Exploration Update

Venus Metals Corporation Limited (“Venus” or the “Company”) is pleased to announce the results of RC drilling programs at its Pincher Well Zinc-Copper Prospect in E 57/1019 that is part of the Youanmi Base Metals Project (100% Venus), and Henderson Lithium-Gold-Nickel Project, both located in the Goldfields Province of Western Australia.

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Pincher Well Zinc-Lead-Copper-Gold Prospect

• Strong gold mineralization encountered at Linda Gossan Prospect: VMC054: 9m @ 15.6 g/t Au from surface including 3m @ 35.2 g/t Au from 1m (VMC JV 50% - regional gold rights part of Youanmi Gold Project agreements- refer ASX release 10 April 2019).
• Base metals mineralization extended at Conductor PCW03: VMC036: 12m @ 2.22% Zn, 0.15% Cu and 0.1 g/t Au from 128 m including 4m @ 5.02%. Zn from 128m.
• Base metals mineralization confirmed at IP anomaly, south of Pincher North Dome:
  VMC058: 20m @ 1.2% Zn, 0.38% Pb and 0.17 g/t Au from 68m.

The recent RC drilling tested EM and IP targets at the Pincher Dome volcanogenic massive sulphide (VMS) system that hosts several known zinc (Zn) and copper (Cu) prospects and that had not been adequately tested by Venus’ previous vertical drilling (maximum depth of 130m) (refer ASX release 31 Oct 2017). In total, 13 holes for 1980m were completed targeting three areas (Figure 1).

A historical strong induced polarization (IP) anomaly, located south of previously drilled high-grade Zn mineralisation, e.g., in hole VPW40: 10m @ 7.31% Zn from 52 m including 6m @ 9.5% Zn from 55 m (refer ASX release 27 April 2017 and 29 May 2017). RC drilling along two east-west traverses, 6,821,331N and 6,821,531N, intersected 20m @ 1.2% Zn, 0.38% lead (Pb) and 0.17 g/t gold (Au) from 68m depth in RC hole VMC058 (Figure 2); one-meter analyses are pending.

Holes VMC049 and VMC055 (Figure 3) did not reach their respective target depths due to very strong ground water flow and diamond drilling is planned to test the centre of the IP anomaly along traverse 6,821,330N. Hole VMC VMC054 (Figure 3) intersected strong gold mineralization from surface in the laterite zone with an interval of 9m @ 15.6 g/t Au including 3m @ 35.2 g/t Au from 1m. These results demonstrate the prospectivity of the Pincher VMS system.

The historical electromagnetic (EM) conductor PWC03, located southeast of North Dome, was tested ~ 60 m along strike to the south from previous drilling. RC hole VMC036 intersected sulphide mineralization between 124-144m depth and at the approximate location of the modelled EM conductor plate. The sulphide mineralization hosts an interval of 12m @ 2.22% Zn, 0.15% Cu and 0.1 g/t Au from 128 m depth; one-meter analyses are pending.

Three RC holes, VMC037, VMC038 and VMC040, tested a historical EM conductor, PWC12, that coincides with a gravity anomaly and that has remained untested at depth. The holes intersected steeply west dipping sulphide mineralization between 80-120m vertical depth with the best Zn interval of 4m @ 0.94% Zn from 96m depth in hole VMC037. A hole drilled beneath this intersection, VMC040, did not encounter significant mineralization. PWC16 was not tested at this stage due to logistical reasons.

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