Venture Minerals Limited’s (ASX: VMS) JV partner Chalice Mining Limited has generated an additional seven new EM anomalies from the recently completed ground EM programme at Venture’s South West Nickel-Copper-PGE Project in Western Australia.
This brings the total number of new targets to 11 from the Chalice ground EM programme as part of the first stage of the JV earn-in focused on Venture’s Thor Target, a 20km long, “Julimar lookalike” (as defined by Chalice), magnetic anomaly at the South West Project.
Chalice’s exploration team have received the final data and are currently completing their interpretation of the resultant 11 bedrock conductors, which will include soil geochemistry to assist in prioritising the targets in preparation for drill testing in the coming months.
Chalice will need to spend A$1.2 million by 29th July 2022 (including monies already spent to date of ~A$400k) to earn 51% and a further A$2.5 million to earn 70% in Venture’s South West Nickel-Copper-PGE Project. Should Chalice spend the $A3.7 million on exploration by July 29, 2024 to earn 70%, then Venture will have the option to maintain its 30% equity in the project.
The seven new EM anomalies defined by Chalice’s recent work are again of similar strength conductors to those that yielded wide and significant palladium intervals during the early drilling phase of the Julimar Ni-Cu-PGE discovery.
One of the seven new EM anomalies also coincides with the 2.4 metres of Massive Sulphide intersected in previously drilled TOR05, which averaged 0.5% Copper, 0.05% Nickel, 0.04% Cobalt and contained anomalous gold & palladium, making that conductor a potential priority drill target (still to be determined by Chalice).
Another one of the new EM anomalies, is one of the higher conductance plates and is well located 200 metres down-dip of the 17 metre zone of disseminated, semi-massive and massive sulphides intersected in TOR03.
One of the four previously stated EM anomalies generated by Chalice was within 10 metres of a previously drilled hole TOR04, which intersected 86 metres of disseminated sulphides with anomalous levels of PGE mineralisation.
The South West Project (256 sq. km) is located ~240 km south of Perth hosted within the Balingup Gneiss Complex (refer Figure 4). The two main prospects within the Project are Thor and Odin and both contain areas of potential Nickel-Copper-PGE prospectivity.
Venture’s Managing Director, Andrew Radonjic, said.
“Venture’s JV partner Chalice Mining has now delivered several new EM anomalies within the Thor “Julimar lookalike” target from the first stage of the JV earn-in to the Company’s South West Project,” Venture’s Managing Director, Andrew Radonjic, said.
“To have a partner that has ‘one of the largest greenfield Ni-Cu-PGE sulphide discoveries in recent history’ will be of huge benefit in this very important second stage of the JV with Chalice, including a maiden drill program at Thor.
“Venture, through its South West JV with Chalice, is well placed for a new Ni-Cu-PGE discovery and the associated excellent exposure to Nickel, which is now at 10-year highs, and Palladium with its widespread applications in a green hydrogen economy.
“The company looks forward to the commencement of drilling at the South West Project in the coming months where success will only add to Venture’s extensive portfolio of enviable resource assets.”
For further information please visit: https://www.ventureminerals.com.au/
