Venus Metals and Rox Resources have struck gold again at their Currans Find JV project in the Youanmi region of WA. Headline results from an RC drilling campaign at the Red White and Blue prospect include 9 meters grading 3.27 grams per tonne gold from 35m that also contains a higher grade, 8g/t intercept over 2m.
Combined with other new intersections from the Currans North prospect such as 2m at 5.6g/t from 163m downhole, evidence is now mounting that the Currans Find project could play host to high-grade gold deposits similar to the nearby, historical Penny West mine and Spectrum Metals Penny North discovery.
Earlier this year, Venus tabled some bonanza results from Currans North with 1 metre grading 72.7g/t gold from a shallow depth of 39m and another 1 metre intersection of 57g/t gold from 110m.
Notably, gold mineralisation at Red White and Blue is hosted in similar rock types to those found the Currans Find, Penny West and Columbia-Magenta historical mines and these rocks are characteristic of deposits with bonanza gold grades.
The JV partners also said that high-grade gold mineralisation at the Currans North and Red White and Blue prospects is strongly associated with elevated levels of copper and lead. This geochemical signature is highly distinctive of Penny West-style mineralisation – another positive indication that they are most likely drilling around the right spot.
Spectrum recently tabled a resource for its Penny West project of 355,500 ounces of gold grading a magnificent 13.8g/t.
The gold mineralisation at Red White and Blue has only been drilled to around 55m below surface – leaving plenty of exploration space at depth for high-grade mineralisation to potentially extend.
Venus and Rox are also planning further deep drilling at Currans North, where drilling has already intersected the gold lodes down to about 140m below surface, which appear to still be open at depth.
The Currans Find Venus/Rox JV covers a three-square kilometre mining lease that in the early 1900s, produced nearly 7,000 tonnes of material grading at 13g/t of gold.
Venus and Rox are jointly earning a 45% stake in this tenement along with the nearby Pinchers mining lease, whilst a local prospector retains a 10% interest in the ground on a free carried basis.
The dynamic duo also formed a 50/50 JV over the historic Youanmi gold mine that was shut down in 1997 when the gold price was hovering at between AUD$400 and AUD$450 an ounce.
Youanmi today hosts a mineral resource of 12.4 million tonnes grading 2.97g/t gold for thea magic plus 1 million ounces of gold.
With gold hits rolling off the drill bit almost at will now, Venus/Rox certainly have their hands full and what looks to be their pick of very prospective set of targets to drill.
Is your ASX-listed company doing something interesting? Contact : matt.birney@businessnews.com.au
By Matt Birney
