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As per latest ASX announcement on 14th December, Venus Metals Corporation Limited (ASX:Â VMC) has reported significantly optimistic results from a recently completed ground gravity survey at companyâs DeGrussa North copper project in Western Australia. The survey was undertaken by Core Geophysics.
Venus Metals Corporation Limited is Australiaâs leading miner and explorer of precious metals such as gold, copper, zinc, lithium and even cobalt and nickel.
The company owns full rights and ownership of tenaments E52/3068 and E 52/3486. The sites are located 3 kilometre north of superior DeGrussa Copper Mine of Sandfire Resources, Australiaâs leading copper producer.
The gravity within E52/3068 and E52/3486 sites are targeted with high potential by Venus Metals, owing to their proximity to DeGrussa. A ground gravity survey was conducted to inspect and validate the gravity anomalies.
According to survey observations by Core Geophysics, the tenaments geology consists of colluvium and lateritised colluvium sediments. The remaining variances demonstrate existence of mafic and volcanic rocks.
The reconnaissance survey was conducted by Atlas Geophysics from 4th to 8th December 2018. The investigation spread across 400m apart with 200m station spacings. The survey validated the Coreâs observations and anomalies. It highlighted two priority zones of gravity anomalism, displaying 1mgal gravity, along with two secondary zones.
The company aims at refining the targets sites by conducting more ground surveys by next year 2019. No drilling has commenced over any of the newly identified gravity targets- E52/3068 and E 52/3486.
Venus Metals bets high growth potential on the ground anomalies given their nearness to high-grade DeGrussa Copper Mine as asserted by companyâs Managing Director Matt Hogan. The company eyes robust mineral trapping along these anomalies. The company is looking forward to exploring and developing these sites further.
Venus Metals recently shared its completion and success of Reverse Circulation drilling programme at Youanmi Vanadium Oxide project. The company also reported positive results from Reverse Drilling initiatives at the Younami Lepidolite Project.
Venus Metals announced management restructuring as well as share issue plans to Bazco Pty Ltd for loan repayment, from its Annual General Meeting as on 28th November 2018
As per quarterly financial report for period ending 30th September 2018, Venus reported cash flow of AUD 543k from operating activities, AUD 121k from investing activities and AUD 400k from financing activities.
The company recently announced it annual financial results for the year ending 30th June 2018. The Net Annual Loss was down from $ 18,41,800 from previous year to $17,37,482 this year. The Balance Sheet reflected total assets of approximately $27 million and total liabilities of $2.6 million.
VMCâs stock has been on a downward trend since beginning of the year with a YTD return of -6%. The company has a market capitalization of $11.77 million. It reflects Earnings Per Share of -0.023 AUD. Post the company announcement, its stock is up by around 30%, currently trading at $0.175.
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