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Venture Minerals (ASX:VMS) - Managing Director, Andrew Radonjic
Managing Director, Andrew Radonjic
Source: Andrew Radonjic / LinkedIn
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  • Venture Minerals (VMS) announces a “record-breaking” drill intersection at its Mount Lindsay Tin-Tungsten project in Tasmania
  • The company says it struck a 147-metre intersection at one per cent tin and 0.2 per cent tungsten from 90 metres in the project area
  • This hit included a 45-metre zone at 2.5 per cent tin and 0.3 per cent tungsten from 93 metres, and the intersection remains open down the hole
  • Venture Minerals Managing Director Andrew Radonjic says recent drilling at Mount Lindsay has started to unveil the “exceptional value” the project truly holds
  • Shares in Venture Minerals are up 22.22 per cent to 4.4 cents each at 11:24 am AEDT

Shares in Venture Minerals (VMS) have spiked in early trade after the company announced a “record-breaking” drill intersection at its Mount Lindsay Tin-Tungsten project in Tasmania.

The company today told investors it struck a 147-metre intersection at one per cent tin and 0.2 per cent tungsten from 90 metres in the project area. This hit included a 45-metre zone at 2.5 per cent tin and 0.3 per cent tungsten from 93 metres, and a nine-metre zone at 5.9 per cent tin and 0.3 per cent tungsten from 183 metres.

What’s more, this intersection is still open down the hole, with further assay results still pending.

The hit comes from a drilling program at the Mount Lindsay project designed to target high-grade zones within the existing deposit.

Venture Minerals Managing Director Andrew Radonjic said this new drilling at Mount Lindsay had started to unveil the “exceptional value” the project truly held.

“At current metal prices, this 147-metre drill intersection has an average recovered value of $680 per tonne, taking into account metallurgical recovery test work from our previous feasibility study,” Mr Radonjic said.

“This high value per tonne makes Mount Lindsay a very attractive proposition for underground mining.”

Venture Minerals said tin, an electric vehicle (EV) metal, was listed alongside tungsten as a Critical Mineral in many countries around the world. The company said tin was worth four times as much as copper, at US$39,000 (A$54,000) per tonne, and there was currently less than two days’ global supply of tin held in stockpiles by the London Metal Exchange.

As such, the company’s drilling work at its Tasmanian project is part of an updated feasibility study for an underground mine at Mount Lindsay.

According to Venture Minerals, the Mount Lindsay project is already classified as a Critical Minerals Project with an advanced tin-tungsten asset by the Australian government.

The project has received over 100,000 metres of diamond core drilling, most of which was completed by Venture, and roughly 70 per cent of the Mount Lindsay mineral resource falls in the measured or indicated category.

Shares in Venture Minerals were up 22.22 per cent to 4.4 cents each at 11:24 am AEDT. The company has a $56.4 million market cap.

VMS by the numbers
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