Venus Metals Submitted Updates On Kangaroo Kaves RC Drilling And Penny West North Gold Project

  • Mar 23, 2019 AEDT
  • Team Kalkine
Venus Metals Submitted Updates On Kangaroo Kaves RC Drilling And Penny West North Gold Project

Venus Metals Corporation Limited (ASX: VMC) reported to the exchange an update on the Kangaroo Kaves RC drilling. The company has completed drilling of ten RC holes. This was conducted for 363m on two separate lines which are reportedly four hundred meters apart at Kangaroo Caves Prospect, located twelve kilometers southwest of the central Vanadium Oxide prospect.

The company, in its report, stated that the results validate the continuity of vanadium mineralisation within the magnetic trends related to the previously announced exploration target. Widenbar had already defined an exploration target potential at 0.1% V2O5 cut-off of 1 billion to 1.3 billion tonnes at 0.25 to 0.3% V2O5 over 14 to 15 km strike length.

The company reported the following upper and lower limits:

High Grade at 0.25 cut-off - 550 to 650 Mt @ 0.38 to 0.42% V2O5

Mineralisation at 0.1 cut-off - 1Bt to 1.3 Bt @ 0.25 to 0.30% V2O5

The information in this release is based on the information compiled by Mr. Barry Fehlberg, a competent person, who is a member of the Australasian Institute of Mining and Metallurgy.

VMC today made a second announcement to the exchange wherein it provided an update on the Venus Youanmi Penny West North Gold Targets. It reported that Spectrum Metals Ltd (ASX: SPX) had recently announced a “high-grade gold discovery at Penny West” and follow-up high-grade assays confirming a new lode in SPX project area.

The company controls all strike extensions to the north and south of the Penny West tenure and post this news from SPX, the management of VMC completed a review of previously announced Airborne EM targets and associated historic RAB drilling on the Venus Metals Tenure. VMC is now planning to contract drill rigs to drill test the identified targets adjoining the SPX tenure.

On 18 March 2019, VMC had provided an update on its Youanmi Vanadium Project. The same could be read here.

Recently, the company had announced its half-yearly report. The company reported revenue of $371,500 for 1HFY19 vs. $16,669 for 1HFY18, the loss for the half year stood at $1,160,044 in 1HFY19 vs. loss of $766,807 in 1HFY18. The cash and cash equivalent at the end of the financial period stood at $341,953 for 1HFY19 vs. $803,830 in 1HFY18.

Stock Information:

The stock has delivered a YTD return of -5.88%. It has delivered a return of -13.51% and 6.67% in the past six months and three months respectively.

The company’s shares closed at A$0.170 on ASX (As on 22 Mar 2019) up by 6.25% as compared to its previous day’s close.

Venus Metals Corporation Limited’s (ASX: VMC) market capitalization is ~ $14.48 million. The total number of outstanding shares is ~90.51 million. The avg. trading volume is 54,752. The Stock’s 52-week high price is A$0.230, and the 52-week low price is A$0.110. As per the latest ASX update, the company’s EPS stood at -0.026 AUD.


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