Venus Metals monetising non-core asset as it advances Youanmi Gold Project

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Venus Metals Corporation Ltd (ASX:VMC) has granted an option to Ascan Capital Pty Ltd to purchase Nardoo Hill mineral tenement E09/2156 in WA, for an option fee of $50,000.

If the option is exercised, the purchase price will be:

  • $350,000, payable by the issue of fully paid ordinary shares in an ASX publicly listed company (acceptable to Venus in its discretion; and
  • a $0.50 per tonne of ore mined royalty.

The option period commenced on execution of the agreement and lasts 90 days. The option remains subject to any necessary ministerial consent.

Youanmi Gold Project

Venus recently had the prospectivity of its Youanmi Gold Project in WA enhanced with the best results returned to date from an ongoing drilling campaign.

Drilling conducted by joint venture partner Rox Resources Ltd (ASX:RXL) at the Plant zone continues to define shallow, potential base load mill feed with results showing coRead More – Source/a>