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Venus Metals Corporation Ltd.
Summary
| Project: | Youanmi | |
|---|---|---|
| Deposit: | Youanmi Deeps | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/28/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-5-2018: Venus Metals Corporation Ltd. announces a Resource Estimation report for its Youanmi Deeps deposit at the Youanmi project. Updated Youanmi Deeps resource to JORC 2012 compliance. The Youanmi gold mine is located 480km to the northeast of the ci | |
| Resources: | (Resource, I+I): 2.413Mt @ 8.5g/t Au for 657.9Koz Au contained at Youanmi Deeps | |
| CP/QP: | [Resources]: Lynn Widenbar (Widenbar and Associates Pty Ltd.) | |
| ABSTRACT: | The Youanmi gold mine is located 480km to the northeast of the city of Perth, Western Australia. The project is accessed by the sealed Great Northern Highway for a distance of 418km from Perth to Paynes Find and thence for 150km by the unsealed Paynes Find to Sandstone road (Figures 1 and 2). Recent Open Pit mining commenced in 1987 through to 1993, with underground mining of the high grade Youanmi Deeps occurring from 1995 to 1997 before mine closure during a period of low gold prices. The owners were Eastmet, Metana Minerals and Gold Mines of Australia Limited. Eastmet Limited discovered a significant oxide resource associated with the Youanmi main lode in 1983 and following construction of a 600,00tpa conventional CIP processing facility, commenced open cut mining in 1986. Drilling evaluated the deeper parts of the main lode sequence between 1990 and 1993, resulting in the definition of an underground resource to a maximum of 750m vertical depth. Following mergers to create Gold Mines of Australia, approval was given to develop the deeper portions of the Youanmi lode and the construction of a flotation and bio-oxidation circuit to treat the refractory sulphide concentrate. The mining contractors failure to achieve production targets and a declining gold price resulted in closure of the underground and surface operations in November 1997. Since then, the Mine has had a variety of ownership which includes Aquila Resources Ltd, Goldcrest Mines Limited, Apex Minerals Ltd and most recently OZ Youanmi Gold Pty Ltd. During this period of 20 years, exploration has included various near surface drill campaigns and some deep diamond holes beneath the Youanmi deep workings. Drill testing of the tailings has also been carried out. Significant drilled resources occur within the Youanmi Mine tenements (see Figure 3). Substantial drilling from surface defined the initial oxide open cut resources, and since then various RAB and RC drill programs have occurred seeking further near surface resources. There has been much success with this work, leading to indicated and inferred near surface resource areas known as Youanmi 4 – Pits area, Youanmi South area, Plant Zone area, and Commonwealth – Connemarra area. The resources in these areas include both oxide ore types and transition oxide material above fresh bedrock where sulphide ores predominate. The Plant Zone is particularly interesting as the gold occurs in a weathered quartz vein stockwork in granite bedrock. While the reported grades are low, there is a large tonnage available for low cost mining and treatment. Also, it is believed the gold is free milling and there may be interesting zones of secondary enrichment which have not been intersected by drilling. | |
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