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Venus Metals Corporation Ltd.
Summary
| Project: | Poona | |
|---|---|---|
| Deposit: | Poona | |
| Location: | Australia | |
| Commodities: | Lithium-Rubidium | |
| Date: | 11/23/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 23-11-2016: Venus Metals Corporation Ltd. announces an Exploration/Drilling Update report for its Poona deposit at the Poona project. Drilling results incl. 9m @ 0.77% Li, 0.28% Rb from 0m. The Directors of Venus Metals Corporation Limited (ASX: VMC) are | |
| Resources: | x | |
| CP/QP: | [Overall Report]: T Putt (Exploration & Mining Information Systems) | |
| ABSTRACT: | The Directors of Venus Metals Corporation Limited (ASX: VMC) are pleased to announce that scout drilling of targets within the Poona lithium-tantalum project area in Western Australia has intersected anomalous lithium mineralisation in a number of drill holes. Venus Metals Corporation Limited (‘Venus Metals’) holds two tenements (E 20/885 & ELA 20/896) in the Poona region. This project lies within the Murchison Mineral Province in Western Australia (Figure 2). The Poona project is located in the Murchison Mineral Field, approximately 560 km to the northnortheast of Perth. The project area is composed of two exploration licenses (E 20/885 & ELA 20/896) covering more than 249 km2 . These tenements overlie a number of recognised lithium and tantalum occurrences including Patons Lode, Poona Reward and Coodardy North (Figure 3). Venus Metal’s has recently completed a program of reconnaissance drilling on two key target areas within the Poona lithium project, namely the Poona East and Poona Lithium Trends (Figure 3), which has intersected anomalous lithium mineralisation. The lithium-rubidium mineralisation is hosted by pegmatites and associated intrusive stratigraphy. Three holes (PORC 001-003) were drilled (Figure 4 & 5) along the northwest-southeast structural trend, with mineralisation associated with intrusive pegmatites. Previous surface sampling had returned high grade lithium assays of up to 2.58% Li2O 1 . Drilling consistently intersected anomalous lithium mineralisation (>0.1% Li2O) in the near surface environment. This drilling confirms that the Poona East Trend extends for more than 1,000 metres, can extend to over 250 metres in width, and remains untested along strike. Analysis of the drilling data indicates that the subsurface orientation of the pegmatite mineralisation is such that it has not been properly tested by this initial phase of drilling. | |
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