Venture Minerals Limited (ASX: VMS) has confirmed that JV partner Chalice Mining Limited has commenced ground and airborne EM surveys and a geochemical sampling programme after recently identifying two new Nickel- Copper-PGE targets in Western Australia.
The work will focus to further delineating existing targets and potentially identifying new targets for future drill testing at the South West Project.
For the recently identified two new Nickel-Copper-PGE targets, Chalice’s objective from this exploration programme is to do infill Auger Soil Geochemical sampling to constrain the Phase One Auger Soil Geochemistry targets (including other new target areas along the Thor trend, north and south) and to do additional ground Fixed Loop EM (FLEM) lines to investigate the untested airborne EM (AEM) anomalies previously generated by Venture.
“With Chalice now on the ground at the South West Project, the company looks forward to the results of the EM surveys and geochemical sampling programmes to further delineate the two new interpreted magmatic Ni-Cu-PGE sulphide targets discovered earlier this year,” Managing Director, Andrew Radonjic, said.
“This phase of exploration by Chalice will also begin to test the underexplored northern part of the 20km long Thor Target, the newly interpreted parallel unexplored ultramafic unit west of Thor, and a new area at the Odin Nickel-Copper-PGE prospect.
“The prospectivity of the South West Project, combined with the company’s well credentialled JV partner, provides Venture’s shareholders with multiple opportunities to participate in a new Nickel-Copper- PGE discovery.”
On the new target area at the Odin Nickel-Copper-PGE prospect, Chalice’s objective from this exploration programme is to provide initial testing of magnetic, AEM, regional gravity, and surface geochemical anomalism with Auger Soil Geochemical sampling and coverage by Xcalibur AEM lines as part of a larger survey.
On the other new target area covering the newly interpreted parallel unexplored ultramafic unit west of Thor, Chalice’s objective from this exploration programme is to provide initial testing by Xcalibur AEM lines as part of a larger survey.
The South West Project is a JV between Chalice Mining (51%) and Venture Minerals (49%) in which Chalice are earning an further 19% interest (for a total of 70%) through an additional A$2.5 million of expenditure by July 2024. Once the second stage of the earn-in is completed Venture can then elect to either contribute 30% or dilute to a minimum of 10% JV interest, in which case the interest automatically reverts to a 1.25% NSR royalty.
The South West Project (256 sq. km) is located ~240 km south of Perth hosted in the Balingup Metamorphic Belt, within the highly prospective West Yilgarn Ni-Cu-PGE Province discovered by Chalice that hosts their Julimar discovery, and which is one of the largest greenfield Ni-Cu-PGE sulfide discoveries in recent history.
The two main prospects within the Project are Thor and Odin which remain prospective for potential Nickel-Copper-PGE mineralisation.
Thor is a 20km long magnetic anomaly associated with chromium rich rocks indicative of prospective mafic-ultramafic host. An airborne EM survey by Venture identified 13 highly conductive anomalies within the southern 6.5km of the regional magnetic feature, of which only two have been tested by single holes in Venture’s 2018 maiden drill programme, with the last drill hole (TOR05) intersecting 2.4 m of Massive Sulfide averaging 0.5% Copper, 0.05% Nickel, 0.04% Cobalt and anomalous gold and palladium.
At Odin, in the only hole drilled, Nickel and Copper sulphides were intersected within a highly prospective mafic-ultramafic unit that extends over 10 strike kilometres. This was further supported by surface sampling returning significant nickel and copper geochemical anomalies.
South West Project Highlights:
• Thor has a 20km long magnetic anomaly associated with chromium rich rocks indicative of prospective mafic-ultramafic host;
• An airborne EM survey in 2018, identified 13 targets in the southern 6.5 km of the Thor magnetic anomaly, the northern half of the survey was heavily disrupted by electrical infrastructure;
• Maiden Drill Programme at Thor intersected 2.4m of Massive Sulphide in TOR05 averaging 0.5% Cu, 0.05% Ni, 0.04% Co and anomalous Au and Pd;
• Maiden Drill Hole at Odin intersecting Ni and Cu sulphides within a highly prospective mafic- ultramafic unit that extends over 10 strike kilometres
For further information please visit: https://www.ventureminerals.com.au/
