Venus Metals Returns 9.92 g/t Au at Bellchambers Gold Depth

Venus Metals Drills Into Depth Extensions at Bellchambers Gold Deposit, Returning Grades Up to 9.92 g/t Au

Venus Metals Corporation (ASX: VMC) has reported gold assay results from a completed reverse circulation (RC) drilling program at its Bellchambers and Range View gold deposits, located 23 kilometres south of Sandstone in Western Australia. The Venus Metals Bellchambers gold drilling results at depth form the centrepiece of this announcement, with the program comprising 7 RC holes for 1,213 metres of total drilling. The campaign was designed to test mineralisation below the existing Mineral Resource Estimate (MRE) and evaluate a conceptual Exploration Target sitting beneath it. Results indicate that gold mineralisation continues at depth, with intersections pointing to grade continuity in zones not previously tested by drilling.

Headline Drill Results: What the Assays Show

The two most significant intersections from the Bellchambers program came from holes 26BRC4 and 26BRC3, both drilled largely below the existing resource envelope.

The company noted that the broader 43m @ 1.44 g/t Au intersection in 26BRC4 reflects a wide zone of mineralisation with a high-grade core. This structural feature can carry considerable weight when assessing potential resource growth.

Additional results from the program, while lower in grade, suggest gold anomalism extends across several holes and areas:

• 26BRC1: 15m @ 0.43 g/t Au from 200m
• 26BRC2: 17m @ 0.68 g/t Au from 135m
• 26BRC5: 11m @ 0.15 g/t Au from 127m
• 26BRC6: 18m @ 0.37 g/t Au from 41m
• 26BRC7: 5m @ 0.40 g/t Au from 75m

Understanding the Existing Resource and What Lies Below It

The current Bellchambers and Range View global Mineral Resource Estimate, dated August 2025, stands as follows:

The resource is predominantly classified as Measured and Indicated, which represents a comparatively high-confidence position for a project at this stage. The RC program was designed to drill below and beyond this envelope, targeting a conceptual Exploration Target estimated at:

800,000 to 950,000 tonnes at 1.75 to 2.00 g/t Au, for an estimated 45,000 to 60,000 ounces of gold.

The results from 26BRC4 and 26BRC3 fall within the depth range associated with this Exploration Target. Furthermore, the company has said these outcomes lend geological support to the concept that mineralisation may exist in zones not yet captured by the current MRE.

Important note: The Exploration Target is conceptual in nature and represents an approximation. There has been insufficient exploration to estimate a Mineral Resource from this target, and it remains uncertain whether further exploration will result in a Mineral Resource being defined.

Key Concept Explained: Mineral Resource Estimate Versus Exploration Target

For investors newer to the resources sector, the distinction between an MRE and an Exploration Target carries practical importance.

A Mineral Resource Estimate (MRE) is a formally classified inventory of mineralisation that has been drilled, sampled and assessed with sufficient confidence to be reported under the JORC Code (2012). It is divided into three confidence categories — Measured, Indicated and Inferred — based on the quality and density of available data.

An Exploration Target, by contrast, is a conceptual estimate of potential mineralisation that has not been proven through sufficient drilling. It reflects a geological interpretation based on known structure, geophysics or historical data, and carries no regulatory standing as a resource until further drilling is completed.

Why Does This Matter for Investors?

When drilling confirms grades and widths within or near an Exploration Target zone, it supports the underlying geological model. In this case, the intersections of 20m @ 2.72 g/t Au and 43m @ 1.44 g/t Au in 26BRC4 — both below the existing MRE — suggest the Exploration Target may have geological merit. Consequently, further drilling could potentially convert portions of it into a formally classified resource.

Quick Glossary

• RC drilling (Reverse Circulation): A drilling method that produces rock chip samples brought to surface through the drill pipe using compressed air, commonly used in gold exploration.
• g/t Au: Grams of gold per tonne of rock, the standard unit for reporting gold grade.
• MRE (Mineral Resource Estimate): A formally coded estimate of mineralisation, classified by confidence level under the JORC Code.
• Exploration Target: A conceptual range of tonnes and grade not yet classified as a Mineral Resource.
• True thickness: The actual width of a mineralised zone after adjusting for the angle of the drill hole relative to the deposit's orientation. Reported intervals may exceed true thickness.
• BIF (Banded Iron Formation): A sedimentary rock type commonly associated with gold mineralisation in Archaean terrains such as the Yilgarn Craton.

Project Geology: A Structurally Familiar Setting for Gold

The Bellchambers and Range View deposits sit within an Archaean orogenic gold setting — a geological environment that has historically hosted significant gold deposits across Western Australia. According to the announcement, mineralisation follows a northeast-trending, steeply dipping shear zone of approximately 80 degrees, hosted within sheared mica schist, graphitic shale, chert and Banded Iron Formation, with localised contributions from meta-basalt units.

Gold is associated with quartz veining and sulphide accumulations within this shear package, with oxidation extending to approximately 35 to 40 metres vertical depth. Below the oxide zone, sulphide-hosted gold represents primary mineralisation — a style that in comparable settings across the Yilgarn Craton has underpinned established gold deposits.

The project is located within tenement M57/671, in which Venus Metals holds a 90% interest. The site sits approximately 70 kilometres by road northeast of the Youanmi Gold Project, currently being developed by Rox Resources (ASX: RXL), a company in which Venus Metals holds a substantial shareholding.

Company Commentary: Venus Metals Corporation holds a wide-ranging portfolio of Australian gold, copper, base metals, lithium, titanium and vanadium exploration projects in Western Australia, and is a substantial shareholder of Rox Resources Limited.

What Comes Next: Follow-Up Drilling in Planning

According to the announcement, drill assay data is currently being modelled, and a further drilling program is in the planning stages to follow up on the intersections returned from this campaign.

Key next steps outlined include:

1. Geological modelling of the new assay data to refine the geometry and continuity of mineralisation below the existing MRE
2. Planning of follow-up RC drilling to test along-strike and depth extensions of the identified zones
3. Assessment of whether the Exploration Target can be more formally defined through additional drill coverage
4. Ongoing evaluation of the global resource position at Bellchambers and Range View in light of the new results

Specific timing for the follow-up program has not yet been disclosed. However, the company has described the intersections as encouraging and stated that drilling is in the planning stages, indicating further activity is anticipated.

Investment Thesis: Why These Results Matter

Venus Metals is an exploration-stage company with a diversified portfolio of Western Australian projects spanning gold, copper, base metals, lithium, titanium and vanadium. Within that portfolio, the Bellchambers Gold Project represents one of the more advanced assets, carrying an existing MRE with a substantial Measured and Indicated component.

Several factors underpin the relevance of the Venus Metals Bellchambers gold drilling results at depth:

• Grade at depth: A peak grade of 9.92 g/t Au and a wider interval of 20m @ 2.72 g/t Au below the existing resource indicate high-grade gold in zones not yet captured by the current MRE. Grade continuity at depth is often a key input into project economics.
• Broad mineralised envelope: The 43m @ 1.44 g/t Au intercept in 26BRC4 points to a structurally coherent, wide zone of mineralisation, consistent with the orogenic gold style found across the Yilgarn Craton.
• Exploration Target upside: Should further drilling convert any portion of the 45,000 to 60,000 ounce Exploration Target into a formal resource, total contained ounces at Bellchambers and Range View could grow materially beyond the current 31,400 oz MRE.
• Resource confidence: The existing resource is predominantly Measured and Indicated, providing a base from which any expansion would carry meaningful credibility.
• Regional positioning: Proximity to the Youanmi Gold Project and Venus Metals' shareholding in Rox Resources add a further layer of corporate exposure to the broader Sandstone gold region.

Why Investors Should Keep Watching Venus Metals

Venus Metals Corporation offers exposure to Australian gold exploration through the Bellchambers project, supported by a defined resource base, encouraging depth extensions confirmed by recent drilling, and a follow-up program in planning.

The company's broader portfolio, spanning multiple commodities across Western Australia, means Bellchambers represents one of several potential value drivers for shareholders. In addition, the Sandstone project is among the more progressed assets in the portfolio, supported by formal resource classification, a defined Exploration Target and now fresh drilling data supporting the case for further evaluation.

Factors worth monitoring include:

• Results from the planned follow-up drilling program, which will test the extent of mineralisation below the current MRE
• Potential for an updated resource estimate incorporating the new intersections
• Progress across Venus Metals' wider project portfolio
• Developments at Rox Resources' Youanmi Gold Project, given Venus Metals' shareholding

Key Takeaway: The Venus Metals Bellchambers gold drilling results at depth have returned encouraging intersections below the existing resource, pointing to mineralisation continuity. With a follow-up program in planning and a conceptual Exploration Target of up to 60,000 ounces sitting beneath the current 31,400 ounce MRE, Bellchambers remains a project for investors to monitor as further drilling results are released.

Want to Dig Deeper Into Venus Metals' Bellchambers Gold Project?

With high-grade depth extensions confirmed at Bellchambers, a conceptual Exploration Target of up to 60,000 ounces sitting beneath the current MRE, and a follow-up drilling program already in planning, Venus Metals Corporation (ASX: VMC) is shaping up as a company worth watching closely. To learn more about VMC's project portfolio, resource base, and broader investment case, view the latest company presentation here.