JV partners, Venus Metals and Rox Resources, have defined an interesting new gold prospect from soil survey results just in. The new soil anomaly is located 4km south of and along strike from the historical Penny West gold mine that Spectrum Resources just offloaded to Ramelius for around $200m.
According to management, the new target has a similar signature to that which the ASX-listed partners found in soils over the recent Sovereign gold discovery that is located north of Penny West. One drill hole at Sovereign intercepted 4m grading 7.02g/t gold from 24m and another showed 5m at 2.41g/t gold from 60m. That hole also ended in mineralisation.
Venus identified the multi-element, soil geochemical anomaly that measures approximately 400m by 600m using the “TerraLeach” partial digest method whilst exploring the strike extension of the greenstone belt that hosts the noteworthy Penny West mine and the new Sovereign discovery.
The new target has been called the Penny West Deep South gold prospect by Venus and Rox. The soil anomaly will now be tested with a 4,000m air core drill program due to commence shortly. Further drilling is also planned at Sovereign by the partners.
Venus said that high-grade gold drill intercepts of up to 2m at an ounce to the tonne have been reported by Aldoro Resources, also along strike from the Penny West shear zone.
Listed companies such as Venus, Rox and others placed the historic mining centre of Youanmi which houses the old Penny West mine firmly back in play last year.
Venus and Rox produced some spectacular intersections out there during the year and it will be interesting to watch just how quickly the JV partners are able to grow a resource at the project – If the drill intersections are any guide then the grade should scrub up well in the final analysis.
The company recently reported high-grade drill results across its list of nearby gold prospects that also includes Currans Find North and Red, White and Blue.
The next round of drilling results will be key to converting this string of pearls into a feasible gold resource.
Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au
By Matt Birney
