ASX Release: 17 August 2016 ASX Code: VMC
Venus Metals Corporation Limited
ACN 123 250 582
CORPORATE DIRECTORY
Mr Terence Hogan
Non-Executive Chairman
Mr Matthew Hogan
Managing Director & Company Secretary
Mr Kumar Arunachalam
Executive Director
CAPITAL STRUCTURE
Issued Shares (ASX: VMC):
61,636,623
Issued Options (ASX: VMCO):
31,521,561
POONA LITHIUM PROJECT: HIGH-GRADE LITHIUM IN SAMPLING
Market Cap: $9.5 million
CONTACT DETAILS
POONA
Figure 1 - Mineralised pegmatite & schistose units at Poona
HIGHLIGHTS
Mezzanine Level BGC Centre,
28 The Esplanade, Perth
Western Australia, 6000
Tel: +61 (0) 8 9321 7541
Fax: +61 (0) 8 9486 9587
www.venusmetals.com.au
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The primary tenement at Poona (E 20/885) has now been granted,
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Exploration has commenced with a program of mapping and sampling has been completed,
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Sampling has returned a number of highly anomalous lithium assays (upto 1.93% Li2O),confirming the potential of the area to host high- grade lithium mineralisation,
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Sampling include assays:
P230 1.93% Li2O & >0.50%Rubidium
P231 1.62% Li2O & >0.50%Rubidium
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Exploration has already identified a lithium-rich trend approximately ten kilometres in length (Poona Lithium Trend) which hosts a number of known lithium occurrences,
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Targets have been identified for drill testing,
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The project area has been extended to the south east through the pegging of an additional tenement (E 20/896) to cover additional lithium occurrences at Coodardy North.
1.0 Introduction
The Directors of Venus Metals Corporation Limited (ASX: VMC) are pleased to announce that sampling on the Poona lithium-tantalum project area in Western Australia has returned high-grade lithium results and identified targets for drill testing.
Venus Metals Corporation Limited ('Venus Metals') has made applications for two tenements (EL 20/885 & 896) in the Poona area. This project lies within the Murchison Mineral Province in Western Australia (Figure 2).
Figure 2 - Venus Metals lithium-tantalum project locations in Western Australia.
2.0 Poona Lithium-Tantalum Project
The Poona project is located in the Murchison Mineral Field, approximately 560 km to the north- northeast of Perth. The project area is composed of two exploration licenses (E 20/885 & ELA 20/896) covering more than 249 km2. These tenements overlie a number of recognised lithium and tantalum occurrences including Patons Lode & Poona Reward, with application ELA 20/896 being recently lodged to cover Coodardy North (Figure 3).
Figure 3 - Poona tenement application areas (red) & prospect locations and mineralised trend (yellow) over regional geophysics.
A program of mapping & sampling has been completed over the project area and identified the extensive mineralised structural and stratigraphic Poona Lithium Trend, which covers approximately ten kilometres of strike (Figure 3).
Sampling has returned a significant number of anomalous assays, with several high-grade lithium results including:
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Sample P230
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6,998,958 N/ 544,689 E
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1.93% Li2O & >0.50% Rubidium
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Sample P231
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6,998,791 N/ 544,631 E
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1.62% Li2O & >0.50% Rubidium
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*A full table of sample results and assays can be found in Appendix 1.
The sampling program has focussed on the north eastern end of the Poona Trend within E 20/885 (Figure 4). Historical exploration in the region shows the stratigraphy to consist of sheared gabbroic
and ultrabasic units as well as amphibolitic units. This stratigraphy has been variably intruded by various pegmatitic and quartz vein units.
Figure 4 - Northern Poona tenement area showing geology and sampling locations, with key assays.
Sampling initially targeted the pegmatitic units in the region, however the highest grade results were returned from the broader schistose units within the stratigraphy, indicating that the lithium is associated with the micas within the rock, most likely due to later alteration.
This is of particular interest as it indicates that the mineralisation is NOT limited to the narrower pegmatitic units but is hosted in the wider schistose and amphibolite units. Drilling is now being planned to test these units with the potential to outline a significant body of mineralisation.
3.0 Conclusion
Sampling on the Poona lithium-tantalum project area has returned high-grade lithium assays with both mapping and sampling assisting in the definition of targets for drill testing on the Poona Lithium Trend as soon as possible.
Venus Metals looks forward to further updating shareholders as exploration continues at Poona.