1. 29.0k

    ASX Release: 15 April 2019 ASX Code: VMC
     Over the last five years, Venus Metals has built a strong working relationship with Mr Doug
    Taylor, a well‐respected mining identity from Paynes Find.
     Venus Metals (VMC) is pleased to announce that, as a result of the excellent relationship
    between Mr Taylor and VMC, a purchase agreement has been entered into with Murchison
    Earthmoving & Rehabilitation Pty Ltd (MER), a wholly‐owned company of Mr Doug Taylor,
    to acquire jointly with Rox Resources Limited (RXL) a combined 90% interest in ML 57/641
    “Currans Find” of 300ha and a combined 90% interest in ML 57/642 of 59ha “Pinchers”
    (Figure 1). The 90% interest is shared equally between Venus and Rox, with the remaining
    10% held by Mr Taylor. Venus is the manager of the joint ventures.
     Having each paid a $5,000 deposit,
    ‐Venus will issue 450,000 VMC ordinary shares at a deemed issue price of $0.17 per
    share and pay $75,000 for its share of acquisition costs; and
    ‐RXL will issue 7,500,000 ordinary shares at $0.01 per share and pay $75,000,
    to Mr Taylor and MER, in equal shares at completion and settlement of the transaction.
    Completion is subject to the usual Ministerial consent.
     Mr Taylor commented: “I believe there are strong similarities with the geology at Currans
    Find and Penny West, so the discovery potential at Currans is, in my opinion, excellent. I have
    done the deal with Venus and Rox to become part of the bigger picture that Venus and Rox
    have now established at Youanmi with their excellent deal to jointly acquire the Youanmi
    Gold Mine with the aim of re‐establishing the gold mine”.
     Mr Taylor further commented: “Venus has shown great tenacity and skill in assembling the
    Youanmi Gold Mine and its exploration tenement package, which Rox clearly recognized. It
    is now time to join that effort and bring the high‐grade Currans mine tenement into the
    bigger picture. The new Venus / Rox Currans Joint venture under Venus management can
    now get the drills going to test this potential”.
    Please Direct Enquiries to:
    Matthew Hogan Barry Fehlberg
    Managing Director Exploration Director
    Ph: 08 9321 7541 Ph: 08 9321 7541
     Mr Matt Hogan, MD of Venus Metals said on signing the deal “I wish to thank Mr Taylor for
    recognising our great efforts and his understanding of what is now transpiring at the historic
    Youanmi Gold Mine”. Mr Hogan confirmed that drilling will commence at Currans in about
    four weeks once approvals are in place.
     The Currans Mining lease is completely surrounded by Venus–Rox Joint Venture tenements
    under the Joint venture that VMC announced with Rox on 10th April 2019.

    The Currans Find Mining Lease is a historical high‐grade gold producer. Cancelled GML records show
    that 6,874 tons were treated at the Red White and Blue battery on site for a recovered average
    grade of 13 g/t Au.
    First prospecting interest in the Youanmi field began in late 1907. By early 1908, active development
    of the “schist” lodes at the main Youanmi mine was underway.
    In September 1908, a sudden rush to a new field occurred, some 30 km southwards of “Youanmi”.
    James Curran and Thomas Morton made an application for a Reward Claim in the new field now
    known as “Curran’s Find”. Rich high‐grade stone was being mined and dollied at the new find. This
    led to a period of sustained production from numerous high‐grade reefs with the ore being treated
    at a purpose built battery erected on site.
    Doug Taylor with Venus Metals MD Matthew Hogan
    The Currans Find Mining Lease M57/641, subject to the acquisition, is the site of all previous past
    production at Currans Find. Numerous further targets exist within the adjacent Venus Joint Venture
    Geology and gold mineralization
    Gold mineralization at Currans Find is hosted in multiple ENE‐trending quartz veins within mafic and
    ultramafic rocks. These rocks are also host to the Penny West and Columbia –Magenta deposits
    south of Currans Find. It is a feature of the deposits hosted in the ultramafic rocks that they show
    significant high grades.
    There are about 11 historically known quartz reefs associated with old workings and all are
    mineralized with a significant amount of gold. The auriferous quartz reefs are striking 040 deg – 090
    deg and almost all of them are dipping to the south east. Many of these quartz reefs are either
    truncated or offset by sinistral faults or shears that could be also mineralized between offset reefs.
    The information provided by Mr Taylor has identified new and important further auriferous quartz
    reefs, none of which have been tested.
    Past Exploration
    Surface rock chip sampling, underground sampling, and limited RAB and RC drilling has been
    conducted by previous tenement holders at Currans Find. VMC is now assembling this historical
    information prior to planning the first drilling campaign.
    It is apparent from an early data review that nearly all drilling is shallow and that the considerable
    depth potential of the numerous reefs remains to be tested.
    Site Security
    The Currans Find project occurs within an approved and active Mining Lease. The New Joint Venture
    operations are upgrading site security surveillance measures to prevent unauthorised access to this

  2. 29.0k

    SPX - Spectrum Metals Limited today closed up another 25% to finshj at 7.5c on $7.5m stock traded. The reason they were up again today was because they released some more high grade drill results from it's Penny North project over in WA.

    Again like ADN above if you don't know what these guys do or who they are by now then you probably never will - as these guys too have put on almost 10 bags since they were first mentioned here a few months ago.

    I have met the MD many times before and I dare say he will even read this tonight, so well done Paul on the exploration to date and I will be in touch with you over the coming days to discuss a few ideas and get an update on how we are going to make the next 10 bags my friend.

    Some details on today's results are listed below:

    High-Grade Extensions at Penny North

    Spectrum Metals Limited (‘SPX’ or ‘the company’) is pleased to announce further high-grade results from extensional RC drilling at Penny North.

    Key Points

    • Results were received from four (4) new holes. Significant intersections include:

    SPWRC067 - 3m at 34.4 g/t gold from 264m, including 1m at 99.9 g/t gold from 265m.

    SPWRC068 - 9m at 24.1 g/t gold from 265m, including 3m at 69.3 g/t gold from 267m.

    SPWRC069 - 9m at 15.9 g/t gold from 294m, including 6m at 22.5g/t from 295m.

    SPWRC070 - 2m at 16.6 g/t gold from 274m.

    • Additional results were also received to complete six (6) holes whose main lode intersections had been previously reported. Significant results from two (2) holes include:

    SPWRC051 - 4m at 16.8 g/t gold from 116m, including 2m at 31.1 g/t gold from 116m.

    SPWRC048 - 4m at 6.1 g/t gold from 68m.

    • Hole SPWRC070 was previously considered to lie outside the interpreted high-grade shoot boundary but its position now lies within the 20-40gm contour.
    • The intersection in hole SPWRC051 of 2m at 31.1g/t from 116m sits in a hanging wall lode position, 20m up-hole from the structure that hosts the main high-grade mineralisation at Penny North.
    • Drilling continues at Penny North with further rigs planned to commence mid to late August to expand the project on multiple fronts.

    Spectrum’s Managing Director, Paul Adams said “We are impressed by the width and grade of the latest drill results from Penny North, particularly as these results lie at the edge of the high-grade envelope. We have been able to increase the known strike length at the base of the zone to at least 200m and have very high grade mineralisation in the deepest hole yet drilled at Penny West in hole SPWRC069”.

    ........... good song that one was back in the day

  3. 29.0k

    Placement for $7.25m to Fund
    Aggressive Exploration at Penny West
    Key Points
    • Outstanding exploration success at Penny West and Penny North has
    prompted Spectrum to fund an expanded exploration program
    • Placement agreed for $7.25 million
    • Spectrum is now fully funded for 12 months of aggressive exploration
    • Further news flow from on-going drilling and geophysics at Penny West

  4. 29.0k

    spx now a 20 bagger go vmc??

  5. 29.0k

    All the hype that is driving VMC/RXL is that of the SPX news with their latest discovery. The latest presentations/ann release to the market from both companies mention SPX and their Penny North discovery, regardless of the other plays VMC/RXL have, all Punters are interested in at the moment is the GOLD hype surrounding the SPX tenement.

    Look at the numbers:
    SPX @ .105c fully diluted (1.5b SOI (Inc Options in the money)) has a Mk Cap of $157Mill
    RXL @ .026 fully diluted (1.35b SOI (Inc Option in the money)) has a Mk Cap of $35Mill
    VMC @ .235 fully diluted ( 180Mill SOI (Inc Option in the Money)) has a Mk Cap of $42Mill

    VMC/RXL = 50/50 partnership of the surrounding tenements which dwarf SPX. I look at this play by combining the MK Caps (VMC/RXL) $77Mill as of todays close & comparing that to how the market has valued SPX and their latest discovery. If the latest round of drilling proves up some juicy results..... well I cant see these stocks slowing down any time soon. IMO there's no reason why VMC cant be a .50c stock & RXL .05c stock

    Another point regarding VMC is the Nov19 .20c options (VMCOA) they are now in the money & come 30th Nov if things go VMC way they will bank just over $12Mill as these are executed. If the SP can stabilise around the .30c - .50c range it should be money in the bank.

    IMO the hype surrounding these 3 companies in the next few weeks will continue as further results are released to the market.

  6. 29.0k

    spx 12... vmc rxl a big watch

  7. 29.0k

    RXL & VMC - Rox Resources Limited today closed up 15% to finish at 3c on $2.1m stock traded.

    Venus Metals whom they are also drilling with closed up also but only by 11% to finish at 26c on $369k stock traded.

    The reason these guys are up today was because they have announced they have started drilling at it's JV project that's called Youanmi Gold which is a short distance north of the historical Penny West gold mine, the historical Magenta and Columbia gold prospects, and the recent Penny North gold discovery which for any of you that actually read this report would be fully aware of.

    It was only a few weeks ago that I caught up with the MD of RXL Alex in my office when they were trading below 2c & I also ran into big Paul Hogan up at Diggers last week from Venus and needless to say both were pretty excited about this upcoming drilling campaign.

    So best of luck boys with the drill campaign both of whom I know will read this tonight and hopefully Matt Hogan from Venus does have a laugh as I know Mr Pass the Ball will from RXL.

    Some details on today's news are listed below:



    Venus Metals Corporation Limited in conjunction with its Joint Venture partner Rox Resources Limited (ASX: RXL), is pleased to announce the commencement of a 5,000m aircore drilling program at its Youanmi Gold Project (Figure 1) and a short distance north of the historical Penny West gold mine (Figure 1), the historical Magenta and Columbia gold prospects, and the recent Penny North gold discovery (see ASX release by SPX from 5 March 2019).

    Aeromagnetic data show a prominent magnetic low, within which the above gold deposits and prospects are located. This magnetic feature extends north into the Venus Joint Venture tenement (E57/1019) where it presents a highly prospective setting for high-grade gold mineralization of the Penny West and Penny North type.

    Historical drilling in the target area is very limited and transported soil cover has rendered historical surface exploration mostly ineffective. Hence, this area remains largely unexplored for gold.

    A HEM survey conducted by the Company in 2018 (see ASX release 23 March 2018) identified several HEM anomalies along the Youanmi Shear zone. Two of these EM anomalies are located within the target area and are high-priority drill targets.

    This initial AC programme is expected to be completed by late August.

  8. 29.0k

    Venus/Rox target more high grade gold near Youanmi
    Headshot of Matt Birney
    Matt Birney
    Thursday, 15 August 2019 3:37PM
    Matt Birney

    Venus Metals and Rox Resources have recommenced reverse circulation drilling to follow up on some exciting, ultra-high-grade gold hits at the Currans Find North prospect near Youanmi in Western Australia.

    Top results from previous drilling at Currans Find North this year include 1 metre grading 72.7 grams per tonne gold from 39 metres down-hole within a wider 3m envelope going @ 27.5g/t gold from 39 metres and a 1m intercept @ 57.2g/t gold from 110m within a broader hit of 3m @ 25g/t gold from 109m in a separate hole.

    The previous results were also associated with accessory galena and other sulphides, which Venus said is an indication of further potential similarities with Spectrum Metals’ nearby Penny North discovery that has been on everyone’s lips for the last month.

    Management said the drill program will explore the down-plunge and along-strike extensions of the high-grade gold mineralisation that was intersected in previous drilling.

    The Drill program will also test an electromagnetic anomaly along the Youanmi Shear Zone that was identified by Venus in 2018.

    The anomaly is associated with gold anomalies in historical rotary air blast drilling, making it a priority target for bedrock-hosted gold mineralisation.

    Once drilling is complete, the partners will carry out a trial induced polarisation survey over known sulphides associated with high-grade gold mineralisation at Currans North.

    This survey will in turn be followed by 3D surveying and geophysical modelling.

    The Currans Find JV agreement covers a historical, three square kilometre mining lease that produced just over 6,000 tons grading nearly half an ounce to the ton gold in the early 1900s.


  9. 29.0k

    Venus Metals Corporation Limited (“Venus” or the “Company”) is pleased to announce
    the expansion of its land tenure at Youanmi, Western Australia (Figure 1).
    Exploration Licence Application 57/1129 covers the eastern granite – greenstone
    contact of the Youanmi greenstone belt, which is considered highly prospective for
    Archean gold mineralization.
    The ELA comprises 36 blocks for 108.4 km2 and is owned 100% by the Company.
    Exploration activities on the new tenement will commence immediately once the EL
    has been granted

    1 like
  10. 29.0k

    Spectrum growing gold target list near Youanmi
    Headshot of Matt Birney
    Matt Birney
    Thursday, 29 August 2019 11:48AM
    Matt Birney
    Spectrum Metals Managing Director Paul Adams.
    Spectrum Metals Managing Director Paul Adams.Picture: Supplied

    Spectrum Metals’ recently completed detailed sub-audio magnetic survey has identified several new drilling targets at its Penny West gold project near Youanmi, WA.

    Some of the targets are located in the critical gap zone between the high-grade Penny North gold mineralisation and the intriguing Columbia-Magenta targets about 1.5km further to the north.

    Other targets were also defined beyond the boundary of the Penny West shear zone to the east and west.

    Spectrum is currently increasing its drilling capacity and will test targets generated from the survey over the coming months.

    Managing Director Paul Adams said: “We are extremely pleased with the quality of the data received from our recent SAM survey at Penny West.”

    “The subsequent interpretation, utilising all of the lithological and geochemical studies we have also recently undertaken, have contributed to a much greater understanding and appreciation of the prospectivity of the Penny West project area.”

    Earlier this month, the company revealed some impressive assay results from drilling at Penny North.

    Some of the top hits were 3 metres grading 83.7 grams per tonne gold from 289m down-hole, 2m @ 50.5g/t gold from 338m down-hole, 2m @ 48.7g/t gold from 264m and 2m @ 27.1g/t gold from 315m in separate drill holes.

    The results extended the mineralised ore shoot at Penny North to about 260m length.

    Penny North, which was discovered in March, has rapidly grown in stature for the company given that its high-grade core looks to be more coherent than the actual Penny West mineralisation, that produced 85,000 ounces of gold grading an eye-watering 21.8g/t gold during its heyday in early 1990s.

    Drilling at the relatively unexplored Magenta prospect has also turned up a recent interesting intersection of 3m @ 5g/t gold from 86m down-hole that included a metre going an impressive 11.5g/t gold.

    The Penny West gold project is located just 30km from the mothballed Youanmi operation in the under-explored Murchison mining district of Western Australia.

    Is your ASX listed company doing something intere

  11. 29.0k

    Surprised there has been no chit chat about the above Ann to market last week.

    I see this as being a significant transaction especially in the mist of all the drilling that is currently going on, detail that has been announced and information pending an announcement.

    Currently VMC are pulling core out of the ground, Management / Directors cannot buy on market during such times, however for some reason Mr Barry Fehlberg an Non Exe Director has elected to convert $200,000 of a loan agreement into 1,000,000 VMC Shares.

    Also to note that the date for full repayment has been adjusted to 2nd Dec 2019 for the remaining $400K - 2 days after the .20c VMCOA options expire, bringing in $12Mill to the Co if the share price can sustain IMO +.30c (VMCOA exprie 30 Nov 2019, including director option)

    This screams confidence IMO, bring on more news and more positive results!!

  12. 29.0k

    Rox/Venus intersect high grade gold at Youanmi
    Matt BirneySPONSORED
    Monday, 9 September 2019 1:22PM
    Matt Birney

    Rox Resources and Venus Metals have generated high-grade gold intersections across several prospects at the Youanmi project in WA.Picture: Supplie
    At Youanmi South, the companies discovered a new patch of gold mineralisation, unearthing 4 metres grading 8.17g/t gold from 96m down-hole, which effectively opens up that area for further exploratory drilling.

    About 4km to the northwest, the Commonwealth prospect delivered 2m @ 23.67g/t gold from 76m down-hole and 4m @ 6.57g/t gold from 64m in separate drill holes, potentially opening up mineralisation down-plunge to the southeast.

    Assay results are pending for other holes at Commonwealth and additional drilling is planned.

    Neither Youanmi South or Commonwealth were ever developed into mines historically, despite gold mineralisation occurring relatively close to the surface.

    The companies also zeroed in on extensions to near-mine mineralisation at the United North open pit, intersecting 5m @ 5.59g/t gold from 81m down-hole, including a metre grading just under an ounce to the tonne from the same depth.

    Another hole turned up 9m @ 3.77g/t gold from 58m down-hole, that incorporated a higher-grade section of 5m @ 5.93g/t gold from 59m.

    Rox and Venus have now completed about half of the proposed 14,000-metre program across the Youanmi project and the reverse circulation drilling campaign will continue throughout September and into next month.

    According to management, this is the first major, systematic exploration program completed in the district since 1997.

    The area is structurally complex and hence, the companies believe that there may be potential repeats of mineralisation along the shear zone that appears to control the gold occurrences at Youanmi.

    Rox Managing Director Alex Passmore said: “We are very pleased with these initial results from Rox’s maiden drilling program at the Youanmi gold project. The high-grade results from the Youanmi South prospect were a very positive surprise.”

    “This prospect is interpreted to be a new zone of mineralisation at the southern end of the Youanmi granite which opens up a large new area for exploration. Drilling at Commonwealth prospect (a previously untested historical gold occurrence) has started to delineate a high-grade plunging shoot which is open to along strike and down-plunge to the south”.

    The companies had previously outlined that the high-grade Commonwealth prospect and locations adjacent to existing open pits were their key areas for growth at Youanmi, with extensions to those prospects not previously mined when gold was selling for AUD$400 per ounce in the late 1990s.

    Youanmi currently hosts a mineral resource of 12.4 million tonnes grading 2.97g/t gold for 1.19 million ounces of contained gold.

    It also contains a mothballed 600,000 tonne per annum gold processing facility that will need a little work before it is humming again.

    This week’s drilling results indicate that there is still significant gold hiding around the underexplored Youanmi project, with more chapters to be added to the story in the upcoming period.


  13. 29.0k

    Spectrum onto more gold at Penny North
    Headshot of Matt Birney
    Matt Birney
    Wednesday, 18 September 2019 12:39PM
    Matt Birney
    Diamond drill core from Spectrum Metals Penny North Lode
    Diamond drill core from Spectrum Metals Penny North LodePicture: Supplied

    ASX-listed gold explorer and developer Spectrum Metals continues to deliver solid drilling success at its Penny North gold prospect located 25km south of the Youanmi mining centre in Western Australia.

    The wider mineralised zones at Penny North appear to be harbouring ounce plus dirt with the most recent drill results showing 2m at 32.5 g/t gold from 322m from a wider, 6m mineralised zone going 11.1 g/t gold from 319m down-hole.

    The drilling was designed to test extensions of an interpreted deeper mineralised gold shoot, with the new results confirming that the Penny North gold lode continues at depth.

    Spectrum has now completed the first of four planned diamond drill holes into Penny North, with observations verifying the geological and structural characteristics of the gold lode. Further assay results from the latest round of drilling will no doubt be highly anticipated by the growing band of Spectrum devotees.

    The company has also been drilling north and south of the known mineralisation at Penny North, with the aim of converting more ounces into gold resources.

    At Penny South, 11 RC holes were completed, eight of them snagged gold and the program has now confirmed the predictability of the mineralising structure, according to the company.

    The most notable drill hole at Penny South was a 2m intercept grading 17.1 g/t gold from 76m down-hole. Assays are outstanding for one final hole and additional drilling is now being planned.

    Penny North is conveniently located on granted mining leases and close enough to the mothballed Youanmi processing facility for its ore to be trucked to the mill, creating a potentially fast tracked pathway to cashflow for Spectrum

    No doubt, the next moves for Spectrum will be closely watched by neigbouring ASX explorers, Venus Metals and Rox Resources, who also appear to have a solid sniff of the elusive yellow metal in the region.

    Is your ASX listed company doing something interesting ? Contact :

  14. 14.8k

    I was some what surprised the SP went down after the good report they posted.

  15. 29.0k

    just lack of momentum in the goldies but project wise looking the goods

  16. 14.8k

    Looks like a load of punters got sucked in before the TH.

  17. 29.0k

    vmc a buy in my books...good luck

  18. 7.2k

    .20 is big.

    1 like
  19. 29.0k

    you have succinctly articulated the issues and nightmare that both the SPX directors and DJ Carmichael face. I think their position is neither enviable or strong. If the court finds in VMC's favour their professional reputations are shredded , it will likely be a "killer blow" for SPX and financially costly for Shaws the new owners of DJ Carmichael. I held two other juniors in the Youanmi region but on Friday afternoon took a position in VMC. It will be interesting to see in time whether those who sold their SPX on Friday were prudent. I think they were and will sleep better in coming weeks

    1 like
  20. 5.8k

    Nearology has kicked up a cog since RMS bid announced early in week,which was announced almost straight after further good follow up drilling results were released by SPX.

    RXL break out with vol,third try at crossing into 3s. See how she closes but could attack 3.5(high from initial run) next week imo. Gets through there and there's daylight.

    VMS little volume but also third move on 20. Could also continue next week.

    Amazing how times change.10-20 years ago these deposits were considered low potential amongst the WA gold landscape. Not any more.

    1 like
  21. 5.8k

    Nice positive closes on daily and weekly.

    Not often I hold onto traders on a Friday arvo.....but like chances of a gold break tonight us time....and can see goldies setting for a run next week.

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