Focusing On Julimar Lookalike Target In WA
Venture Minerals Limited’s (ASX: VMS) farm-in partner Chalice Mining Limited has commenced a programme of ground EM surveying on Venture’s South West Ni-Cu-PGE Project over selected areas of the Julimar lookalike magnetic anomaly (Thor Target) and other interpreted mafic-ultramafic intrusions.
A total of approximately 42 line km of moving loop EM (MLEM) is planned for the initial stage with any resultant anomalies to be infilled to define targets for subsequent follow-up with surface geochemical sampling or drilling.
The programme is expected to be completed within four to six weeks subject to weather constraints and 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.
Chalice’s stock is one of the most sort after on the ASX following its world-class Julimar Ni-Cu-PGE discovery north of Perth.
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.
Managing Directorr, Andrew Radonjic, said 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 magnetic anomaly, of which only two have been tested by single holes in the 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 and palladium.
At Odin, in the only hole drilled, Nickel and Copper sulphides were intersected within a highly prospective mafic- ultramafic unit that extends over 10 strike km. This was further supported by surface sampling.
“The company looks forward to seeing the outcomes from Chalice’s first on ground exploration programme,” Mr Radonjic said.
“The Chalice Exploration Team has used its proprietary knowledge to select areas from Venture’s previous early stage exploration work for follow-up ground EM, aiming to repeat their success at Julimar by targeting a very similar geological setting.”