ASX-listed explorer, Venus Metals Corporation, says it has picked up a couple of early polymetallic sniffs at its Bridgetown East nickel-copper-PGE project in WA’s south-west region as the company looks to emulate the feats of Chalice Mining following its exciting Gonneville nickel-copper-PGE discovery at the Julimar project further north.
Recent reconnaissance surface sampling done by Perth-based Venus encountered platinum-palladium-copper anomalies in laterite, which together with historical data point to what the company says are high-priority targets in mafic‐ultramafic rocks prospective for potential nickel‐copper‐PGE mineralisation.
Venus now plans to undertake further surface sampling and detailed ground electromagnetic surveying work across several geochemical targets and previously identified airborne electromagnetic anomalies. A subsequent round of drilling is proposed.
The recently acquired Bridgetown East project area takes in the northern portion of – what Venus calls the “Julimar look-alike” or – the Thor nickel-copper‐PGE target, an interpreted 20km-long mafic‐ultramafic complex with a strong magnetic signature and electromagnetic anomalies that may indicate bedrock‐hosted sulphide mineralisation.
According to the company, the prospectivity of the area has been further demonstrated by the recently struck joint venture between Chalice and Venture Minerals to test for Julimar‐style mineralisation over Venture’s South West project, which contains the intriguing Thor prospect.
Venture recently returned an intersection of massive sulphide mineralisation from a maiden drill program of 2.4m going 0.5 per cent copper, 0.05 per cent nickel, 0.04 per cent cobalt and anomalous gold and palladium. Chalice can earn 70 per cent of the South West project by spending $3.7 million over four years.
The excitement surrounding Chalice’s Gonneville discovery, made in March at the Julimar project approximately 70km north-east of Perth, was on full display last week when Chalice went to the market with an eye-opening $110 million capital raise. The book was filled and closed within a day.
Funds from the share placement are intended to be used for a massive resource definition drilling campaign and scoping and pre-feasibility studies, the company says.
Chalice Mining Managing Director, Alex Dorsch said: “The demand for the placement was incredibly strong, with the book covered multiple times over the desired amount. This is testament to the scale and quality of the discovery at Julimar, but also the potential of the region to become a new world-class base and precious metals mineral province.”
“Approximately 160,000 metres of diamond and RC drilling is now planned at Gonneville to support the delivery of a maiden mineral resource in mid-2021, which will then lead into mining studies planned over the following 18 months.”
Julimar has not only revved up the interest of resources punters but also that of several nimble explorers including Venus and Emu clambering to get a slice of the action and replicate the transformational polymetallic project.
As market expectations build in the lead-up to Chalice’s maiden resource estimate for Gonneville, market watchers will be keeping a close eye on results from Venus’ continuing first-pass exploration and review of historical rock chip data ahead of a potential drilling program.
The company is currently negotiating with landowners in relation to access for in-field exploration.
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By Matt Birney
