Venus Metals Extends Bellchambers Drilling After High-Grade Gold Intersections

Bellchambers Drilling Moves Beyond the Existing Resource

Venus Metals Corporation Limited (ASX:VMC) has moved quickly from encouraging drill results to a second test of the Bellchambers gold system, completing seven further reverse circulation holes for 1,541 metres early in the December quarter. The program is designed to test extensions at depth and along strike, with assay results expected in November 2026.

The follow-up work came after seven holes for 1,213 metres returned a standout intersection of 20 metres at 2.72 grams per tonne gold from 186 metres, including 6 metres at 5.52 g/t and 1 metre at 9.92 g/t. A second hole returned 6 metres at 2.24 g/t, including 1 metre at 8.26 g/t. The results followed the earlier Bellchambers drilling, which tested the Bellchambers and Range View deposits.

Bellchambers currently carries a global mineral resource estimate of 766,000 tonnes at 1.27 g/t for 31,400 ounces of gold, with measured, indicated and inferred components. Venus is also testing a conceptual Exploration Target below and north of the existing resource, estimated at 800,000 to 950,000 tonnes at 1.75 to 2.00 g/t for 45,000 to 60,000 ounces. That target is not a mineral resource, and the company cautions that further drilling may not result in one being defined.

Pre-Feasibility Work Adds a Processing Test

Alongside the drilling, Venus is progressing a pre-feasibility study for Bellchambers. Metallurgical test work has produced gold recoveries above 90% on the assumption of conventional gravity and carbon-in-leach processing, while additional ALS test work is intended to confirm the recovery estimates. The company is also assessing third-party treatment options in the region.

The latest operational update also adds a second exploration thread. At the 100%-owned Youanmi Southwest Gold-Base Metals Project, Venus collected 294 auger samples on a nominal 100-metre by 100-metre grid. The assays defined a highly anomalous northeast trend covering about 300 metres by 250 metres, within an interpreted Youanmi structural analogue identified by Rox Resources. Venus plans follow-up work to investigate the source of the anomaly and shape the next exploration program.

Cash Position Remains Strong After Shareholder Returns

Venus finished the quarter with $15.093 million in cash and approximately $10.710 million worth of Rox shares, valued at Rox’s 30 September closing price of $0.595. That produced reported cash and investments of $25.803 million after the company completed the September cash dividend, returning about $35 million in cash to shareholders. Venus also distributed approximately 25 million Rox shares in July and sold 5 million Rox shares during the quarter for $2.706 million.

Quarterly exploration expenditure was $619,000, while net operating cash outflow was $939,000. The company reported an estimated 16 quarters of funding based on its quarter-end cash balance and relevant outgoings, although that calculation is a snapshot rather than a forecast of future exploration intensity. Directors and personnel also exercised 897,757 options at $0.30 each, bringing in $269,000.

The immediate test for the Bellchambers story is now in the laboratory: whether the second drilling campaign converts the encouraging intersections into a larger JORC resource. The November assays, further metallurgical results and the pre-feasibility study will determine how much of the conceptual upside can survive contact with project economics.