Venus lands hefty 38g/t gold hit at promising WA Sandstone project
Venus Metals Corporation has tapped into a golden hot streak after new drilling at its promising Bellchambers and Rangeview prospects near Sandstone in Western Australia unearthed a sizzling 1m hit grading 38.3 grams per tonne (g/t) gold.
The company's latest 34-hole reverse circulation drilling campaign, totalling 1749 metres, added more juice gold to its existing resource at Bellchambers and sharpened the exploration focus on the company's nearby Rangeview prospect.
The results are expected to fast-track an updated resource estimate, potentially upgrading parts of the resource from indicated to measured status.
Standout hits at Bellchambers include a juicy 19m grading 3.74g/t gold from just 11m downhole – with a blazing 1m at 38.3g/t – along with a 29m hit going 1.55g/t from 11m and 30m running at 1.72g/t from 45m.
Over at Rangeview, the rig nailed 13m at 1.60g/t gold from 19m and a 18m find at 1.24g/t from 47m, spiced up by a 1m strike going 11.5g/t gold.
Venus says the results hit the mark, backing up the known gold zones across both prospects. Notably, the drill campaign plugged key gaps in the existing Bellchambers resource, which already hosts 722,000 tonnes at 1.31g/t for a handy 30,500 ounces gold.
Venus Metals holds a commanding 90 per cent stake in the 125-square-kilometre Bellchambers project, 23km southwest of Sandstone. It also holds 55 million shares worth more than $16 million in Rox Resources, which owns the nearby monster 2.3-million-ounce Youanmi gold project.
Venus says the new results support its plans to push the project towards potential development, with near-surface oxide mineralisation at Bellchambers being a key focus for upcoming test work and metallurgical studies.
A diamond drilling campaign is now in the pipeline to tighten resource estimates and gather fresh samples for processing studies. Adding to the reams of new data, the company is also collecting representative samples to validate metallurgical recoveries as a key step on the road to production.
Structurally, gold at Bellchambers and Rangeview prospects is tied to quartz veins and sulphide-rich zones within sheared sedimentary and mafic rocks. The steeply dipping mineralisation runs down to about 45-50 metres, making it well-suited to open-pit mining.
With a mine-gate sales agreement already in the mix with Rox Resources, Venus is well-positioned to potentially monetise its gold ounces without the heavy lifting of building a standalone plant.
The Sandstone region, already peppered with historic gold workings, appears to be continuing to deliver for Venus. And with a refreshed resource estimate due in the next two months, punters may not have to wait long to see just how much more gold could be added to the ledger.
This latest round of drilling has confirmed Bellchambers and Rangeview remain fertile hunting grounds and Venus is keeping the drill rigs warm for more discoveries.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
West Australian
an hour ago
- West Australian
Brazil selects Viridis for slice of $1.37B critical metals fund
ASX-listed Viridis Mining & Minerals has landed a major financial coup by being selected for a potential slice of Brazil's R$5 billion (A$1.37 billion) strategic minerals funding program aimed at fast-tracking the country's clean energy transition. The company's flagship Colossus rare earths project in Brazil's Minas Gerais region, together with associated refining and recycling facilities, will receive support under a prestigious government agency initiative. The Brazilian National Bank for Economic and Social Development (BNDES) and the country's Federal Agency for Funding Authority for Studies and Projects (FINEP) have teamed up in a joint scheme to invest in key energy-transition materials, such as rare earths and permanent magnets. Viridis says its selection marks a massive vote of confidence in the company, as it pushes to build the world's first fully integrated rare earths supply chain outside of China. Management is now gearing up to lock in the deal, with funding set to flow through a mix of grants, debt and, possibly, a strategic equity slice. As China tightens the screws on rare earth exports, putting global supply chains on edge, Viridis' funding news appears particularly well timed. Through its joint venture (JV) entity with fellow listed partner Ionic Rare Earths – dubbed Viridion – Viridian hit a major milestone in May when it produced its first batch of recycled high-purity neodymium, praseodymium, dysprosium and terbium oxides. The JV was established to investigate options for in-country magnet metals recycling. The material was delivered for testing to the not-for-profit FIEMG's Innovation and Technology Centre of Minas Gerais (CIT SENAI) in Lagoa Santa city. The centre's Lab Fab facility is the first of its kind in Latin America. The oxides, which are vital ingredients for permanent magnets, were recovered from old magnets and wind turbines in Brazil using cutting-edge technology developed at Ionic's Belfast facility. In addition to the initial R$5B program, Brazil unleashed a second R$3B (A$542M) war chest to target downstream technology and innovation hubs to aid the country's efforts with the energy transition and decarbonisation. Having ticked the box with successful oxide deliveries, Viridis says Viridion is well-positioned to tap into this next wave of government support. Viridis Mining is riding high after unveiling a blockbuster scoping study in February for its Colossus rare earths project in Brazil, forecasting a whopping US$2.28 billion (A$3.59B) in EBITDA over a 20-year mine life. The lion's share of the annual US$114 million (A$180M) EBITDA will come from neodymium and praseodymium production, using spot prices of about US$60 per kilogram. Operating costs at Colossus are projected to come in at just US$6/kg of total rare earth elements, leading to what Viridis believes could become one of the lowest-cost rare earth operations on the planet. As well as hosting a sizeable neodymium-praseodymium resource, Colossus also contains the world's highest measured and indicated grades of dysprosium and terbium of any current ionic clay deposits. The study quietly revealed plans to churn out 146 tonnes of those heavy hitters annually for the first five years, and 156 tonnes each year afterafter. The deposit is also stacked with 6285t samarium, 4125t gadolinium and 13,553t yttrium, which are all included on China's banned list. Meanwhile, the company is advancing a pre-feasibility study with engineering firm Hatch, due to be completed this quarter, and working to secure key environmental licences and offtake agreements. For Viridis, the potential backing from BNDES and FINEP puts it in rarefied company. Meteoric Resources and Ionic are the only two other Australian companies to get the nod for the Brazilian funding. As the global hunt for critical minerals heats up, Viridis appears to be shaping up as a serious contender to redraw the rare earths supply chain, with Colossus fast emerging as the jewel in its crown. With government backing, world-class grades and ultra-low operating costs, the company is gaining real traction in its mission to supply the metals that drive EVs, wind energy and next-generation defence technology. Is your ASX-listed company doing something interesting? Contact:
News.com.au
an hour ago
- News.com.au
Lunch Wrap: Oil and gold stocks surge following reports of Israeli strikes on Iran
ASX turns red as Israel hits Iran and oil surges Gold jumps and Aussie dollar sinks on war jitters Accent crashes 20pc as weak sales spook market The ASX started the morning with a bit of pep in its step, but that optimism didn't last long. By around lunch in the eastern states, the market had reversed course and was down 0.3%. The turning point was reports that Israel had launched airstrikes on Iran and its nuclear facilities, jolting global markets and sending investors running for cover. The news sparked an instant reaction across the board. Oil prices spiked as expected, given how much of the world's oil flows through the Strait of Hormuz, right in the crosshairs of this conflict. Gold also popped, briefly touching US$3410/oz, as investors piled into safe havens. And while those surges might sound like good news for certain stocks of the ASX, the broader market didn't love it. Risk sentiment has taken a punch to the gut with this news, and traders are starting to close the books early ahead of what could be a tense weekend. The big question now: does the conflict escalate from here? If it does, we're in for a rougher ride next week. The Aussie dollar also took a hit, dropping nearly 1% in less than an hour after the strikes were confirmed, to around US64.3 cents. In the large end of town, the biggest thud came from Accent Group (ASX:AX1), the retail group behind Hype DC, Platypus and Glue Store. Accent's shares crashed over 21% this morning after the company flagged weak sales post-Christmas and warned that full-year earnings will likely come in flat. That's not what the market wanted to hear, especially after the stock had already lost more than 20% this year. And, Dalrymple Bay Infrastructure (ASX:DBI) also felt the pinch, dropping 5% after reports surfaced that Brookfield Infrastructure had offloaded a 23.2% chunk of its stake in the Queensland coal port. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for June 13 : Security Description Last % Volume MktCap SRN Surefire Rescs NL 0.002 100% 2,004,907 $2,486,445 ENT Enterprise Metals 0.003 50% 1,000,000 $2,362,635 ICU Investor Centre Ltd 0.003 50% 200,328 $609,023 JNO Juno 0.036 44% 326,919 $5,230,926 EM2 Eagle Mountain 0.007 40% 1,554,948 $5,675,186 PRM Prominence Energy 0.004 33% 2,527,297 $1,167,529 8CO 8Common Limited 0.024 33% 1,279,353 $4,033,708 EAT Entertainment 0.005 25% 10,000 $5,235,144 MRD Mount Ridley Mines 0.003 25% 1,000,000 $1,556,978 MSG Mcs Services Limited 0.005 25% 175,000 $792,399 OEL Otto Energy Limited 0.005 25% 8,555,899 $19,180,039 SIS Simble Solutions 0.003 25% 10,999 $1,752,661 UBI Universal Biosensors 0.042 24% 68,082 $10,134,293 PHO Phosco Ltd 0.077 22% 95,588 $27,614,252 A11 Atlantic Lithium 0.165 22% 218,948 $93,574,887 ICG Inca Minerals Ltd 0.006 20% 5,675,253 $7,881,950 OLI Oliver'S Real Food 0.006 20% 15,000 $2,703,660 RC1 Redcastle Resources 0.006 20% 700,000 $3,717,835 PVW PVW Res Ltd 0.013 18% 315,106 $2,187,953 YAR Yari Minerals Ltd 0.013 18% 5,986,573 $6,101,826 JCS Jcurve Solutions 0.047 18% 343,790 $13,213,738 CDE Codeifai Limited 0.041 17% 2,110,842 $15,065,346 Juno Minerals (ASX:JNO) has handed over its Mount Mason iron ore project to Gold Valley Yilgarn (GVY) in a $6 million deal, plus a 2% royalty on future production. GVY plans to fire up mining in mid-2026, using Juno's existing infrastructure and a new haul road crossing Juno's nearby Mount Ida site, which isn't part of the sale. Juno keeps its key Mount Ida magnetite project and pockets cash plus future royalties. Terra Metals (ASX:TM1) has locked in a $4m cap raise to fast-track work at its Dante critical minerals project in WA. The cash is coming from strategic backers GEAR, part of Indonesian giant Sinar Mas, and Matthew Latimore of M Resources. Existing top shareholder Tribeca will also chip in to hold its 15% stake. The funds will fuel more drilling, and prep for a maiden resource estimate, as Terra ramps up what it reckons is a district-scale find. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for June 13 : Code Name Price % Change Volume Market Cap AOK Australian Oil. 0.002 -33% 15,000 $3,005,349 AXP AXP Energy Ltd 0.001 -33% 50,000 $10,027,021 BMO Bastion Minerals 0.002 -33% 1,310,000 $2,710,883 OVT Ovanti Limited 0.002 -33% 1,006,466 $9,016,545 NAE New Age Exploration 0.003 -25% 401,015 $10,637,596 AX1 Accent Group Ltd 1.400 -22% 9,237,398 $1,085,140,142 AUK Aumake Limited 0.002 -20% 12 $7,558,397 ERA Energy Resources 0.002 -20% 204,755 $1,013,490,602 JAV Javelin Minerals Ltd 0.002 -20% 122,699 $15,315,373 THR Thor Energy PLC 0.009 -18% 10,000 $7,818,688 PL3 Patagonia Lithium 0.041 -18% 80,519 $5,970,518 AD1 Adneo Limited 0.045 -17% 123,182 $7,905,975 BSN Basinenergylimited 0.015 -17% 977,951 $2,210,928 ENV Enova Mining Limited 0.008 -17% 18,790,631 $12,721,507 ERL Empire Resources 0.005 -17% 347,579 $8,903,479 FBR FBR Ltd 0.005 -17% 2,952,279 $34,136,713 GGE Grand Gulf Energy 0.003 -17% 350,926 $8,461,275 TMK TMK Energy Limited 0.003 -17% 916,212 $30,667,149 ODA Orcoda Limited 0.068 -16% 133,877 $15,188,651 CTT Cettire 0.270 -16% 21,305,436 $121,996,230 MRR Minrex Resources Ltd 0.009 -14% 1,938,452 $11,391,109 AM5 Antares Metals 0.006 -14% 1,110,000 $3,603,970 BYH Bryah Resources Ltd 0.012 -14% 14,030,546 $12,179,349 IN CASE YOU MISSED IT Dimerix Limited (ASX:DXB) has reached 70pc of total adult patients to be dosed in its ACTION3 phase III clinical trial of DMX-200 in patients with focal segmental glomerulosclerosis. LAST ORDERS Antimony metallurgist David Fourie has joined the Trigg Minerals (ASX:TMG) team as a technical advisor for its net zero antimony strategy, centred on the Antimony Canyon project in the US. Fourie played a central role in the design and ESG elements of the first 'clean plant' antimony smelter built by SPMP to European environmental standards in Oman. SPMP is the largest antimony roaster outside of China, set to produce 20,000 tonnes of antimony products a year once the smelter reaches full capacity. At Stockhead, we tell it like it is. While Trigg Minerals is a Stockhead advertiser, it did not sponsor this article.
News.com.au
4 hours ago
- News.com.au
Top 10 at 11: Gold stocks prop up ASX after shaky start to trade
Morning, and welcome to Stockhead's Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading. With the market opening at 10am sharp eastern time, the data is taken at 10.15am, once trading kicks off in earnest. In brief, this is what the market has been up to this morning. ASX wobbles on open The ASX has had a questionable start to trading this morning, up just 1.1 points or 0.01%. 7 of 11 sectors are in decline as of about 10:30 am AEST. The energy sector is putting in some work, climbing 2.67% despite a 0.6% dip in oil prices overnight. Most of the strength is coming from our gold stocks, however, with the ASX All Ords Gold up almost 3% in this first hour of trade. The ASX 200 Resources index is also benefiting, up 0.73%. WINNERS Code Name Last % Change Volume Market Cap SRN Surefire Rescs NL 0.002 100% 1000000 $2,486,445 ENT Enterprise Metals 0.003 50% 1000000 $2,362,635 ICU Investor Centre Ltd 0.003 50% 200328 $609,023 PRM Prominence Energy 0.004 33% 1756858 $1,167,529 A11 Atlantic Lithium 0.17 26% 70826 $93,574,887 EDE Eden Inv Ltd 0.0025 25% 80323 $8,219,762 MRD Mount Ridley Mines 0.0025 25% 1000000 $1,556,978 ROG Red Sky Energy. 0.005 25% 160000 $21,688,909 SIS Simble Solutions 0.0025 25% 10999 $1,752,661 MKL Mighty Kingdom Ltd 0.019 19% 859281 $7,778,267 In the news... None of our Top 10 stocks for this morning had market sensitive announcements. That said, gold prices shot up 1.8% overnight, hitting US$3402.4 an ounce as tensions between Israel and Iran escalate and softening US economic data raised the likelihood of interest rate cuts. They've continued to rise in today's trade, now hovering around US$3411.14 an ounce of gold. That may be part of why Surefire Resources (ASX:SRN) and Enterprise Metals (ASX:ENT) are climbing this morning, as both companies hold gold projects among their portfolios. LAGGARDS Code Name Last % Change Volume Market Cap BMO Bastion Minerals 0.002 -33% 1310000 $2,710,883 OVT Ovanti Limited 0.002 -33% 806217 $9,016,545 PAB Patrys Limited 0.001 -33% 1250000 $3,086,171 JAV Javelin Minerals Ltd 0.002 -20% 92699 $15,315,373 ADG Adelong Gold Limited 0.005 -17% 823435 $12,412,060 FBR FBR Ltd 0.005 -17% 702773 $34,136,713 IPT Impact Minerals 0.005 -17% 1384174 $23,731,980 SHE Stonehorse Energy Lt 0.005 -17% 16666 $4,106,610 TMK TMK Energy Limited 0.0025 -17% 916212 $30,667,149 ODA Orcoda Limited 0.07 -14% 42500 $15,188,651 In the news... Orcoda (ASX:ODA) managing director Geoffrey Jamieson will take on a dual role, picking up the chief financial officer responsibilities on top of his current duties as Samuel Yue resigns from the board for personal reasons. ODA says this is a temporary measure as the company searches for a new CFO.
