News: Venus Metals leaps 100% on tenement applications near DeGrussa

Venus Metals (ASX:VMC) shares have jumped over 100% to $0.18, from $0.08 yesterday, on the news that it is acquiring two new tenements near to Sandfire Resources (ASX:SFR) and adjoining ground held by Thundelarra Limited (ASX:THX) in Western Australia.

The 105 square kilometre project, Curara Well, lies in the Peak Hill Mineral Field, 6-10 kilometres north–northeast of the large high grade DeGrussa massive sulphide deposit of Sandfire and the emerging Red Bore copper discovery by Thundelarra.

The Red Bore discovery is described as massive copper sulphides in a breccia pipe setting, and previous historical exploration has highlighted the potential for the occurrence of magmatic pipe like structures within Curara Well.

Aeromagnetic data from open file images show numerous magnetic bullseye targets which will become a focus for exploration once the tenements are formally granted.

A recent preliminary geological investigation has identified that the western portion of the area to be covered by extensive hardpan and laterite, with rubbly subcrop float appearing in the east.

A prominent breccia outcrop with iron rich veining was located near the centre of one of the tenements.

Venus also controls the Yalgoo Iron Ore Project in Western Australia’s Mid-West Iron Ore Province, which is covered by a Farm In and Joint Venture Agreement with HD Mining & Investment, a subsidiary of Shandong.

HD Mining has earned 50% in the iron ore rights at Yalgoo, which holds a JORC compliant total Magnetite Mineral Resource of 698.1 million tonnes.

The company has several other projects prospective for various commodities, and is capitalised at around $7 million.