source:Small Caps
Perth-based explorer Venus Metals Corporation (ASX: VMC) has confirmed that regional soil surveys in the Mangaroon North project area in Western Australia’s Gascoyne region have identified a series of rare earth, gold and platinum group elements (PGE) targets.
An initial geochemical reconnaissance survey outlined multiple target areas for follow-up in an area which abuts Dreadnought Resources’ (ASX: DRE) Mangaroon tenure.
The results showed total rare earth oxide (TREO) concentrations of up to 1,611 parts per million and anomalous neodymium (316ppm) in an ironstone specimen, indicating potential for rare earth mineralisation northwest of the Yangibana rare earth elements carbonatite field, owned by UK-based Cadence Minerals.
Encouraging palladium anomalies in soil to a maximum 21 parts per billion were associated with the north-northeast trending Mundine Well dolerites, while a strong gold anomaly in soil grading up to 429ppb is believed to be associated with a northwest trending shear zone.
Venus said follow-up field work planned for the new year would include airborne photographic and magnetic surveys across select areas to identify potential carbonatite intrusion; geochemical surveys extending across the rare earth, gold and palladium targets; and aircore drilling of other high-priority areas.
Project location
The Mangaroon North tenements abut Dreadnought’s Mangaroon project in joint venture with First Quantum Minerals, which targets magmatic nickel-copper-platinum-palladium mineralisation associated with the nearby mafic-ultramafic Money Intrusion and the Lumpy’s Find prospect.
Venus’ geochemical reconnaissance program totalling 1,477 soil and 58 rock chip samples initially discovered several light rare earth element anomalies in soil to a maximum 465ppm.
Subsequent re-analysis of 66 samples for a suite of 14 rare earth elements identified two areas of interest with anomalous rare earth concentrations of up to 1,611ppm TREO which warrant systematic follow-up work.
Follow-up sampling is also planned around an isolated ironstone float specimen with a TREO content of 1,735ppm, including 316ppm neodymium.
Structural targets along northwest trending faults and shear zones within the Mangaroon North project have also been considered prospective for gold mineralisation similar to that at the historic high-grade Star of Mangaroon gold mining centre.