(MENAFN- ProactiveInvestors - Australia) Venus Metals Corporation (ASX: VMC) has been awarded two grants totalling A$300,000 for drilling at the Copper Hills and Moodini projects in Western Australia.
The grants were awarded under the Western Australian Government Exploration Incentive Scheme Co-Funded Exploration Drilling Programme.
Venus will be required to match the $300,000 funding grant on a dollarâ€forâ€dollar basis on direct drilling costs. The funds are divided equally between the two projects.
Drilling at Copper Hills in the Telfer region will target conductive bodies identified by an AEM survey.
Historical exploration drillholes at the Gazza Prospect were shallow as the EM data was unavailable at the time of drilling. This data has been interpreted to reflect conductive geological units at 250m depth and which could potentially present a favourable host to epigenetic base metal mineralisation.
At the main PM Prospect, previous rock chip sampling of copper mineralised outcrops have returned peak results of 2,376 grams per tonne gold and 20.9% copper though historical explorers were unable to determine any depth extent.
The proposed drilling here will target the conductive source at 250 metres and 300 metres depth.
Drilling at the Moodini project in the Eucla region will test unexplored coincident gravity and aeromagnetic anomalies on the northern part of the tenement, which is considered to be prospective for IOCG, gold and base metals.
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