New EM Anomalies To Be Tested On South West Project
Venture Minerals Limited’s (ASX:VMS) JV partner Chalice Mining Limited has generated new EM anomalies from the early stages of the ground based moving loop EM (MLEM) and fixed loop EM programme at Venture’s South West Ni-Cu- PGE Project.
Venture’s Managing Director, Andrew Radonjic, said the new anomalies were defined over selected areas of the Julimar lookalike magnetic feature (Thor Target) as well as other interpreted mafic-ultramafic intrusions. The programme is part of the first stage of the JV earn-in which Chalice may earn up to 70% by spending A$3.7 million on exploration over four years.
Mr Radonjic said the new EM anomalies are similar strength conductors to those that yielded wide and significant palladium intervals during the early drilling phase of the Julimar Ni-Cu-PGE discovery. In addition, one of the new EM anomalies is within 10 metres of a previously drilled hole TOR04 which intersected 86 metres of disseminated sulphides with anomalous levels of PGE mineralisation, making this EM conductor of particular interest.
To date, one third of a total planned c. 42 line km MLEM program has been completed with wet weather causing delays that have led to the survey being put on hold until the weather improves later in the year, with completion now scheduled for the end of November 2021. Once this initial stage is completed any resultant anomalies will be infilled to define targets for subsequent follow-up with surface geochemical sampling or drilling.
“Venture is extremely encouraged by the success of the early work done by our JV partners Chalice Mining on our South West Project,” Mr Radonjic said.
“The ground EM programme, though only one third complete, has already yielded new EM anomalies with one sitting adjacent to a previously drilled hole containing significant disseminated sulphides with elevated PGE levels.
“The majority of the Thor ‘Julimar lookalike’ Target that already hosts several airborne EM anomalies is yet to be tested by Chalice’s EM program and the company looks forward to results from this work and potential follow up drill testing in the near future.”
The South West Project (256 sq. km) is located ~240 km south of Perth hosted within the Balingup Gneiss Complex. The two main prospects within the Project are Thor and Odin and both contain areas of potential Ni-Cu-PGE prospectivity.
Thor is a 20km long ‘Julimar lookalike’ magnetic anomaly)associated with chromium rich rocks indicative of mafic-ultramafic intrusions. A recent airborne EM survey identified 13 highly conductive anomalies within the southern 6.5km of the regional magnetic feature, of which only two have been tested by single holes in Venture’s 2018 maiden drill programme.
The last hole drilled at Thor (TOR05) intersected 2.4m of Massive Sulphide averaging 0.5% Copper, 0.05% Nickel, 0.04% Cobalt and anomalous gold & palladium.
At Odin, in the only hole drilled, Nickel and Copper sulfides were intersected within a highly prospective mafic- ultramafic unit that extends over 10 strike kilometres. This was further supported by surface sampling returning significant nickel and copper geochemical anomalies
For further information please visit: https://www.ventureminerals.com.au/