton.

Significantly, the sample collected at Yarloo Well has strongly elevated Cu and Zn values. CSIRO researchers report that 'The groundwater is more saturated with respect to these secondary copper minerals than any other sample previously collected in the northeast Yilgarn regional groundwater. The Yarloo Well groundwater chemistry is similar to that found in groundwaters near the Jaguar VMS deposit,' located 300 km north of Kalgoorlie, WA.

A recent ground inspection by Company geological consultants at Yarloo Well revealed sheared 'mafic greenstone' lithologies in spoil material around the well, indicating shallow bedrock in the well area. Regional geological and aeromagnetic data at Yarloo Well also indicate potential prospective geology in the Yarloo Well area. Small copper mines with abundant secondary copper minerals are located within mafic lithologies at Twin Peaks, approximately 10 km northwest of Yarloo Well.

The CSIRO sample results warrant thorough follow up exploration work, with the potential prize being a significant blind VMS copper zinc discovery in the Yarloo Well area.

For the complete Venus Metals announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63947-ASX-VMC-509453.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
http://www.venusmetals.com.au