Venus Metals Corporation's (ASX: VMC) recent geological mapping at its Yalgoo iron ore project in Western Australia has discovered the presence of channel iron, bedded hematite and detrital mineralisation.
These are significant because all three are types of direct shipping ore mineralisation.
An estimated exploration target of 5 to 7 million tonnes has been calculated for the channel iron deposit, 2 to 3 million tonnes for the bedded hematite, and 3 to 5 million tonnes for the detrital.
A total of 14 grab samples were also collected and assayed, with values ranging between 48.6% and 63.9% iron.
The total exploration target potential is estimated at 10 to 15 million tonnes at 50% to 63% iron.
Interestingly, Venus also has a producing diamond deposit at Argyle in Western Australia, with a JORC resource of 21 million tonnes for 6 million carats.
Their Smoke Creek Alluvial diamond project is down-drainage of the world’s largest single diamond deposit at Argyle, and covers 11 kilometres of unmined diamond bearing gravels draining from Rio Tinto’s (ASX:RIO) Argyle AK1 diamond pipe.
Diamond production is underway, with a processing plant constructed and operational.
Venus also has interests in silver, copper, nickel, tungsten, platinum, palladium, and gold, all in Western Australia.
The company is currently capitalised at around $4 million.
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