Venus Metals Corporation Ltd (ASX: VMC) is an exploration company with extensive holdings in the Youanmi Greenstone belt of Western Australia. The Youanmi area has a history of high grade gold mining, is host to very large oxide vanadium resources, in addition to promising lithium, cobalt, and nickel mineralization.
The Company was listed on the ASX in 2007. Since then, it has successfully delivered JORC Resources in iron ore (Yalgoo), diamonds (Argyle alluvials), gold (Youanmi, Sandstone) and vanadium (Youanmi).
The tightly held Company, with only 87 million shares on issue, is run by an experienced board of directors who have a long track record of discoveries and corporate success This success includes all directors being involved in running United Minerals Corp NL leading up to the BHP Billeton takeover in 2010 for $204 million.
The Company’s principal focus is now on a rapid advancement of the Youanmi oxide vanadium project, as well as completing a purchase of the historic Youanmi gold mine.
The Youanmi oxide vanadium project has a JORC 2012 inferred oxide mineral resource of 110 million tonnes grading 0.3% V2O5. The oxide resource consists of a deeply weathered blanket overlying fresh gabbro containing bands and interstitial grains of vanadiferous magnetite. Initial metallurgical test work of oxide material confirms a strong recovery into solution of V2O5 by simple atmospheric sulphuric acid leaching, together with co-extraction of nickel, copper and cobalt. A 6000m RC drill program, now underway, will support advanced metallurgical testing and provide a large measured resource. Bulk mining of the zero strip ratio oxide ore, together with simple acid leach and solvent extraction gives the project very attractive fundamentals for a potential low-cost entry into significant and rapid vanadium production.
The Youanmi Gold Mine, with JORC indicated and inferred resource estimates of 1.19 million ounces of gold, is one of the last big WA gold mines to be re-examined for production under today’s high gold price of AUD$1600 per ounce. Venus has upgraded all open pit and high grade underground resources after extensive modeling of the existing drill data base. Venus has entered into two option agreements to enable it to purchase the Youanmi Gold Mine.
Why should investors invest in you?
Venus Metals has identified a world class vanadium resource at Youanmi that is unique is its geology and metallurgical characteristics. Soft oxide ores, zero open pit strip ratios and low pressure acid leaching within a low market capitalization gives Venus a huge point of difference over all other aspiring vanadium producers. With JORC 2012 inferred oxide resources of over 110 million tonnes and an exploration potential many times that size, Venus has the potential to become a world leader in low cost vanadium production. The Companies numerous other assets provide additional investor appeal.
Projects & Developments
Venus Metals has a very large tenement package over the Youanmi Greenstone Belt in WA. The area is host to significant mineral occurrences controlled by Venus. This includes gold (+1.2 million ounce resource)(under option), vanadium, lithium pegmatites, and zinc, copper and cobalt resources.
Of particular significance is the recent identification of unique oxide vanadium resources that extend from surface to 50m depth and is continuous for 3.5km long by 350m wide. Metallurgical test work shows recoveries of 69% V2O5 by simple atmospheric sulphuric acid leaching. Cheap bulk mining and acid leach processing is an attractive development path for initial scoping study work.
Stock Exchange Listing:
Base Metals | Cobalt | Gold | Lithium | Vanadium
Countries of Operation:
Board and Management:
- Alan Birchmore – Non-Executive Chairman
- Matthew Hogan – Managing Director
- Barry Fehlberg – Exploration Director
- Kumar Arunachalam – Chief Executive Officer