Venus Metals Targets Resource Growth With Bellchambers Gold RC Drilling

Venus Metals Drills for Gold: RC Program Targets Resource Growth at Bellchambers

The Venus Metals Bellchambers gold project RC drilling program marks a significant technical milestone for Venus Metals Corporation Ltd (ASX: VMC), as the company commences a Reverse Circulation (RC) drilling program at the Sandstone (Bellchambers) Gold Project in Western Australia. The work targets the conversion of a defined Exploration Target into an Inferred Mineral Resource under the JORC Code (2012).

The program is focused on Mining Lease M57/671, located approximately 23 km southwest of Sandstone and 70 km by road northeast of the Youanmi Gold Mine, within an established gold-producing district in Western Australia's mid-west. Venus Metals Corporation Ltd holds a 90% interest in the Bellchambers mining lease.

Existing Resource Base and Exploration Target

According to Venus Metals Corporation Ltd, the current Bellchambers Mineral Resource Estimate (MRE) stands at:

Beneath and to the north of this existing resource, specialist consultants Widenbar and Associates (WAA) have prepared an Exploration Target based on historic drilling and geological data supplied by Venus Metals Corporation Ltd.

The Exploration Target parameters are as follows:

This conceptual target sits directly below the existing global resource and extends to the north of the current Indicated and Inferred mineral resource at depth, as referenced in earlier ASX releases dated 15 August and 31 December 2025 and 2 and 5 January 2026.

The Exploration Target grade range of 1.75 to 2.00 g/t gold is notably higher than the current global resource grade of 1.27 g/t gold, which highlights potential for both increased tonnage and an improved grade profile if a portion of the target is converted to a Mineral Resource.

As outlined by Venus Metals Corporation Ltd and WAA, the Exploration Target is conceptual in nature. There has been insufficient exploration drilling to estimate a Mineral Resource, and it is uncertain if further drilling will result in the estimation of a Mineral Resource. The target has been prepared in accordance with the JORC Code (2012).

Drilling Strategy at Bellchambers

The RC drilling program at Bellchambers has been designed with a single primary objective: to test the Exploration Target defined by WAA and generate data that could support its conversion into an Inferred Mineral Resource.

Key features of the program, as described in the ASX announcement, include:

• Planned drill holes specifically aimed at converting the Exploration Target into an Inferred Mineral Resource.
• Hole spacing on 50 metre sections, a common spacing for resource definition drilling at this stage of confidence.
• Two to three drill holes per section, targeting the mineralised zone both beneath and adjacent to the existing resource.
• Initial drilling coverage described as Phase 1, with Plans 001–005 illustrating hole positions in the Exploration Target area.

Figures referenced in the announcement show the location of drilled and planned holes relative to the existing Bellchambers resource, as well as a long section through the Exploration Target area detailing drill hole intersections used to estimate the target parameters.

From an investor's perspective, furthermore, this structure indicates that drilling is focused on areas where mineralisation has already been intersected and modelled, rather than untested greenfields ground.

Educational Focus: How RC Drilling and Resource Classification Create Value

What Is RC Drilling?

Reverse Circulation (RC) drilling is a widely used technique for gold exploration and resource definition in Australia. It typically involves:

• Using a powerful drill rig with a hammer bit that crushes rock at depth.
• Compressed air pushing the crushed rock (cuttings) up through the inside of the drill rods.
• Collection of these cuttings at surface through a cyclone and splitter into bags for sampling.

Key characteristics of RC drilling:

• Sample quality: RC drilling usually provides relatively clean, dry rock chips that can be sampled at regular intervals (often every 1 metre).
• Depth capability: RC holes can usually reach depths between 100 m and 300 m, depending on ground conditions.
• Cost and speed: It is generally faster and cheaper than diamond drilling, making it suitable for defining mineralisation over larger areas.

For projects such as Bellchambers, RC drilling is particularly suited to confirming continuity of mineralisation down-dip and along strike, providing sufficient sampling density to support resource estimation, and generating data for potential conversion of conceptual Exploration Targets into JORC-classified resources.

Why Does Resource Classification Matter?

Under the JORC Code (2012), Mineral Resources are classified based on the level of geological knowledge and confidence:

• Measured Resource — Highest confidence category, based on detailed and reliable information, often used for final mine planning and detailed economic analysis.
• Indicated Resource — Reasonable confidence in grade and continuity, suitable for preliminary mine planning and economic studies.
• Inferred Resource — Lowest confidence category among Mineral Resources, based on limited information and sampling. Provides an early indication of potential size and grade but is not suitable for detailed mine planning.

An Exploration Target sits outside these categories. It is a conceptual estimate of potential quantity and grade, based on limited evidence such as sparse drilling, geological mapping, or geophysics. It is not a Mineral Resource and cannot be used in economic studies.

For investors, however, the progression can be summarised as:

1. Exploration Target — Conceptual estimate, high uncertainty. Indicates potential but no formal resource classification.
2. Inferred Resource — Initial formal resource category under JORC. Tonnage and grade estimates have enough data support to be reported to the market.
3. Indicated and Measured Resources — Higher confidence through more drilling and detailed work, providing stronger foundations for project evaluation.

The Venus Metals Bellchambers gold project RC drilling program is specifically targeting movement from step 1 to step 2, by testing whether the conceptual gold ounces (45,000 to 60,000 oz) outlined by WAA can be brought into the Inferred Resource category.

Glossary of Key Terms

To support readers who may be less familiar with technical language in mining, several key terms used by Venus Metals Corporation Ltd and WAA are summarised below:

• Mineral Resource Estimate (MRE): A formal estimate of the quantity and grade of mineralisation in the ground, reported in line with the JORC Code (2012).
• g/t Au (grams per tonne gold): A unit of grade indicating how many grams of gold are contained in one tonne of rock.
• Reverse Circulation (RC) drilling: A drilling technique that returns crushed rock chips to surface for sampling using compressed air.
• Exploration Target: A conceptual estimate of potential tonnage and grade where there is some geological evidence but not enough drilling to define a Mineral Resource.

Exploration Target Potential in Context

When the existing Bellchambers MRE is compared with the Exploration Target prepared by WAA, the potential scale becomes clearer.

Using the midpoint of the Exploration Target range (approximately 52,500 oz of gold), the potential conceptual ounces beneath and north of the existing resource could consequently be larger than the current global resource.

This comparison highlights why the RC program is material to the Bellchambers project. If drilling supports the lower end of the target range being converted to an Inferred Resource, total ounces reported at Bellchambers could increase meaningfully. In either outcome, the RC drilling data will provide clearer geological information for Venus Metals Corporation Ltd and the market.

Project Setting and Wider Portfolio Context

The Bellchambers Gold Project lies within the wider Sandstone Gold Project area in Western Australia, positioned 23 km southwest of the town of Sandstone and 70 km by road northeast of the Youanmi Gold Mine. This places Bellchambers in a region with an established history of gold mining and exploration, which can assist in geological interpretation and provide regional context on typical mineralisation styles.

In addition, the ASX announcement reiterates that Venus Metals Corporation Ltd holds a significant and wide-ranging portfolio of exploration projects across Western Australia, spanning gold, copper, base metals, lithium, titanium and vanadium. The company is also a significant shareholder of Rox Resources Limited, providing additional exposure to resource projects beyond its directly held licences.

Key Steps Investors May Monitor

While the ASX announcement focuses on the commencement of RC drilling, there is an implied sequence of technical and newsflow events that typically follows a program of this nature:

1. Completion of RC drilling — Execution of the Phase 1 drill plan in the Exploration Target area.
2. Assay results — Laboratory analysis of RC samples for gold content, including reporting of significant intercepts.
3. Geological interpretation — Integration of new data with the existing geological and resource model at Bellchambers.
4. Resource evaluation — Review by WAA or another Competent Person of whether sufficient support exists to update the MRE.
5. Future exploration planning — Decisions by Venus Metals Corporation Ltd on follow-up drilling, including potential infill or step-out programmes.

Each of these stages offers potential information for the market regarding the scale, grade and confidence of gold mineralisation at Bellchambers.

Competent Person Oversight and Reporting Standards

The ASX announcement sets out the Competent Person responsibilities, which are central to investor confidence in technical reporting.

• Exploration Targets are compiled by Mr Lynn Widenbar, a Fellow of the Australasian Institute of Mining and Metallurgy and a full-time employee of Widenbar and Associates. He is reported to have sufficient experience relevant to the style of mineralisation to qualify as a Competent Person under the JORC Code (2012).
• Exploration Results are compiled by Mr Simon Coxhell, Non-Executive Director of Venus Metals Corporation Ltd and a Member of the Australasian Institute of Mining and Metallurgy. He is stated to have sufficient relevant experience to act as a Competent Person under JORC (2012).

This framework means that the Exploration Target and any future reported Exploration Results or MRE updates must comply with the technical and transparency requirements of the JORC Code (2012).

Why Bellchambers Matters for Investors

From an investor-focused perspective, the Venus Metals Bellchambers gold project RC drilling program is directed at a clearly defined technical outcome: testing an independently compiled Exploration Target of 800,000 to 950,000 tonnes at 1.75 to 2.00 g/t gold for an estimated 45,000 to 60,000 ounces of gold.

If successful, this work could increase the total reported resource base at Bellchambers beyond the current 31,400 ounces and shift a portion of conceptual ounces into a formal JORC category, enhancing transparency around potential project scale.

For investors following Venus Metals Corporation Ltd, key points of interest include the grade and continuity of any reported drill intercepts, any subsequent updates to the Bellchambers MRE, and how Bellchambers fits within the broader multi-commodity strategy of Venus Metals Corporation Ltd.

Key takeaway: Venus Metals Corporation Ltd has commenced RC drilling at the Bellchambers Gold Project within its Sandstone Gold Project, targeting the conversion of an independently compiled Exploration Target of 45,000 to 60,000 ounces at 1.75 to 2.00 g/t gold into an Inferred Mineral Resource. The outcome of this program, together with any subsequent resource updates, is likely to be a central focus for investors tracking the company's Western Australian gold portfolio.

Want to Know More About Venus Metals Corporation and the Bellchambers Gold Project?

With RC drilling now underway at Bellchambers and an independently compiled Exploration Target of up to 60,000 ounces of gold in the sights of Venus Metals Corporation Ltd (ASX: VMC), investors looking to understand the full scope of the company's Western Australian portfolio — spanning gold, copper, base metals, lithium, titanium, and vanadium — can access the latest company presentation directly. Click here to view the Venus Metals Corporation investor presentation and explore how Bellchambers fits within VMC's broader multi-commodity growth strategy.