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Venus Metals (ASX:VMC) - Managing Director, Matthew Hogan (Left)
Managing Director, Matthew Hogan (Left)
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  • Venus Metals (VMC), and its joint venture partner Rox Resources (RXL), has received final results from the HEM survey at the Penny West Deep South Project
  • An independent analysis has identified 23 anomalies, five of which are high-priority
  • Ground electromagnetic surveys are now planned across these areas
  • Once this program is completed and results have been received, Venus will undertake reverse circulation drilling to test the targets at depth
  • On the market, Venus is up a slight 6.25 per cent and shares are trading for 17 cents, and Rox is up 10.5 per cent and shares are trading for 2.1 cents

Venus Metals (VMC), and its joint venture partner Rox Resources (RXL), has received final results from the HEM survey at the Penny West Deep South Project.

On March 12, the HEM (heli-borne electromagnetic) survey was completed at the project.

A HEM survey is a helicopter airborne geophysical survey that helps companies learn about the project from the air.

This provides a different view and identifies significant areas that may be difficult to find from the ground.

Analysis of the data by independent geophysical consultants, Core Geophysics, has identified 23 anomalies, five of which are high priority as they lie south and along strike of the high-grade Penny West gold deposit.

Modelling of these anomalies shows that they are relatively near-surface, between 50-80 metres deep.

Assay results from a recently completed aircore (AC) drilling program showed elevated levels of zinc and lead concentration in mafic and felsic rocks with quartz veining.

This geology is similar to that of one of the high priority anomalies, meaning it could also return elevated levels of zinc and lead concentration.

While elevated zinc and lead levels may indicate the presence of sulphides at depth, the AC drilling will not be able to reach the deposits.

Ground electromagnetic (EM) surveys are now planned across these areas, which will also be testing for Penny West style gold mineralisation.

Once this program is completed and results have been received, Venus will undertake reverse circulation (RC) drilling to test the targets at depth.

On the market, Venus is up a slight 6.25 per cent and shares are trading for 17 cents, and Rox is up 10.5 per cent and shares are trading for 2.1 cents at 12:23 pm AEST.

VMC by the numbers
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