Venus Metals Corporation Limited: Received Further Highly Encouraging Gravity Survey Results At Mt Morris Iron oxide-Copper-Gold/Base Metal Target
18.10.2010 | ABN Newswire
12:05 AEST Oct 18, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Venus Metals Corporation Limited (ASX:VMC) is pleased to advise the results of the recently completed gravity surveys at Mt Morris IOCG/base metal target. The gravity results indicate three discrete 2 mGal gravity highs typical of Iron oxide-Copper-Gold deposits.
Geophysical consultants Resource Potentials have modelled the gravity high as North-South striking three discrete gravity highs over a length of approximately 7km and over a width of 2km. The gravity anomaly amplitudes are comparable to other IOCG deposits e.g. Carapateena, Ernest Henry and Eloise, which has been modified from Vella, 2007.
On review of historical exploration drilling by BHP (ASX: BHP) (NYSE: BHP) in 1993/1994 (Davis,1994) shows that the drillhole ANN1 intersected Proterozoic basement at 256m with the hole ending at 360m. The hole was drilled to the south-west of the southern gravity anomaly and it did not test the gravity anomaly. The drill hole encountered fractured granitic basement with pegmatitic lenses. Minor sulphides were encountered and the geological environment is regarded to be very encouraging for IOGC type deposits.
For the complete Venus Metals Corporation Limited announcement including tables and figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63966-ASX-VMC-509952.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:
Venus Metals Corporation Limited
Matthew Hogan, Managing Director
Ph: +61-8-9321-7541
http://www.venusmetals.com.au