Venture Minerals Limited (ASX: VMS) reports that it has discovered a large mineralised skarn during exploration drilling at its 100%-owned Mount Lindsay tin project in north-west Tasmania.
The discovery sits along strike from the Renison Bell mine, which is one of the largest and highest-grade tin operations in the world.
Drilling at the priority target, designed to test extensions of the Renison Mine Sequence, intersected 16m of sulphide-rich magnetite skarn which the company believes has tin potential.
Diamond drill hole ML337 was tasked with testing an electromagnetic and geochemical surface anomaly, with results showing an intersection of a 150m+ alteration halo containing the 16m skarn mineralisation.
Based on these positive results, Venture reports that it will now begin work on downhole electromagnetic testing while it awaits assay results.
Mount Lindsay to take advantage of attractive tin prices
Mount Lindsay is one of the world’s largest undeveloped tin assets, containing over 80,000 tonnes of tin metal along with a tungsten resource measuring 3,200,000 MTU of WO3 (tungsten trioxide).
The project is classified by the Australia Government as a Critical Minerals Project, with tin expected to form a vital piece of the battery metal puzzle, and tungsten ranking as a critical mineral by key government agencies in the United Stated, United Kingdom, Europe, Japan, Russia.
Venture has undertaken over 83,000m of diamond core drilling at the project since 2007, defining a JORC measured, indicated and inferred resource.
A previously-delivered feasibility study included metallurgical testwork that displayed ‘very high grade’ tin concentrate @ 75%, which the company reports is likely to attract price premiums.
“The discovery of a potential new tin-bearing skarn system so close to the Company’s flagship tin deposit delivers Venture an excellent opportunity to add to the already significant resource base at Mount Lindsay”
Venture Minerals Managing Director Andrew Radonjic said: “Immediate success from the first exploration drilling at Mount Lindsay since 2013, has seen the discovery of a substantial skarn system immediately along strike from one of the world’s most significant and high-grade tin mines (Renison Bell Mine) and adjacent to Venture’s Mount Lindsay Tin Deposit located within Australia’s premier tin district. The discovery of a potential new tin-bearing skarn system so close to the Company’s flagship tin deposit delivers Venture an excellent opportunity to add to the already significant resource base at Mount Lindsay. Consumers and investors are becoming extremely focused on ESG-compliant sourcing of tin, Mount Lindsay is well positioned to meet this demand, being in a ESG compliant jurisdiction, with access to renewable hydropower, combined with the Company’s commitment to minimizing its carbon footprint, through planned underground mining and processing strategies.”
Images: Venture Minerals Limited