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Corporate Spotlight

Venus Metals Corporation (VMC) is an Australian exploration company with a focus on diamonds, gold, iron, copper, and base metals projects in Australia.
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BONANZA GOLD GRADES

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Bonanza Gold Grades Revealed from Further Assay Work at Currans Find North, Youanmi

ASX Announcement 24 June 2019 


Assay Highlights: 

1m @ 72.67 g/t Au in hole CFRC16 from 39m within a wider intersection of 3m @ 27.5 g/t from 39m 

1m @ 25.38 g/t Au in hole CFRC14 from 61m within a wider intersection of 2m @ 13.34 g/t from 61m


Background

Venus Metals Corporation Limited (VMC) in conjunction with Rox Resources Ltd (RXL) has reported the discovery of significant high-grade gold intersections from its recent RC drilling program at the Currans Find Joint Venture gold project*, part of the Youanmi Gold Project, Western Australia (Figures 1 and 2) (See ASX release 13th June 2019).


The two intersections in holes CFRC16 and CFRC14 included results from four-metre composite samples that have now been re-sampled as one-metre samples.


This re-sampling has revealed bonanza gold grades in both holes (Figure 3 and Table 1).


The upgraded results are: 

CFRC16: 3m @ 27.5 g/t from 39m which includes 1m @ 72.67 g/t Au from 39m 

CFRC14: 2m @ 13.34 g/t from 61m which includes 1m @ 25.38g/t Au from 61m


Figure 1


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A ROBUST RESOURCE

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BELL CHAMBERS GOLD PROJECT WIDE GOLD INTERSECTIONS  CONFIRM A ROBUST RESOURCE  

ASX Announcement 19 June 2019 


HIGHLIGHTS 

  • Wide gold intersections have been obtained from recent RC holes drilled at the Bell Chambers Gold Project near Sandstone, WA. 
  • Two holes for 156m were completed and results include:   
    • BCRC 106 27m @2.72 g/t Au from 27m 
    • BCRC 107 64m @1.7g/t Au from 10m 
  • The holes were drilled to provide geological and assay confirmation for the inferred JORC 2012 resource (refer ASX release 20 March 2015)   
    • 340,000 tonnes @1.5g/t Au for 17,000 Oz Au (cut‐off 0.5g/t Au)
  • The  robust  assay  results  confirm  previous  drill  results  and  will  enable  fresh  JORC resource calculations to be completed to move the inferred resource to the indicated and measured categories. 
  • Further drilling is also planned as the resource is open at depth.


Mr Matt Hogan, Managing Director of Venus Metals commented “The results show extensive and continuous gold intersections confirming both the previous geological interpretation as well as grade continuity down dip in the oxide‐transition and fresh rock zones. This is a very positive and robust result for the project”.


Project Background 

The Bell Chambers Gold Project E57/984 is located approximately 23km southwest of Sandstone, adjacent to the Sandstone-Paynes Find main road (Figure 1). Venus holds a 90% interest and a prospector holds a 10% interest in the tenement (refer ASX release 1 August 2014).


Bell Chambers has a high-grade production history. The recorded production from 1907 to 1942 (Mines Department production list of cancelled gold mining leases) is 3,979 tons for 2,682 oz Au at a recovered grade of 20.96 g/t Au.


JORC 2012 Resource Estimate 

Widenbar and Associates prepared a JORC 2012 resource estimate for VMC Bell chambers in March 2015 (refer ASX release 20 March 2015).


Table 1. The Inferred Resource reported at 0.5 gm/t Au and at 1.0 gm/t Au cut-off (refer ASX release 20 March 2015) 


This was based on RC and diamond drilling carried out at the prospect between 1988 and 2001. 


Current Drilling and Results 

A summary plan view of the Bell Chambers Gold project (Figure 2) shows the extent of historical drilling, the two recent Venus RC drill holes BCRC106 and BCRC107 (Table-2), and the surface projection of the JORC 2012 inferred gold resource envelope.


Holes BCRC 106 and BCRC 107 were drilled in the central portion of the southern zone to confirm the inferred gold resource envelope by drilling into the centre of the mineralized envelope; angled holes were used to avoid historical stopes.


Table 2. RC Drill hole Collar details 


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TEST WORK ADVANCES

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TEST WORK ADVANCES WITH NEW INITIATIVES FOR YOUANMI VANADIUM – TITANIUM - IRON OXIDE ORES

ASX Announcement 17 June 2019 


VMC announced a JORC 2012 Measured, Indicated and Inferred Oxide Resource of 134 million tonnes grading 0.34% V2O5, 6.27% TiO2 and 21.33% Fe (Table 1) (refer ASX release dated 20th March 2019). 


Table 1. JORC 2012 Youanmi Vanadium Oxide Mineral Resource Estimate - March 2019 

Vanadium pentoxide recoveries of up to 81.8% have been achieved using beneficiation and sulphuric acid leach of crushed oxide samples (refer ASX release dated 29th January 2019). VMC is now expanding the metallurgical research to examine the recovery of all three valuable components of iron, vanadium and titanium in the Youanmi Oxide Ores in two separate research programmes.


1. METALLURGICAL RESEARCH PROJECT (co-funded by the Commonwealth Government) 

Venus Metals (VMC) is pleased to announce that it has entered into a metallurgical research contract with Associate Professor Aleks Nikoloski and his team at Murdoch University to advance the Youanmi Vanadium Oxide project. 


The prime objective of the study is to develop information that will guide the development of a novel process for iron, titanium and vanadium recovery from the Youanmi oxide ore. The process should enable Venus Metals to make an informed decision on the opportunities presented by this large exploitable resource.


The $100,000 study is being co-funded by the Commonwealth Government under Innovation Connections Project grant on a 55% Venus / 45% Commonwealth funding basis. Professor Nikoloski and lead researcher Dr Rorie Gilligan will manage the project with an extensive program of combined pyrometallurgical and hydrometallurgical process options for the Youanmi Oxide ores.


The pyrometallurgical approach is different from the acid leach only approach and is designed to test the recovery of all three valuable components being iron, vanadium and titanium in the Youanmi Oxide Ores.


Facilities at the Murdoch School of Engineering and Information Technology are ultra-modern, very comprehensive and world class, enabling full metallurgical testing to be carried out on one site.


Professor Nikoloski in front of a portion of the comprehensive test plant infrastructure at Murdoch University. 


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VENUS METALS TO CASH UP

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VENUS METALS TO CASH UP AND DECLARES DIVIDEND

ASX Announcement 6 June 2019 


  • $2.5million sale for Venus Metals’ 50% interest in the Yalgoo Iron Ore project signed with FI Joint Venture Pty Ltd (FIJV). 
  • FIJV* is an Australian company ultimately controlled by a major Engineering, Procurement, and Construction (EPC) contractor with over three decades' experience in the iron ore sector and expert knowledge of the magnetite iron ore concentrate process, headquartered in Tehran, Iran. 
  • Yalgoo Iron Ore Pty Ltd, a wholly owned subsidiary of Venus Metals, holds a 0.625% FOB royalty over ALL iron ore magnetite concentrate from the mining tenements being sold. 
  • Venus Metals announces an unfranked dividend by way of an in-specie distribution of one (1) fully paid ordinary share in Yalgoo Iron Ore Pty Ltd (to be converted into a public company) for every fully paid ordinary share in Venus Metals held on the record date of 20 June 2019. 
  • Sale puts Venus Metals in a strong position to pursue its existing gold, vanadium and other base-metal interests, as well as having the capacity to generate new wealth opportunities for shareholders.


SALE OUTLINE 

The Yalgoo Iron Ore project has been a stranded asset for Venus Metals since iron ore prices retreated in 2012. The Yalgoo Iron Ore project has a total JORC 2012 mineral resource of 698.2 Million tonnes @ 29.3% Fe (311.2Mt @30.7% Fe of indicated and 387Mt @ 28.2% Fe of inferred resources) (refer ASX release 16 February 2015).


The Yalgoo Iron Ore project requires major capital to develop it, far beyond the scope of Venus Metals.


To provide some context, a 572 Million tonnes inferred resource (@27.5% Fe) Magnetite project near Yalgoo (Yogi – previously owned by Ferrowest Limited, refer ASX releases 10 November 2010 and 21 May 2014) was purchased by the FIJV for $600,000 in 2016. 


With a recent renewed interest in magnetite ores, Venus Metals identified FIJV as a likely buyer for its 50% interest in the adjacent Bilberatha Hill magnetite project. Negotiations have led to a successful signing of a binding term sheet with FIJV for the sale of Venus Metals’ 50% interest.


The sale price of $2,500,000 for Venus Metals 50% of the Yalgoo Iron Ore project is a significant premium to the price paid by FIJV for 100% of the Yogi project.


Venus Metals has received a $250,000 deposit which is non-refundable on receipt of FIRB approval. 


The balance, $2,250,000 in cash, currently held in escrow, will flow to Venus Metals once conditions precedent items for sales of this type have been satisfied (including FIRB approval as mentioned above and no later than three months from signing).


As reported by the Geraldton Guardian, page 2, May 17, 2019, the FIJV has advised the Mid-West Development Commission of its plan to develop magnetite open cut mines at Yalgoo, producing concentrate for shipment by export through the port of Geraldton.


ROYALTY PROVISIONS 

Yalgoo Iron Ore Pty Ltd, a wholly owned subsidiary of Venus Metals, holds a 0.625% FOB royalty over ALL iron ore magnetite concentrate from the mining tenements being sold. 


The current magnetite concentrate price is approximately over US$100 per tonne. 


The FIJV has large-scale development capability and is regarded by Venus Metals to provide the much-needed development skills to develop the project.


The issued capital in Yalgoo Iron Ore Pty Ltd is to be distributed to Venus Metals shareholders on a pro rata basis by way of a dividend (further details below) allowing those shareholders to potentially reap the benefit of any royalty payments.


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BOARD

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BOARD

Alan Birchmore

Non-Executive Chairman

AO FAICD

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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

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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)

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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)

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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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