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Brought to you by Bulls N’ Bears
Doug Bright
Venus Metals Corporation has unlocked fresh exploration upside at its Bellchambers gold project near Sandstone in WA’s Mid West region, thanks to a CSIRO-led hyperspectral study that has pinpointed new, undrilled anomalous zones closely linked to gold potential.
The work, undertaken in partnership with the CSIRO’s Kick-Start program, used advanced “mineral fingerprinting” technology that employs satellite hyperspectral imagery of the Earth’s surface.
The tech captures specific invisible light wavelengths, coupled with high-resolution drill-core scanning using its proprietary HyLogger-3 system, followed by on-ground verification.
The combined technologies can map subtle changes in rock minerals that often signal nearby gold. At Bellchambers, the signatures tie closely to alteration changes in the mineral chlorite, which often exhibits significant iron enrichment near gold mineralisation.
By spotting this signature in drill cores and scaling it up to satellite views, the study has highlighted anomalies across the tenement – including in areas never previously drilled.
The imagery has also helped distinguish rocks in their original position from material that has been transported by weathering and erosion. This improves confidence in surface targets and makes it easier to link shallow indicators with deeper gold systems.
The new hotspots will be verified by field checks and fed into Venus’ exploration model, sharpening the hunt for extensions and new zones at Bellchambers.
The project already packs a solid punch, with the combined Bellchambers and Range View resource hosting 766,000 tonnes at 1.27 g/t gold for 31,400 ounces. With gold pushing towards A$7400 an ounce, the in-ground value of that resource is likely to stretch well into nine figures.
Adding to that eye-watering notion, Venus also estimates a conceptual exploration target for the two zones of 800,000–900,000 tonnes at 1.75–2.0g/t gold, for a further 45,000-60,000 ounces. Not surprisingly, the company is eyeing a pre-feasibility study later this year.
The CSIRO-backed progress firmly strengthens Venus’ argument that the company is grossly undervalued, especially given QGold’s opportunistic 21c-per-share on-market bid which values the company at just $41.5 million, which closes today.
Venus’ board has called the bid a far cry from its total combined asset reality and has recommended that shareholders reject the offer.
The new Bellchambers exploration revelations also dovetail neatly with the company’s launch yesterday of a full strategic review by Sydney’s amicaa Advisors, aimed at maximising shareholder value from the company’s WA portfolio.
Standout assets for such a valuation already include the Venus’ 1 per cent net smelter royalty over Rox Resources’ 2 million ounce Youanmi gold project – recently independently assessed at A$40 million – and a 50 million Rox shareholding, worth about A$30 million at recent prices, delivering almost A$70 million in Youanmi-linked exposure alone.
And this is even before considering Bellchambers’ inherent values and the total combined value of other tenures, joint ventures, commodity or other assets.
With gold firm and assets like these in play, today’s hyperspectral win at Bellchambers highlights Venus’ true worth, which appears to far outstrip current market pricing as the bid expires and the broader picture comes into sharper focus.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
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