Perth, Jan 20, 2011 (ABN Newswire)
Venus Metals Corporation Limited (ASX:VMC) are pleased to announce the results of evaluation of magnetic data and field mapping of the Yalgoo Iron Ore project, which has identified further large open pittable magnetite exploration targets in addition to the JORC Compliant Inferred Magnetite Iron Ore Resource of 443.9 Million Tonnes at Bilberatha Hill (refer ASX nnouncement 16th December 2010).
A number of separate target areas have been defined for drill testing within the company lease areas.
Exploration Target Potential:
- Tonnage Range: 150 - 300MT
- Fe Range: 30% - 35%
10,000m of RC Drilling is schedule to commence in February 2011 and the results of the scoping study are anticipated in early February.
About Venus Metals Corporation Limited
Venus Metals Corporation Limited (ASX:VMC) current projects consist of the Yalgoo Iron Ore Project which is located within the Murchison mid west region of Western Australia which is an emerging multi-billion dollar Chinese and Japanese iron ore investment province. The Yalgoo Project is subject to a formal farm-in agreement with HD Mining & Investment, a subsidiary of Shandong Provincial Bureau or Geology & Mineral Resources (SDGM) involving an $8m sole spend by HD Mining to earn a 50% interest in the Iron Ore Project. Once the joint venture is formed if Venus Metals elects not to contribute it will receive a 4.5% gross iron ore royalty from any production from the Yalgoo Iron Ore Project.
The company also has 3 super projects being Argyle North, Telfer North and Tropicana East projects. The focus of the super projects is for the discovery of world class deposits within concealed parts of the lower proterozoic orogenic belts which host the majority of Australia’s giant ore bodies including Argyle (diamonds), Telfer (gold), Olympic Dam (iron oxide copper gold), Broken Hill (base metals) and Mt Isa (base metals, IOCG).
source: abnnewswire
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