Venture Minerals (ASX:VMS) - Managing Director, Andrew Radonjic
Managing Director, Andrew Radonjic
Source: Venture Minerals
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  • Chalice Mining (CHN) completes the first stage of its joint venture with Venture Minerals (VMS) on the South West Nickel-Copper-PGE Project
  • Chalice completed the ground electromagnetic (EM) campaign at Venture’s South West Nickel-Copper-PGE Project as part of the JV’s first phase of exploration
  • If Chalice decides to drill the targets, it will need to spend $1.2 million by next July to earn 51 per cent and an additional $2.5 million to get to 70 per cent
  • Venture’s Managing Director Andrew Radonjic says with the company is now eagerly awaiting survey results
  • Shares in Chalice last traded at $9.11 while Venture Mineral shares last traded at 4.1 cents on November 12

Chalice Mining (CHN) has completed the first stage of its joint venture with Venture Minerals (VMS) on the South West Nickel-Copper-PGE Project by spending a minimum of $300,000 on exploration.

Chalice completed the ground electromagnetic (EM) campaign at Venture’s South West Nickel-Copper-PGE Project as part of the JV’s first phase of exploration.

The majority of the money was spent on Venture’s Thor Target, a 20km long “Julimar lookalike” magnetic anomaly thought to be a mafic-ultramafic intrusive complex that Chalice could earn up to 70 per cent of by investing $3.7 million on exploration over four years.

The South West Project is located 240 kilometres south of Perth, within the Balingup Gneiss Complex, with two primary prospects including regions of significant nickel-copper-PGE prospectivity.

Chalice’s geophysical investigation concentrated on Venture’s high-potential Thor Target. Chalice’s EM program is flying over the region, where Venture’s earlier airborne EM survey identified 13 highly conductive anomalies within 6.5 kilometres of the “Julimar lookalike” magnetic anomaly.

The results of this exploration will be released once Chalice’s exploration team has received the full data and finished interpreting any resulting bedrock conductors, which is expected in early 2022.

Chalice will use soil geochemistry to determine possible drill-ready sites if any bedrock conductors are discovered as a consequence of the EM investigation.

Under the earn-in agreement, if Chalice decides to drill the targets, it will need to spend $1.2 million by July 29th, 2022 – including money already spent – to earn 51 per cent and an additional $2.5 million to get to 70 per cent.

Venture’s Managing Director Andrew Radonjic said with the company is now eagerly awaiting survey results.

“The knowledge gained from Chalice’s Julimar discoveries will be a huge advantage in determining which conductors should be drilled first and this no doubt increases the probability of bringing a discovery forward,” he said.

“This is the main reason why Venture decided to partner with Chalice on this project as it clearly increases the chances of success which benefits all of the company’s shareholders.”

Shares in Chalice last traded at $9.11 while Venture Mineral shares last traded at 4.1 cents on November 12.

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