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Penny Taylor
Venus Metals Corporation has fired up the drill rig at its flagship gold asset, the Bellchambers gold project 23 kilometres southwest of Sandstone in Western Australiaโs historic goldfields, in a bid to unlock more ounces.
The reverse-circulation (RC) drilling program is designed to test a conceptual exploration target beneath the existing deposit and extensions to the north in a bid to convert it into an inferred mineral resource.
Drilling marks the latest milestone in a systematic program that has already delivered a granted mining lease, an independently reported mineral resource, strong metallurgical results and prefeasibility work.
Bellchambers deposit and its adjoining Rangeview prospect, which form part of the companyโs 90 per cent-owned Bellchambers project, currently host 766,000 tonnes grading 1.27 grams per tonne (g/t) gold, for 31,400 ounces.
Independently estimated by Widenbar and Associates, the Exploration Target is estimated to contain between 800,000 and 950,000 tonnes grading 1.75 to 2.00g/t gold for a potential 45,000 to 60,000 ounces.
The current program also builds on recent targeting work undertaken with the CSIRO.
A hyperspectral imaging study that maps subtle mineral changes associated with gold identified new mineral signatures linked to the precious metal.
The work refined drill targeting and highlighted fresh areas that have never been tested, giving management greater confidence in where to drill the planned holes.
Phase one comprises five drill holes on 50m-spaced sections as part of the broader campaign. By drilling immediately beneath and north of known mineralisation, Venus is targeting the part of the system most likely to deliver meaningful growth while avoiding much of the geological uncertainty associated with drilling entirely new ground.
If Venus can convert the upper end of that target into a formal resource, it would more than double the contained gold at Bellchambers, catapulting it towards the significant 100,000-ounce mark. The key here is to find more tonnes and higher-grades, which could have a material impact on the projectโs future economics.
Just as encouraging are Bellchambersโ strong metallurgical results.
Recent tests have demonstrated outstanding gold recoveries of between 90 and 99 per cent from free-milling, non-refractory ore using the same conventional gravity separation and leaching techniques employed by most gold producers.
High gold recoveries and straightforward metallurgy combine to create an attractive development proposition that could make any future mining operation simpler and less capital intensive than many comparable gold projects.
Further strengthening the commercial case is the projectโs location.
Bellchambers sits 70km by road from Rox Resourcesโ planned Youanmi gold operation, opening the door to future toll treatment or farm-gate sale arrangements that could reduce development costs.
Either option could allow Venus to monetise the project without the cost and risk of constructing its own processing plant.
With mineralisation still open beneath and north of the existing resource, Bellchambers appears far from finished.
If drilling confirms the higher-grade mineralisation and expands the resource towards the upper end of the exploration target, Bellchambers could rapidly move from being a modest gold deposit to one carrying genuine development significance.
In todayโs gold market, where quality ounces are becoming increasingly valuable, that would be a result capable of attracting far broader attention.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
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