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VENUS METALS CORPORATION LIMITED

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YOUANMI VANADIUM PROJECT  METALLURGICAL TESTWORK AND EXPLORATION UPDATE

ASX Announcement 13 August 2018


Venus Metals Corporation  Limited  (“Venus” or  the  “Company”) is pleased  to announce an  update  on  the  preliminary metallurgical  testwork  on  historical  diamond  drill  core  samples  from the Youanmi Vanadium JORC 2012 Resource located at Youanmi, Western Australia.

Highlights:  

  • LIMS results correlated extremely well with the DTR results  
  • Recovery of vanadium up to 92.8% in the fresh composite  
  • Recovery  of  vanadium  of  83.1%  into  a  concentrate  with  a  combined  silica  and  alumina grade of less than 4.5%  
  • These  preliminary  results  are  broadly  comparable with  those  of other  vanadium  deposits in Australia

Exploration Upside: 

  • A strong aeromagnetic feature with a strike length of c. 14km south of the vanadium  resource may host significant vanadium mineralization as demonstrated by historical  RC drilling along a single traverse with reported high‐grade vanadium (refer WAMEX  reports A58498 and A59196). The aeromagnetic feature is a potentially large target*  (refer ASX release dated 6 Feb 2015) and exploration drilling is planned to commence  soon.

Venus Metals Managing Director Matthew Hogan commented: “We are very pleased with the  progress of the metallurgical testwork and its outcomes which are excellent.  While this work  continues, we plan to commence exploration drilling at the large aeromagnetic feature which  has an estimated exploration target potential* of more than 1 billion tonnes of vanadium ore.” 

*An estimate of the exploration target potential of a mineral deposit in a defined geological  setting where the statement or estimate, quoted as a range of tonnes and a range of grade,  which are conceptual in nature, relates to mineralisation for which there has been insufficient  exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result  in the estimation of a Mineral Resource.

Metallurgical Testwork  

The Company appointed METS Engineering Group (METS) to develop a series of metallurgical  tests  suitable  for  the  historic  diamond  core  to  assess  the  response  of  this  ore  to  the  conventional magnetic concentration methods used for similar vanadium deposits. The aim  of this testwork was to:

a) assess  the ores physical properties  to determine  the ease of crushing and grinding  and;  

b) assess the upgrade of vanadium into a magnetic concentrate and to assess the quality  of this magnetic concentrate produced

The  testwork  showed  magnetic  separation  was  able  to  produce  a  vanadium  enriched  magnetic concentrate whilst rejecting significant amounts of gangue constituents that were  present in the ore. This testwork was carried out on two composites; oxide and fresh. These  composites  were made  up  from  historical  half  core  sections,  selected  to  include  a  spread  through the orebody and to target the average grade of high grade domains present within  the  orebody.  The  testwork  was  carried  out  at  the  Iron  Ore  Technical  Centre,  part  of  ALS  Metallurgy,  Wangarra,  Western  Australia.  This  stage  of  the  testwork  was  focussed  on  improving vanadium recovery into the magnetic concentrate; it was undertaken on the triple  pass Wet Low Intensity Magnetic Separation (LIMS) non‐magnetic fraction (LIMS carried out  at P80 106 µm and 1200 Gauss), the results of which reconcile very well with the Davis Tube  Recovery (DTR) results that were reported previously (refer ASX release 19 July 2018).  

Two different methods were assessed for their capacity to improve the recovery of vanadium:  

1. Rare Earth Drum (RED) at 3500 Gauss  

2. SLon®  Wet  High  Intensity  Magnetic  Separation  (WHIMS)  at  two  magnetic  field  intensities:  

a. 2000 Gauss and  b. 4000 Gauss

The magnetic concentrates produced (Plate 1) from these would then be combined with the  LIMS magnetic concentrate to produce overall combined magnetic concentrates (Tables 1 and  2).  Metallurgical  testing  is  on‐going  in  order  to  assess  methods  of  further  improving  the  vanadium  recovery  from  both  composite  and  improving  the  vanadium  grade  of  the  concentrate produced, the results of which will be released when they become available.

Click here to view the full announcement

QUARTERLY REPORT  FOR PERIOD ENDING 30 JUNE 2018 

ASX Announcement 27 July 2018 

Venus Metals Corporation Limited’s (VMC) activities conducted during the quarter ending 30th   June 2018 includes:

YOUANMI GOLD MINE PROJECT: Transformational Deal for Venus  

  • VMC has entered into 2 option agreements to enable it to purchase the historical Youanmi  Gold Mine (MLs), and all associated infrastructure and mine village.  
  • Widenbar and Associates  (Widenbar) was commissioned by Venus  to provide an updated  JORC  2012 Mineral  Resource Estimate  for Youanmi Deeps and  the Youanmi Near  Surface  Deposits. 
  • The total JORC 2012 Complaint Resources of both Underground Youanmi Deeps and  Near Surface Deposits at Youanmi Gold Mine is now estimated as 1,190,600 ounces  of gold (2.41 Million tonnes grading 8.5g/t for 657,900 ounces at the Underground Youanmi  Deeps and 10.07 Million tonnes grading 1.65g/t for 532,700 ounces at Youanmi Near Surface  Deposits) (refer ASX releases 28 May 2018 and 29 June 2018).

YOUANMI LITHIUM PROJECT: Venus aligns with Lepidico Ltd (ASX: LPD) 

  • VMC has entered into an option agreement with Lepidico explore for lithium mineralisation  in lepidolite‐bearing pegmatites on VMC exploration licence E57/983. On signing Venus to  receive $50,000 cash and $120,000 in Lepidico fully paid ordinary shares.  Lepidico earns a  12‐month option  to explore the tenement. During  the option period the parties intend to  negotiate  the  terms of a  farm‐in and joint venture agreement on various indicative  terms  including Lepidico will have a 4‐year period to complete a full Feasibility Study leading to a  Decision to Mine to earn an 80% interest in the Lithium Rights. Venus’s 20% will be  free‐ carried to a Decision to Mine (refer ASX release 26 July 2018).

YOUANMI VANADIUM PROJECT: Metallurgical Testwork Delivers High‐Grade Vanadium  Concentrates

Preliminary  metallurgical  testwork  carried  out  on  two  composites  (oxide  and  fresh)  from  diamond drill core samples of Youanmi Vanadium Project has delivered positive results:

  • Vanadium‐enriched  magnetic  concentrate  grades  averaging  1.40%  V2O5  have  been  obtained from fresh rock drill core assaying 0.71% V2O5 with concentrate grades up to 1.46%  V2O5. Vanadium‐enriched magnetic  concentrate grades averaging  1.32% V2O5 have been  obtained from oxidised material assaying 0.67% V2O5. Concentrate grades were reported up  to 1.37% V2O5. The test work has shown an excellent rejection of deleterious elements and  compounds for downstream processing (refer ASX release 19 July 2018).

1. YOUANMI GOLD PROJECT:  

Venus has entered into two option agreements to enable it to purchase the historical Youanmi  Gold Mine (MLs), and all associated infrastructure and mine village (refer ASX release 28 May  2018). The Youanmi Gold Mine is located 480km to the northeast of the city of Perth, Western  Australia. The project is accessed by the sealed Great Northern Highway for a distance of 418km  from Perth to Paynes Find and thence for 150km by the unsealed Paynes Find to Sandstone road  (Figure 1).

The Youanmi Gold Mine has historic production of 667,000 ounces of gold grading 5.42 g/t from  open pit and underground operations conducted between 1908 and closure in 1997. Substantial  indicated and inferred resources remain at the Youanmi Mine.

Venus exploration  tenements cover c.650 km2  at Youanmi. They  surround  the Youanmi Gold  Mine area, and include 40 km strike of prospective greenstone along the Youanmi Shear. Venus  has identified multiple EM targets along the Youanmi Shear to the south (refer ASX release 23  March 2018). 

Youanmi Deeps and Near Surface JORC2012 Compliant Mineral Resource Estimation:

Venus commissioned Widenbar to produce an updated JORC 2012 compliant resource estimates  for the Youanmi Deeps and for the Youanmi Near Surface Deposits.

Click here to view the full announcement

YOUANMI VANADIUM PROJECT 

METALLURGICAL TESTWORK DELIVERS HIGH GRADE VANADIUM CONCENTRATES

ASX Announcement 19 July 2018

The Directors of Venus Metals Corporation Limited (“Venus” or the “Company”) are pleased to announce the results of preliminary metallurgical testwork on eleven historical diamond drill core samples from the Youanmi Vanadium Project, Western Australia. This testwork was carried out on two composites; oxide and fresh to assess the response of these materials to conventional magnetic concentration methods used for similar vanadium deposits in Western Australia.

HIGHLIGHTS

  • Vanadium-enriched magnetic concentrate grades averaging 1.40% V2O5 have been obtained from fresh rock drill core assaying 0.71% V2O5. Concentrate grades up to 1.46% V2O5 were obtained. 
  • Vanadium-enriched magnetic concentrate grades averaging 1.32% V2O5 have been obtained from oxidised material assaying 0.67% V2O5. Concentrate grades were reported up to 1.37% V2O5. 
  • Importantly, the test work has shown an excellent rejection of deleterious elements and compounds for downstream processing 
  • Up to 98.6% rejection for silica 
  • Up to 99.0% rejection for calcium 
  • Up to 93.8% rejection for alumina

These results show that the V2O5 grade can be doubled for both the fresh rock and oxide Youanmi samples by producing a magnetic concentrate whilst rejecting significant amounts of gangue constituents present in the material.

The testwork also shows there is a relative ease to crushing the drill core material prior to magnetic separation as outlined by low to moderate comminution work indices.

Venus Metals Managing Director Matthew Hogan comments: These excellent results give the Company great confidence to advance our Vanadium Project. Being able to produce a high-grade Vanadium concentrate of 1.40% V2O5 by a simple process is significant. The Company is advancing discussions in relation to new process technologies for our concentrate which involve potentially fully integrated battery development opportunities”.

Youanmi Vanadium Project Overview: 

Venus’s Youanmi Vanadium deposit is located on tenement E57/986 (198.5 km2 ) which is about 42km southeast of the world class vanadium mine at Windimurra, owned by Atlantic, a subsidiary of Droxford International Limited (Figure 1). Youanmi Vanadium has good access to major infrastructure such as gas pipeline, roads and port facilities. Venus holds a 90% interest and the prospector holds a 10% interest in this tenement.

JORC 2012 Vanadium Resource: 

Widenbar and Associates (“WAA”) has reviewed the historical drilling, sampling and assaying data and produced a high-grade Inferred Resource of 167.7 Million tonnes @ 0.41% V2O5, 7.52% TiO2 and 24.6% Fe (0.25% V2O5 cut-off) for a Vanadium Pentoxide resource of 683,000 tonnes (ASX release dated 6 Feb 2015). The diamond drill core samples used for the metallurgical test work are located within this high-grade inferred resource (Figure 2).

Click here to view the full announcement

SIGNIFICANT INCREASE IN YOUANMI NEAR SURFACE DEPOSITS BOOSTING TOTAL JORC 2012 RESOURCES TO c. 1.2 MILLION OUNCES OF GOLD AT YOUANMI

ASX Announcement 29 June 2018 

The Directors of Venus Metals Corporation Limited (“Venus”) are pleased to announce that the total JORC 2012 Compliant Resource Estimate for the Youanmi Gold Mine has now increased significantly to 1,190,600 ounces of gold.

Widenbar and Associates (Widenbar) was commissioned by Venus to provide an updated JORC 2012 Mineral Resource Estimate for the Youanmi Near Surface Deposits which is shown in Table-1.

The previously announced (ASX release 28 May 2018) JORC 2012 Mineral Resource Estimate for the Youanmi Deeps is presented in Table-2.

*Venus confirms that it is not aware of any new information or data that materially affects the information included in the previous announcement and all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed.

Further upside potential has also been identified through developing a single “super pit” to connect all existing pits into one big open cut and through the additional gold exploration targets* below.

Widenbar and Associates (Widenbar) has estimated the following exploration targets (refer Tables 3& 4) and these are in addition to the JORC 2012 Resource Estimates already provided.

**An estimate of the exploration target potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade, which are conceptual in nature, relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Click here to view the full announcement

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BOARD

Alan Birchmore

Non-Executive Chairman

AO FAICD

https://hotcopper.com.au/attachments/alan_birchmore-jpg.1120141/?temp_hash=vtWrCvnKjkLsCw9lJVtt00n-TEQdfmbO

Alan Birchmore has had extensive management experience in Australia, the UK, Europe, South America and the United States. His activities have included gold, diamonds, iron and supply base/marine support to the offshore oil and gas industry. As CEO of NYSE listed Bond International Gold Inc, he was responsible for a worldwide workforce of 3,300 employees, including the initial construction and start-up of the Super Pit at Kalgoorlie. Once commissioned, he negotiated the joint venturing of that operation with America's Homestake Gold. Through Northern Mining, he was a founding member through to development of what is now Argyle Diamonds.

Mr Birchmore was founding Chairman of St Barbara Mines (Gold) at its ASX listing and also led the listing of Mermaid Marine Australia Ltd as its Chairman. More recently he chaired United Minerals Corporation Ltd culminating in a scheme of arrangement with BHP Billiton to merge UMC's proposed iron ore mine, with the adjoining BHP Billiton Area C iron ore production hub. Mr Birchmore was appointed by the WA Government to Chair the Albany Port Authority and later Fremantle Ports.


Matthew Hogan

Managing Director

MAICD

https://hotcopper.com.au/attachments/_venus-metals-matthew-hogan-jpg.1120143/?temp_hash=vtWrCvnKjkLsCw9lJVtt00n-TEQdfmbO

Mr Matthew Hogan was formerly an Executive Director and Chief Executive Officer of United Minerals Corporation NL (UMC) which successfully discovered the Railway Iron Ore DSO deposit in the Central Pilbara.  In February 2010 UMC was acquired by BHP Billiton for AUD$204 million.

Mr Hogan was instrumental in the ASX listing of Iron Ore Holdings Limited (IOH). IOH acheived a market capitilisation of over AUS $200 million and that company was ultimately acquired by BC Iron Limited for AUS $250 million. Mr Hogan was employed by the IOH and assisted the Board and management in that particular role.

Mr Hogans earlier career spanned sevaral decades in the stock broking industry as an authorised representative and where he specialised in corporate transactions at several firms including Hogan and Partners.


Barry Fehlberg

Executive Exploration Director

Bachelor of Science (Honors Geology)

https://hotcopper.com.au/attachments/barry_fehlberg-jpg.1120147/?temp_hash=vtWrCvnKjkLsCw9lJVtt00n-TEQdfmbO

Mr Fehlberg has a 50 years of successful experience in exploration for gold, base metals, diamonds and iron ore. Mr Fehlberg has been director of exploration for various ASX listed Companies since 1978, and during his career he has made numerous discoveries in all these commodities. In 1980 he led the drilling team for Spargos Exploration N.L. that discovered the depth extensions of the Bellevue Gold mine which was successfully brought into production.

In more recent times, Mr Fehlberg led the exploration team as Technical Director that discovered the Railway Iron Ore deposit for United Minerals Corporation Ltd. This Company was taken over by BHP Billiton in 2010 in a $204 million transaction.

Mr Barry Fehlberg is an Honours Geology graduate of the University of Adelaide (1968).


Kumar Arunachalam

Chief Executive Officer

MAusIMM M.Sc (Geology), M.Tech (Hydrogeology), PG Dip in Geothermal Tech (NZ), Diploma in Science (GIS) (NZ)

https://hotcopper.com.au/attachments/_venus-metals-kumar-arunachalam-jpg.1120149/?temp_hash=vtWrCvnKjkLsCw9lJVtt00n-TEQdfmbO

Kumar has over 38 years experience in geological and hydrogeological investigations in India, New Zealand and Australia. He has successfully managed environmental studies, approvals, tenements, native title at United Minerals Corporation.

Kumar was appointed as Executive Director in July 2011 and managing various projects at VMC.


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