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Venus shares rise as 'super pit' plans are revealed

29th June 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Metals developer Venus Metals Corporation has flagged a ‘super pit’ development at its Youanmi gold project, in Western Australia.

The company on Friday reported a new Joint Ore Reserves Committee-compliant resource estimate of 1.19-million ounces of gold. The near-surface deposit is estimated to host some 532 700 oz with the Youanmi Deeps deposit hosting a further 657 900 oz.

The company told shareholders that further upside potential had been identified through developing a single 'super pit' to connect all of the existing pits into one big opencut mine.

Venus also holds an exploration package in the Youanmi greenstone belt, which could offer more upside potential. The project currently has a near-surface exploration target of between 2-million and 2.6-million tonnes, grading around 1.05 g/t to 1.30 g/t gold, as well as a Deeps exploration target of between 135 000 t and 200 000 t, grading between 10 g/t to 15 g/t gold.

The company said that it was currently conducting due diligence, and as part of this process was planning to drill test the near-surface targets as soon as practicable to further evaluate the super-pit opencut concept.

Venus’ share price rose by more than 15% on Friday, reaching a high of 16c a share, up from an opening price of 14.5c a share.

Edited by Creamer Media Reporter

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