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Venture Minerals (ASX:VMS) - Managing Director, Andrew Radonjic
Managing Director, Andrew Radonjic
Source: Resources Roadhouse
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  • New electromagnetic anomalies are defined at Venture Minerals’ (VMS) South West nickel-copper-platinum group element Project in WA
  • Early stages of work by Chalice Mining (CHN) generated new EM anomalies, with one located within 10 metres of a previously drilled hole which intersected 86 metres of disseminated sulfides with anomalous levels of PGE mineralisation
  • One third of a planned 42-kilometre program has been completed, with completion scheduled for the end of November
  • Once the initial stage is completed, Chalice will follow-up resultant anomalies with further infill EM and surface geochemistry, with the aim to define drill targets
  • Venture Minerals was up 11.1 per cent, trading at 15 cents, and Chalice Mining was up 3.81 per cent, trading at $7.36 at 11:30 am AEST

New electromagnetic anomalies have been defined at Venture Minerals’ (VMS) South West nickel-copper-platinum group element (PGE) Project in WA.

The South West Project is located around 240 kilometres south of Perth. The focus is currently on the project’s two main prospects, Thor and Odin, which both contain areas of potential nickel-copper-PGE prospectivity.  

Early stages of ground-based moving loop electromagnetic (EM) and fixed looped EM programs run by Chalice Mining (CHN) have generated new EM anomalies.  The anomalies were defined over selected areas of the Thor Target, as well as other interpreted mafic-ultramafic intrusions.

One of the new anomalies is within 10 metres of a previously drilled hole which intersected 86 metres of disseminated sulfides with anomalous levels of PGE mineralisation.

“Venture is extremely encouraged by the success of the early work done by our JV [joint venture] partners Chalice Mining on our South West Project,” Venture’s Managing Director, Andrew Radonjic said.

“The ground EM program, though only one third complete, has already yielded new EM anomalies with one sitting adjacent to a previously drilled hole containing significant disseminated sulfides with elevated PGE levels.”
 
The program is part of the first stage of the joint venture earn-in, where Chalice could earn up to 70 per cent by spending $3.7 million on exploration over four years.

One third of a planned 42-kilometre program has been completed, despite wet weather causing delays, with completion scheduled for the end of November.

 Once the initial stage is completed, any resultant anomalies will be infilled to define targets for subsequent follow up with surface geochemical sampling or drilling.

Venture Minerals was up 11.1 per cent, trading at 15 cents. Chalice Mining was up 3.81 per cent, trading at $7.36 at 11:30 am AEST.

VMS by the numbers
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