Venture Minerals Limited (ASX: VMS) announced that as part of the first stage of the JV earn-in, JV partner Chalice Mining Limited (ASX: CHN) has commenced a program of ground EM surveying on Venture’s South West Ni-Cu-PGE Project in WA over selected areas of the Julimar lookalike magnetic anomaly (Thor Target).
VMS said that Chalice would then follow-up resultant anomalies with further infill EM and surface geochemistry to define drill targets.
South West project
The South West Nickel-Copper-PGE Project is located ~240km south of Perth in the Balingup Metamorphic Belt, in the highly prospective West Yilgarn Ni-Cu-PGE Province discovered by Chalice. The two main prospects within the Project are Thor and Odin and both contain areas of potential Ni-Cu-PGE prospectivity.
The project includes a ‘Julimar lookalike’ Ni-Cu-PGE target: a ~20km long relatively underexplored interpreted mafic-ultramafic complex with a strong magnetic signature, which already hosts 13 airborne Electromagnetic (EM) anomalies as well as mineralised massive sulfides (Thor Target).
Airborne EM survey
The airborne EM survey at the South West Ni-Cu-PGE Project had 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 program.
Drill program at Thor, Odin
The maiden drill program at Thor had intersected 2.4m of Massive Sulfide averaging 0.5% Copper, 0.05% Nickel, 0.04% Cobalt, and anomalous gold & palladium from drill hole TOR05; while in the only hole drilled at Odin, Nickel and Copper sulfides were intersected within a highly prospective mafic-ultramafic unit that extends over 10 strike kilometres.
EM surveying at South West project
VMS reported that its JV partner Chalice has commenced a program of ground Electromagnetic (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.
The company said that 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 program is expected to be completed within 4-6 weeks subject to weather constraints.
The first stage of JV earn-in
VMA reported that the EM program is part of the first stage of the JV earn-in. According to the agreement, Chalice may earn up to 70% by spending $3.7 million on exploration over 4 years.
Next steps
VMS said that Chalice would follow-up resultant anomalies with further infill EM and surface geochemistry to define drill targets.
Management comments
Venture’s Managing Director said: “The Company looks forward to seeing the outcomes from Chalice’s first on ground exploration program. 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.”
Image Source: Chalice Mining Limited/ Venture Minerals Limited
