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    Post VMC - Venus Metals Corporation

    Using structural targeting expertise, the focus of Venus Metals Corpoartion (VMC) is to explore for world-class mineral deposits. Twenty one multi-commodity exploration project targets are held within Western Australia and include iron ore, precious/base metals, diamonds, uranium and lithium.


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    Make the drill work for YOU springhill's Avatar
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    Default Re: VMC - Venus Metals Corporation

    MC - $14m
    SP - 27c
    Shares - 50m
    Options - 4.3m
    Cash - $3.9m

    Discussion continued with the company’s Chinese partners regarding future work programs to assist with commercializing the project.
    Exploration continues with definition of further drilling targets to expand the resource base. A JORC compliant total Magnetite Mineral Resource of 698.1 Million Tonnes (being made up of an Indicated Resource of 311.2 Mt and Inferred Resource of 386.9 Mt) was estimated for YIOP (Please refer ASX Release: 26 August 2011).The Pre‐Feasibility Study conducted by ProMet Engineers Pty Ltd demonstrates that the project is technically viable and financially robust (refer ASX release 29 August 2011). A Mining Lease Application (MLA 59/742) has been submitted to Department of Mines and Petroleum covering Bilberatha Hill and additional magnetite mineral resource target areas within the tenement

    After economic and resource confidence consideration, with a cut‐off of 10 CPHT applied a JORC Inferred Diamond Resource has been estimated at 21.5 Mt at an average grade of 28 CPHT for a total of 6,000,000 carats.
    Processing of diamondiferous gravels commenced at the Argyle Smoke Creek Alluvial Diamond project. Approximately 1,600 tonnes of alluvial gravel was processed. A preliminary assessment of the diamonds that have been recovered to date by Leo Smans (former Rio Tinto diamond sorting & valuations expert) indicates, as expected, the overall quality of the diamonds recovered is better than Argyle Diamonds Run of Mine production. Weights of diamonds recovered will be reported after acid cleaning has been completed.

    Principal exploration targets identified to date within the TNSP comprise:
    • The Radi Hills gold/IOCG structural target (5 mGal gravity anomaly)
    • The Mt Morris IOCG target, a large coincident magnetic and gravity high
    • The Citadel doubly‐plunging anticline gold target (a “Telfer Dome” look‐alike)
    Department of Mines and Petroleum hasawarded two grants totaling $350,000 for drilling at Radi Hills ($200,000) and Citadel ($150,000) projects under WA Government EIS (Exploration Incentive Scheme) Co‐funded Exploration Drilling Programme. The drill plan is in progress. Re‐assaying of selected RC/diamond composite samples at Genalysis Lab, Perth gave elevated Tungsten (W) values up to 500ppm (214‐220m) confirming the previous assay results from SGS (please refer ASX release 6th Sep 2011)

    In collaboration with Department of Mines and
    Petroleum for conducting detailed Hylogger studies, the half cut diamond Core samples of drill holes MORCD001 and MORCD002 were submitted to the Department. The scanning of diamond cores using Hylogger is completed and we await the interpretations of the data and results.

    Delineation of potential targets based on the historical exploration studies.
    Very high grade values with peak results of 2,376g/t Au, 3,424 g/t Pt, 4,904g/t Pd, 1,387g/t Ag and 20.9% Cu have been recorded from previous rock chip sampling of copper mineralised outcrops at the main Precious Metals Prospect. Whilst the very high grade values come from a small vein‐type exposure of limited extent, it is reported that secondary copper minerals occur over a semi‐continuous strike length of approximately two kilometres (please refer ASX release 21 December 2011).
    Drilling programs by previous explorers have been unable to establish any depth extent to these remarkably high precious metal values. However, the petrographic studies indicate the mineralisation is the result of primary hydrothermal processes, with secondary enrichments. This indicates that potential does exist for the values to extend to depth and further exploration is warranted.
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