Total
0
Shares
Venture Minerals (ASX:VMS) - Managing Director, Andrew Radonjic
Managing Director, Andrew Radonjic
Source: The Market Herald
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Drilling at Venture Minerals’ (VMS) Mount Lindsay project intersects 11 metres of sulphide rich skarn
  • The company is undertaking diamond drilling at the Tasmania-based project to follow up on 12 priority drill targets generated from survey work in 2019
  • The latest intersection follows a previous hole intersecting 16 metres of sulphide-rich skarn along strike from one of the world’s highest grade tin mines
  • Venture says intersecting potential tin-bearing skarns in the first two of 12 targets increases the Mount Lindsay project’s overall potential
  • Company shares are up 5.66 per cent to trade at 5.6 cents at 12:20 pm AEST

Venture Minerals (VMS) has intersected 11 metres of sulphide-rich skarn along strike from the Mount Lindsay tin–tungsten deposit in Tasmania.

This discovery follows a previous drill hole intersecting 16 metres of tin-bearing, sulphide-rich magnetic skarn along strike from the Renison Bell mine which is one of the world’s largest and highest grade tin mines.

The company is undertaking diamond drilling to test along strike of the Mount Lindsay skarns that host tin-tungsten deposits. In particular, drilling in hole ML338 targeted a coincident electromagnetic (EM) and surface geochemical anomaly which is located both along strike and down plunge from existing tin deposits.

This drilling program follows an airborne EM survey conducted over the entire Mount Lindsay project area in 2019. The survey generated 48 anomalies — 12 of which were classified as priority drill targets.

The survey also uncovered Mount Lindsay-style targets on extensions to the Waterhouse, No.2, and Mount Ramsay skarns and also highlighted three untested tin-tungsten skarns to the east of the Mount Lindsay deposit.

Managing Director Andrew Radonjic was pleased with the latest discovery.

“Further success from the first exploration drill program at Mount Lindsay since 2013, clearly demonstrates the potential of the project to deliver another tin discovery,” he said.

“The first two of 12 priority drill targets from the 48 EM anomalies delineated by the 2019 EM survey have already intersected potential tin-bearing skarns, thereby increasing the potential to significantly grow the current tin resource base.”

According to Venture, the Mount Lindsay Project is one of the largest undeveloped tin projects in the world, containing over 80,000 tonnes of tin metal.

The project has also been classified by the Australian Government as a critical minerals project with an advanced tin-tungsten asset. The company said the asset had been significantly enhanced by the recent discovery of two skarn zones.

Company shares were up 5.66 per cent to trade at 5.6 cents at 12:20 pm AEST.

VMS by the numbers
More From The Market Herald

" Anova Metals (ASX:AWV) begins drilling at Big Springs

Anova Metals (AWV) has begun the 2021 reverse circulation (RC) drilling program at its Big Springs gold project in Nevada.
Raiden Resources (ASX:RDN) - Managing Director, Dusko Ljubojevic

" Raiden Resources (ASX:RDN) completes tenement acquisition

Raiden Resources (RDN) has completed the acquisition of the nickel-copper-platinum group element (PGE) tenements adjacent to its Mt Sholl project.

" Alkane Resources (ASX:ALK) hits further gold at Molong

Alkane Resources (ALK) has received the latest batch of assay results from its Northern Molong Porphyry Project in New South Wales.
The Market Herald Video

" De Grey Mining (ASX:DEG) raises $125m for Mallina

De Grey Mining (DEG) has received firm commitments to raise $125 million for its Mallina Gold Project.