Overview
Venus Metals Corporation currently has two inferred JORC resources;
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JORC Compliant Inferred Magnetite Mineral Resource is estimated at 645.6 Million Tonnes @ 29.3% Fe magnetite resource at the Bilberatha Hill project, which is subject to a farm-in/JV with Chinese Shandong Provincial Bureau of Geology & Mineral resources (SDGM) for its Yalgoo Iron Ore Project and
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JORC compliant Inferred Resource has been estimated at 17.9 Mt at an average grade of 28 CPHT for 5,000,000 carats, using a cut-off of 10 CPHT at its Argyle Smoke Creek Alluvial Diamond Project.
The longer term exploration strategy at Venus is focused on the discovery of world-class/giant ore deposits within 100% owned tenements targeting concealed regions of 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). The company has 5 super projects being Argyle North, Telfer North, Gawler Carton West, Murchison Base Metals and Copper Hills.
Venus currently has 22 granted Exploration Licences and 11 Prospecting Licences in Western Australia. It has 41 pending Exploration Licence applications and 48 Prospecting Licence applications. Drilling of IOCG targets at Telfer North super project and a bulk sampling programme at Argyle Smoke Creek Alluvial Diamond project are to commence in July 2011.