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Venus Metals Corporation Limited (VMC.AX) Completion of Sale of Yalgoo Project

·2-min read
Venus Metals Corporation Limited (ASX:VMC)
Venus Metals Corporation Limited (ASX:VMC)

Venus Metals Corporation Limited (VMC.AX) Completion of Sale of Yalgoo Project

Perth, Australia, July 1, 2021 - (ABN Newswire) - Venus Metals Corporation Limited (ASX:VMC) is pleased to announce it has finally received settlement funds for the sale of its 50 % interest in the Yalgoo Iron Ore Project to FI Joint Venture Pty Ltd (FIJV) (refer ASX announcement 6 June 2019). The funds held in escrow have been released to Venus as conditions precedents for this type of sale have been satisfied which included FIRB approval.

Following the settlement, the Company has a healthy cash balance of approximately $7,300,000 and maintains its shareholdings in Rox Resources Ltd (ASX:RXL) and EMetals Ltd.

The Company looks forward to receiving results from its JV Partner Rox Resources in regards to regional gold exploration at Youanmi in the VMC JV (50% contributing) where reviews have identified compelling regional anomalies where the VMC Joint venture is exploring for Penny West style deposits.


About Venus Metals Corporation Limited:


Venus Metals Corporation Limited (ASX:VMC) is a West Australian based Company with a focus on gold and base metals exploration. The Company aims to increase shareholder value through targeted exploration success on its projects.

The Company's major gold project is the Youanmi Gold Mine, located 500km north east of Perth. The Youanmi Gold Mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%) (OYG JV); Indicated and Inferred Resources of the mine exceed 1.2 million ounces of gold.

Exciting new discoveries at the Youanmi Gold Mine have been made at the Grace prospect in footwall granites where very high grades of free milling gold have been intersected, including 25m @34.7g/t Au from 143m (RXRC 287) and 13m @60.49 g/t from 181m (RXRC 239). The Grace Prospect may substantially add to the Youanmi Gold Mine resources.


Contact:

Matt Hogan
Managing Director
Venus Metals Corporation Limited
Tel: +61 8 9321 7541

Source:
Venus Metals Corporation Limited

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