Resource boost puts Venus on path to WA goldfields production
At a 0.5g/t cut-off, the updated resource estimate now comprises 8800 ounces in the measured category, 17,900 ounces in the indicated class and 4500 ounces in inferred resources. The addition of maiden ounces in the prized measured category marks a key milestone for Venus, setting up the project as a genuine development opportunity.
While pulling together the new resource numbers, Venus's geos also sketched out a pit design assuming an Australian gold price of $4500 per ounce.
Using a similar 0.5g/t cut-off, the optimised pit resource came in at 19,130 ounces. Notably, the measured category was virtually unchanged at 8730 ounces, while the overall grade was 7 per cent higher at 1.36g/t gold.
The juicy upgrade follows an April drilling blitz to infill and tighten up the resource model at site. The program punched out 1749 metres across 34 reverse circulation holes, bringing the total exploration ledger at Bellchambers and Rangeview to 143 holes for 8876m.
Armed with a fresh resource lift and growing confidence in future production, Venus has wasted no time locking in a mining lease over the Bellchambers and Rangeview deposits and enlisting Kalgoorlie-based consultants to fast-track its mining development and closure proposal.
Mine planning will also cover environmental and technical studies, including flora and fauna surveys, surface hydrology and waste management.
Meanwhile, the company's metallurgical test work is well advanced, and it expects to receive the results from seven representative samples within weeks. Early bottle-roll testing has already shown recoveries of up to 92 per cent in oxide material and 90 per cent in fresh sulphidic basalt.
Venus's project sits just 25 kilometres south of Sandstone, within a renowned mining district dotted with gold operations. Sealed roads run right past the project's front gate and well-established infrastructure is based nearby.
Geologically, Bellchambers lies in a classic Archaean greenstone belt, with gold found in sulphidic shale and basalt near banded iron formations. Higher grades tend to hang out in quartz and ironstone veins. Two main mineralised shoots have been defined at the deposit, running 100m along strike and dipping down to depths of up to 140m - both remain open at depth.
Rangeview, 2km north-east, sits on the same mineralised trend as Bellchambers. While the current resource covers only 125m of strike to about 50m depth at Rangeview, the geological setting suggests there's room for it to grow, especially along strike and at depth.
With a shiny new measured resource, a mining lease locked in, consultants engaged and metallurgy shaping up nicely, Venus is lining up its ducks for a development push.
If the pending test work and ongoing studies confirm its early promise, Bellchambers could soon move from an exploration story to a production reality - a transformation the punters tend to notice.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
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