Media
Joint venture partners Venus Metals Corporation and Rox Resources have released a scoping study for their Youanmi gold project near Mt Magnet in WA which includes a projected production of 71,000 gold ounces per year.
The study predicts the site will be capable of producing about 569,000 gold ounces over an eight-year mine life at an average head grade of 5 grams per tonne gold.
A scoping study for the Youanmi gold project near Mt Magnet in Western Australia has indicated the potential for high returns with low capital and operating costs against industry benchmarks for joint venture partners Venus Metals Corporation and Rox Resources.
The study follows a substantial upgrade to the Youanmi underground resource in January, and a subsequent increase to the near surface resource in April.
It aims to establish the economics and likely development scenarios for the project-wide resource estimate which currently sits at 27.9 million tonnes at 3.57 grams per tonne gold for 3.2 million ounces of contained gold.
Venus Metals has received positive assay results for a raft of minerals from an RC drill campaign across its Pincher Well zinc-lead-copper-gold prospect including a 3m hit at a whopping 35.2 grams per tonne gold.
The outstanding gold intercept was contained within a 9m section going 15.6 g/t gold from surface at Pincher Well that forms part of the company’s Youanmi base metals project about 500km north-east of Perth.
Other highlights include a 12m intersection that recorded 2.22 per cent zinc, 0.15 per cent copper and 0.1 g/t gold from 128m that included 4m at 5.02 per cent zinc from 128m.
Junior explorer Venus Metals will embark on a mapping and sampling program across its Mangaroon North rare earth elements (REE) project in Western Australia next week after remote-sensed data revealed multiple priority targets.
The company’s four exploration licences lie adjacent to the Mangaroon-Yangibana REE mineralised zone with one abutting Hastings Technology Metals' Yangibana tenement, Dreadnought Resources' Yin tenement and Lanthanein Resources' landholding. Venus’ other three licences abut Dreadnought’s tenure.
Venus Metals Corporation Limited has entered a binding transaction with a subsidiary of IGO Limited regarding exploration and, if warranted, development and mining at its Bridgetown Greenbushes Exploration Project in Western Australia.
IGO holds a 49% interest in a global joint venture with Tianqi Lithium Corporation. The joint venture has a 51% interest in the Greenbushes Lithium Mine.
IGO Limited has snapped up an interest in Venus Metals Corporation after acquiring nine million shares and securing an exploration deal at its Bridgetown Greenbushes project in WA’s South West region.
After spending $2.07 million at 23c per share, IGO will secure a 5.6 per cent stake in Venus making it a substantial shareholder in the company.
The Bridgetown Greenbushes exploration project takes in Venus’ Greenbushes East lithium project and its Bridgetown East copper-nickel-platinum group element site.
IGO holds a 49 per cent interest in a global joint venture with Tianqi Lithium Corporation. The joint venture has a 51 per cent interest in the Greenbushes mine, the remaining 49 per cent is owned by US chemicals giant Abermarle.