Venture Minerals Limited (ASX code: VMS) ("Venture" or the "Company") is pleased to announce that
Chalice Mining Limited (ASX code: CHN) ("Chalice") has generated an additional 7 new EM anomalies from the recently completed ground EM program at Venture's South West Nickel-Copper-PGE Project. This brings
onlythe total number of new targets to 11 from the Chalice ground EM program as part of the first stage of the JV earn-in focused on Venture's Thor Target, a 20km long, "Julimar lookalike" (as defined by Chalice), magnetic
anomaly at the South West Project.
Chalice's exploration team have received the final data and are currently completing their interpretation of the resultant 11 bedrock conductors, which will include soil geochemistry to assist in prioritising the targets in preparation for drill testing in the coming months. Chalice will need to spend $1.2 million by 29th July 2022 (including monies already spent to date of ~$400k) to earn 51% and a further $2.5 million to earn 70% in Venture's South West Nickel-Copper-PGE Project. Should Chalice spend the $3.7 million on exploration by 29th July 2024 to earn 70%, then Venture will have the option to maintain its 30% equity in the project.
useThe 7 new EM anomalies defined by Chalice's recent work are again of similar strength conductors to those that yielded wide and significant palladium intervals during the early drilling phase of the Julimar Ni-Cu-PGE di covery. One of the 7 new EM anomalies also coincides with the 2.4 metres of Massive Sulfide intersected in previously drilled TOR05, which averaged 0.5% Copper, 0.05% Nickel, 0.04% Cobalt and contained anomalous gold & palladium, making that conductor a potential priority drill target (still to be determined by Chalice). Another one of the new EM anomalies, is one of the higher conductance plates and is well located
200 metres down-dipof the 17 metre zone of disseminated, semi-massiveand massive sulfides intersected personalin TOR03 (refer to ASX announcements 8 August & 30 August 2018). One of the four previously stated EM anomalies generated by Chalice was within 10 metres of a previously drilled hole TOR04, which intersected 86 metres
of disseminated sulfides with anomalous levels of PGE mineralisation (refer to ASX announcement 30 June 2021).
The South West Project (256 km²) is located ~240 km south of Perth hosted within the Balingup Gneiss Complex (refer Figure 4). The two main prospects within the Project are Thor and Odin and both contain areas
f potential Nickel-Copper-PGE prospectivity.
Thor is a 20km long 'Julimar lookalike' (as defined by Chalice) magnetic anomaly (refer Figure 3) a sociated with chromium rich rocks indicative of mafic-ultramafic intrusions. A recent airborne EM survey by Venture 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 program, with the last drill hole (TOR05) intersecting 2.4 metres of Massive Sulfide 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 (refer ASX announcement 11 May 2018).
ForS uth West Project Highlights:
• Maiden Drill Program at Thor intersected 2.4m of Massive Sulfide in TOR05 averaging 0.5% Cu, 0.05% Ni, 0.04% Co and anomalous Au & Pd;
• Maiden Drill Hole at Odin intersecting Ni and Cu sulfides within a highly prospective mafic-ultramafic unit that extends over 10 strike kilometres.