Venus Metals Corporation Ltd (ASX:VMC) and JV partner Rox Resources Limited have highlighted five high-priority anomalies along the Youanmi Shear Zone following an Xcite electromagnetic survey (HEM) at Penny West Deep South Project in Western Australia.
Analysis of the final survey data by independant geophysical consultants Core Geophysics highlighted 23 anomalies, including nine priority anomalies.
Five-high-priority anomalies (PWDS 1, 2, 3, 5 and 13) are considered most significant as they lie south and along strike from the high-grade Penny West gold deposit and are adjacent to the interpreted Youanmi Shear Zone.
Modelling has indicated the sources are near-surface (from 50–80 metres vertical depth) but below the reach of the recent aircore (AC) drilling program and have moderate to high conductance with moderate strike and depth extents.
Venus Metals shares are up more than 6% to 17 cents while Rox Resources shares have been as much as 16% to 2.2 cents intra-day.
Ground EM surveys planned
Ground EM surveys are planned across EM target PWDS 1 and other select EM conductors along the Youanmi Shear Zone which may represent a prospective setting for Penny West-style mineralisation.
Following on from the ground EM results, reverse circulation (RC) drilling may be warranted to test high-priority targets for bedrock-hosted gold mineralisation at depth.
Work will recommence as soon as possible and safe to do so.
The HEM survey, which was completed on March 12 targeted potential conductive horizons along the Youanmi Shear Zone which may represent increased sulphide content related to gold mineralisation observed at the historical Youanmi Gold Mine and the historical high-grade Penny West Gold Mine.
It was completed on 200 metre‐spaced flight lines oriented east‐west across the interpreted shear zone covering about 12 kilometres of prospective strike.