Venus Metals Corporation Limited Identified Significant Conductive Anomalies At Radi Hills
23.05.2011 | ABN Newswire
12:39 AEST May 23, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Venus Metals Corporation Limited (ASX: VMC) are pleased to announce that significant conductive anomalies coincident to 5mGal gravity and magnetic anomalies at Radi Hills have been identified from a recently completed Versatile Time Domain Electro-Magnetic (VTEM) Airborne surveys carried out within the Telfer North Super Project (TNSP).
The surveys were focused over previously identified geophysical targets at Radi Hills, Mt Morris, Citadel, Wallal and Yarrie East. The VTEM surveys were conducted through Geotech Airborne Pty Ltd to detect anomalous basement features within the defined target areas.
Initial inspection of preliminary data over the Radi Hills target has revealed a number of anomalous features, including a significant discrete late time response in the south of the survey area (RHEM1) that is partially coincident with a strong magnetic bullseye anomaly as defined in the previous aeromagnetic survey. Additional anomalies include an interpreted strike extensive mid time response on the western margin of the target coincident magnetic/gravity anomaly (RHEM2), a discrete early to mid time response in the central north of the survey (RHEM3).
The southern anomaly (RHEM1) is a discrete late time response approximately 1km across that is believed to represent a basement conductor as it is only evident in the late time BField channels.
Final data is expected to be received within a few weeks, where further work including processing and depth modelling will be conducted to further examine the data and refine drillhole locations.
Inspection of preliminary VTEM data from the other target areas (Mt Morris, Citadel, Wallal and Yarrie East) is currently being conducted by the company\'s Geophysical Consultants \'Core Geophysics\' and initial results are expected shortly.
The company has recently completed Aboriginal heritage clearance surveys of all target areas at Telfer North Super Projects successfully and drilling is planned to commence in late June 2011.
For the complete Venus Metals announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/542656.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
Ph: +61-8-9321-7541
http://www.venusmetals.com.au