Venus Metals’ Share Price Rebounds on High-Grade Gold Intercepts
The share price of small-cap gold explorer Venus Metal Corp Ltd [ASX:VMC] has rebounded nicely today after a sharp drop on Thursday.
The VMC share price has been in steady decline since reaching its peak in June 2020 thanks to renewed volatility in the gold price.
At time of writing the VMC share price is up 14.29% or 2.5 cents to trade at 20 cents per share, erasing yesterday’s losses.
Sandstone delivers solid gold grades
VMC announced the results of a recent drilling program at the Sandstone Gold Project.
The drilling tested structurally controlled mineralisation at the Range View and Western Ridge Prospects.
- 11m at 4.69 grams of gold per tonne (g/t) from 12m, including 5m at 9.03 g/t from 18m, including 1m at 38.92 g/t from 20m (hole BCRC120)
- 8m at 1.22 g/t from 30m, including 1m at 4.48 g/t from 30m (hole BCRC122)
The recent drilling beneath previous historical shallow drilling has identified high‐grade gold mineralisation at hole BCRC120.
VMC say the gold mineralisation remains open at depth and to the east, and is interpreted as the potential southern extension of the Range View gold lodes that were mined in the early 1900s.
A further 30 holes totaling 1,646 metres were also drilled to further exploration at the Western Ridge‐Mickey Well gold trend.
REVEALED: What’s Next for Aussie Gold Stock Prices? Learn more.
Of those 30, VMC only reported three that intercepted significant mineralisation.
And these grades ranged from 0.78 g/t to 1.53 g/t, so not overly impressive.
What to make of the Venus Metals share price
Exploration at Sandstone is still in its early phase, meaning we can expect some holes to miss mineralisation as VMC do reconnaissance on their tenements.
If this were infill drilling, the missed drill holes could be of more consequence.
VMC say the drilling highlights the prospectivity of the Range View Gold Prospect along the eastern Bellchambers‐Range View gold trend and further drilling is planned to explore this target area.
However, many VMC shareholders are likely more interested in its joint venture with Rox Resources Ltd [ASX:ROX].
The Youanmi Gold Project JV has been producing some solid results, with two new high-priority targets recently identified.
In fact, Youanmi has been likened to the Ramelius Resources Ltd [ASX:RMS] owned Penny West Mine — one of the highest-grade undeveloped gold assets in WA.
With the gold price currently stalled, VMC could be a stock to watch before gold begins to tick up again. Our resident gold expert Shae Russell reckons Aussie gold stocks could be set to spike as Australia becomes the next ‘gold epicentre’. If you want to learn more, download your free report here.
For The Daily Reckoning Australia