Venture Minerals encouraged as Chalice Mining defines new EM anomalies at ‘Julimar lookalike’

Venture Minerals Ltd (ASX:VMS) (OTCMKTS:VTMLF) is encouraged as Chalice Mining (ASX:CHN) has defined new EM anomalies at the ‘Julimar lookalike’ magnetic feature Thor target within the company’s South West Nickel-Copper-PGE Project south of Perth in Western Australia.

This moving loop EM (MLEM) and fixed loop EM program used to identify the anomalies is part of the first stage of the JV earn-in through which Chalice may earn up to 70% by spending $3.7 million on exploration over four years.

The new EM anomalies are similar strength conductors to those that yielded wide and significant palladium intervals during the early drilling phase of Chalice’s Julimar nickel-copper-PGE discovery north of Perth.

Importantly, 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 platinum group elements (PGE) mineralisation, making this EM conductor of particular interest.

Investors responded positively to the news with shares up as much as 18.6% intra-day to a high of A$0.16. 

“Extremely encouraged”

Managing director Andrew Radonjic said: “Venture is extremely encouraged by the success of the early work done by our JV partners Chalice Mining on our South West Project.

“The ground EM program, 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.”

Chalice, upon completion of the EM program, will follow-up resultant anomalies with further infill EM and surface geochemistry with the aim to define drill targets

MLEM scheduled for November completion 

To date, one-third of a total planned 42 line kilometre 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.

Completion is 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.

Riley Iron Ore Mine update

Meanwhile, at the Riley Iron Ore Project in Tasmania, the commissioning of the Wet Screening Plant is well advanced with ore mining having recommenced.

The next phase of the commissioning process will include ore haulage and delivery of saleable product to the Port of Burnie, followed by the final phase of loading the first ore shipment.

Shareholders will be updated shortly on the expected timing for the first ore shipment which is imminent.

Story by ProactiveInvestors