Venus Metals Corporation Ltd (ASX:VMC) has confirmed the presence of high-grade lithium mineralisation at its Poona Lithium Project in the Murchison Mineral Field, about 560 kilometers north-northeast of Perth.
Results from samples collected at surface included 2.01% Li2O and 1.54% rubidium, 1.21% Li2O and 1.31% rubidium and 1.08% Li2O and 1.08% rubidium
A northwest trending zone of mineralisation, over 1,000 metres long, which extends through a number of Venus’ prospect areas, has been identified.
Which is handy, as the Poona tenement (ELA) will be granted in the next few weeks. The company has applied for a new licence to explore additional targets identified to the east of the primary zone.
Venus has applications over six lithium-tantalum project areas in Western Australia. These are the Pilgangoora Northeast, Wodgina South and Tambourah projects (in the Pilbara), Nardoo project in the Capricorn, the Greenbushes project in the southwest of Western Australia, and the Poona project in the Murchison.
For 2016-17, Venus the priority is to define drill targets from field reconnaissance work and sampling at its Western Australia lithium projects.
In April, Venus raised $1 million (before costs) from the private placement of 4 million fully paid ordinary shares at $0.25 per share.
Shares in Venus are up 50% from their recent low of $0.14 hit on 12th February 2016.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.