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- Venture Minerals (VMS) has discovered a second VMS (volcanic massive sulphide) target along strike from the Golden Grove VMS Mine in WA
- This new VMS target, which is called Neptune, is located at the company’s Golden Grove North Project
- Despite being located less than 10 kilometres from the premier Golden Grove Mine, Golden Grove North was only subjected to VMS exploration after Venture Minerals acquired it in 2018
- So far, the only other VMS find has been the Scuddles Deposit, which returned results like 1.2 per cent copper, 11.7 per cent zinc, and 89 grammes per tonne silver
- It is hoped that the Neptune target will return similar results
- In addition to this, Venture Minerals has identified a nickel sulphide target area to the north of Neptune
- Mapping and rock chip sampling programs have presented strongly elevated nickel and arsenic levels which suggest the presence of a sulphide zone
- Venture Minerals has jumped 15.4 per cent and shares are trading for 1.5 cents each
Venture Minerals (VMS) has discovered another VMS (volcanic massive sulphide) target along strike from the Golden Grove VMS Mine in WA.
The new VMS target, which has been named Neptune, is believed to sit within the Golden Grove Mine sequence and is considered high-priority for follow-up exploration.
The Golden Grove Mine has produced 40.2 million tonnes at 1.8 per cent copper, 0.9 per cent lead, 7.6 per cent zinc, 103g/t silver, and 0.8g/t gold.
After the mine was bought by EMR Capital in 2017 for US$210 million, it still had more than 50 million tonnes of resources and reserves.
This is what makes the mine Western Australia’s foremost VMS district.
For the past 25 years, Venture Minerals’ own Golden Grove North Project has not been the focus of VMS exploration despite being less than 10 kilometres from the Golden Grove Mine.
Since acquiring Golden Grove North in 2018, Venture Minerals has used systematic exploration techniques to locate VMS style mineralisation.
Neptune is only the second VMS target to be located and it contains highly anomalous copper and VMS pathfinder elements.
Neptune was found in a covered area that has not been targeted with modern electromagnetic techniques.
The only other VMS find has been the Scuddles Deposit which returned results of 10.5 million tonnes at 1.2 per cent copper, 11.7 per cent zinc, 0.8 per cent lead, 89g/t silver and 1.1g/t gold.
It is hoped that the Neptune target will return similar results.
In addition to this, Venture Minerals has identified a nickel sulphide target area to the north of Neptune.
Mapping and rock chip sampling programs have presented strongly elevated nickel and arsenic levels which suggest the presence of a sulphide zone.
“Golden Grove North has delivered another two exciting discoveries, with Neptune exhibiting the hallmarks of a potential Scuddles like discovery scenario,” Managing Director Andrew Radonjic said.
“An unexpected nickel sulphide target has come up in an area never previously explored for nickel and hence presenting a unique opportunity for the company,” he added.
Venture Minerals has jumped 15.4 per cent and shares are trading for 1.5 cents each at 2:27 pm AEST.
