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Venus zeros in on Penny South

Venus Metals continues to zero in on the Penny South prospect at its Youanmi gold project. The company’s latest geophysical program has highlighted no less than five priority EM targets at the high-profile project which is located immediately along strike from Spectrum Metals’ famed Penny West gold deposit.  

Spectrum is presently the subject of a takeover by giant ASX-listed gold producer Ramelius Resources Ltd.

Venus has recently completed a comprehensive program of heliborne electromagnetics (HEM) over the southern extensions of the Youanmi Shear Zone, with a particular emphasis over the Penny West-Deep South area. The survey highlighted no less than 23 EM anomalies for investigation over more than 12 km of strike.  

Nine ‘high-priority’ EM targets have been identified by the survey with five of these priority targets immediately south of the Spectrum’s high-grade Penny West gold deposit. These targets are likely to represent primary sulphide bodies which host the gold mineralisation at both Youanmi and Penny West.

Commenting on the ‘Penny South’ targets, Venus said: “Modelling (of the HEM) indicates the sources (targets) are near surface….and have moderate to high-conductance with moderate strike and depth extents.”

The company said that the modelling of the conductors at Penny South represents highly prospective settings for ‘Penny-West style’ gold mineralisation and warrant priority testing.

Shallow drilling through the Penny South area has previously encountered quartz veining, iron oxides and elevated levels of lead and zinc in sampling – all positive signs when searching for sulphides at depth.

The company is now planning a follow up program with detailed ground EM and deep RC planned for the coming months. Venus is quick to add that these programs will commence as soon as it is practical and safe to do so given the current restrictions on travel in Western Australia.

 

Is your ASX listed company doing something interesting? Contact : matt.birney@businessnews.com.au

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