Venus Metals Corporation Limited (ASX:VMC) shares are up 20% to 15 cents after revealing bonanza gold grades at Currans Find North prospect, which is part of the Yoanmi joint venture project with Rox Resources Ltd (ASX:RXL).
Further assays from a recent reverse circulation (RC) have returned grades of up to 72.67 g/t gold and 25.38 g/t.
Following the high-grade gold results for two of the 4-metre composite samples, the individual 1-metre samples have been analysed separately and returned:
- 1-metre at 72.67 g/t from 39 metres within a wider intersection of 3 metres at 27.5 g/t from 39 metres; and
- 1-metre at 25.38 g/t from 61 metres within a wider intersection of 2 metres at 13.34 g/t from 61 metres.
READ: Venus Metals intersects high-grade gold up to 10.79 g/t at Currans Find JV
Managing director Matt Hogan said: “The bonanza gold grades revealed by the 1-metre sampling confirm the potential of the Currans Find North prospect (and the Currans Find project in general) to host a significant high-grade gold deposit.
“Further RC drilling is planned to commence in early July,” he added.
READ: Venus Metals confirms potential for robust Bell Chambers resource following wide gold intersections
Initial 4-metre composite samples were taken by combining small sub-samples from each 1-metre interval.
This was done for all drill intervals without significant amounts of vein quartz, historically the main host of gold mineralization at Currans Find.
Following the high-grade gold results for two of the 4-metre composite samples, the individual 1-metre samples were analysed separately, producing the bonanza results.
These bonanza results confirm the potential of the Currans Find North prospect as well as the broader Currans Find project.
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The host geological setting at Currans Find North is similar to that of the high-grade historical Penny West gold mine and the Penny West North discovery by Spectrum Metals Ltd (ASX:SPX).
Currans Find JV is about 5 kilometres NNW of the historical Penny West Gold Mine.
A purchase agreement has been entered into with Murchison Earthmoving & Rehabilitation Pty Ltd, a wholly-owned company of Doug Taylor, to acquire jointly with Rox a combined 90% interest in Currans Find of 300 hectares and in Pinchers of 59 hectares.
The 90% interest is shared equally between Venus and Rox, with the remaining 10% held by Mr Taylor. Venus is manager of the joint venture.