Venus Metals Confirms Rare Earth Targets at Mangaroon North

Perth-based exploration company Venus Metals Corporation (VMC) has confirmed that regional soil surveys in the Mangaroon North project area in the Gascoyne region of Western Australia have identified a range of rare earth elements (REEs), gold, and platinum group element (PGE) targets.

Initial geochemical reconnaissance surveys outlined multiple target areas that are adjacent to Dreadnought Resources' Mangaroon property and require continued follow-up.

The results show a high total rare earth oxide (TRIO) concentration of 1611 ppm and anomalous neodymium (316 ppm) in the ironstone specimen, indicating the potential for rare-earth mineralization in the northwestern part of the Yangibana rare-earth element carbonatite field owned by Cadence Minerals in the UK.

Exciting palladium anomalies in soils up to 21 parts per billion (ppb) are associated with the northeast-trending Mundine Well diorite, while strong gold anomalies in soils with grades up to 429 ppb are thought to be associated with the northwest-trending shear zone.

Venus said follow-up field work planned for the new year will include airborne photographic and magnetic surveys in selected areas to identify potential carbonate intrusions; geochemical surveys extending to REEs, gold and palladium targets; and air core drilling of other high-priority areas.

The Mangaroon North property is adjacent to Dreadnought's Mangaroon project, a joint venture with First Quantum Minerals, which targets magmatic nickel-copper-platinum-palladium mineralization associated with the nearby dolomite-anti-dolomite Money Intrusion and Lumpy's Find prospect.

Venus' geochemical reconnaissance program collected a total of 1,477 soil and 58 rock chip samples and initially identified several light REEs anomalies in the soil with a maximum level of 465 ppm.

Subsequent reanalysis of 66 samples for 14 REEs identified two anomalous areas with rare earth concentrations up to 1,611 ppm TREO, requiring systematic follow-up. Follow-up sampling is also planned around an isolated ironstone float sample with 1,735 ppm TREO, including 316 ppm Nd.

Structural targets along northwest trending faults and shear zones at the Mangaroon North Project are also considered to be prospective for gold mineralization similar to the historic high-grade Star of Mangaroon gold center.

Venus Metals is a Western Australian based company focused on gold and base metal exploration. The Company's objective is to increase shareholder value through targeted exploration success on its projects. The Company's principal gold project is the Youanmi Gold Mine located 500 kilometers northeast of Perth. The Gold Mine is currently jointly owned by Venus Metals and Roxas Resources host an indicated resource of 1.7 million ounces of gold.

• < Prev
• Next >