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Venus Metals Corporation Ltd (ASX:VMC) discovered sub cropping gossans and gossan float at two separate locations in DeGrussa North. Venus Metals Corporation Ltd has detected gravity anomalies and copper rock chip in the region and has announced the same on 14 December 2018. On further investigation of the gravity anomalies, the company noted for the discovery of sub cropping gossans (the upper layer of ore deposits or mineral vein which usually gets exposed to the environment) and gossan float.
Exploration Task and Outcomes:
Exploration Task: To investigate the extent of cover over the gravity anomalies defined by previous surveys and to search for any development in outcropping mineralization, particularly in the provinces of earlier reported high copper anomaly. In the provided task samples of copper chip rocks and soil were also taken to check the presence of any buried mineralization.
Outcomes: The soil and scree mostly covered the vicinity of the test site from extensive decomposition. However, patchy outcrops and subcrops of decomposed sedimentary rocks (BIF) and mafic rock (Silicate mineral) were identified in the eastern vicinity of the test side which in turn led to the discovery of the subcropping gossans and gossan float at two distinct test locations referred as test sites 89 and 101.
Further findings for Location 89: The sub-cropping gossan with pre-eminent boxworks structure (Type of mineral composition) was discovered at this location not investigated under gravity surveys taken by the company previously. The sub-cropping found was a quartz-rich limonitic breccia with a plenty coarse texture.
Further findings for Location 101: The gossan float with sheared and banded boxworks structure was discovered at this location identified under gravity surveys taken by the company previously. The gossan float found as such was sulphide hematite.
What's Next: As per the Managing Director of Venus, Mr. Matt Hogan, the discovery of the sulphide boxwork gossans in DeGrussa north has provided the company required stimulus to go for the electromagnetic (EM) testing of these samples which is believed to reach them in approx. two weeks with further aim to discover colossal copper and gold sulphide at depth.
While the above results give a promising view with respect to the discovery at the copper project, these are still preliminary in nature and further testing is what investors are eyeing upon to gauge the potential of the company.
As at February 5, 2019, the share price of Venus Metals Corporation Ltd (ASX:VMC) closed at AUD 0.150, which was 11.111% up from its previous close; and it tested the high of AUD 0.145 and a low of AUD 0.135 during the trading session with an average volume of 63,269 and a daily volume of 262,584. The market capitalization of VMC is about AUD 12.22 Million and the stock has -0.023 AUD as its earnings per share. This year to date, VMC stock has fallen about 21% while it has been up about 69% in last five years.
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