Date: Oct 30, 2018
Venus Metals Corporation Limited (ASX:VMC) provides the Company’s Quarterly Report for the period ending 30th September 2018.
Venus Metals Corporation Limited’s activities conducted during the quarter ending 30th September 2018 includes:
YOUANMI VANADIUM PROJECT: Major metallurgical breakthrough in regards to proof-ofconcept metallurgical leaching test work.
– A major breakthrough was achieved by proof-of-concept metallurgical leaching test work on oxide ores. The unique Youanmi vanadium oxide ore is characterized by high recoveries of vanadium (together with co-extraction of nickel, copper and cobalt) through simple atmospheric sulphuric acid leaching. This process makes bulk mining and acid leach processing an attractive development path for initial scoping study work.
– The initial beneficiation test work results confirm significant high-grade beneficiation of oxide samples with a grade increase from 0.58% V2O5 to 0.80% V2O5 and a recovery close to 80% of the vanadium.
– A 6000m RC drilling programme is scheduled to commence in November. This drilling together with historical data will provide information for the calculation of a measured resource, and will be an important step towards advancing to low-cost rapid vanadium production. The drilling will also provide material for advanced metallurgical testing.
GREENBUSHES EAST VMS PROJECT: Several HEM conductors identified
– An Xcite HEM survey flown by NRG at Venus’ Greenbushes East project identified several EM conductors that coincide with magnetic anomalies. These targets show similarities with the Thor VMS-style discovery by Venture Minerals Ltd, located southwest and along strike.
– The EM anomalies identified by Venus occur proximal to anomalous historical Zn and Cu geochemistry and a historical gravity high.
YOUANMI LITHIUM PROJECT: Venus aligns with Lepidico Ltd (ASX:LPD)
Lepidico has completed 38 holes for 936m of RC drilling at 3 lepidolite targets in the northern half of E57/983. The drilling confirmed the presence of lepidolite-bearing pegmatites; assays are pending.
