Venture Minerals Limited (ASX code: VMS) ('Venture' or the 'Company') is pleased to announce that Chalice Mining Limited (ASX code: CHN) ('Chalice') has commenced a program 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 program is expected to be completed within 4-6 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 $3.7 million on exploration over 4 years.

The South West Project (256 km-2) 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.

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 program (refer ASX announcement 21 February 2019). The last hole drilled at Thor (TOR05) intersected 2.4m 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 maficultramafic unit that extends over 10 strike kilometres. This was further supported by surface sampling returning significant nickel and copper geochemical anomalies.

About Venture

Venture Minerals Ltd (ASX: VMS) is entering an exciting phase as it looks to move from explorer to producer with production at the Riley Iron Ore Mine in northwest Tasmania. At the neighbouring Mount Lindsay TinTungsten Project, higher Tin prices and the recognition of Tin as a fundamental metal to the battery revolution has refocused Venture's approach to developing Mount Lindsay. Already one of the world's largest undeveloped Tin-Tungsten deposits, the Company has commissioned an Underground Scoping Study on Mount Lindsay that will leverage off the previously completed feasibility work. In Western Australia, Chalice Mining (ASX: CHN) recently committed to spend up to $3.7m in Venture's South West Project, to advance previous exploration completed by Venture to test a Julimar lookalike Nickel-Copper-PGE target. At the Company's Golden Grove North Project, it has already intersected up to 7% Zinc, 1.3% Copper and 2.1g/t Gold at Orcus and has identified several, strong EM conductors currently being drill tested which are situated along the 5km long VMS (Volcanogenic Massive Sulfide) Target Zone, along strike to the world class Golden Grove Zinc-Copper-Gold Mine. Venture has recently completed a maiden drill program designed to bring forward a potential new gold discovery at the Kulin Project.

Contact:

Andrew Radonjic

Tel: +61 (0) 8 6279 9428

Email: admin@ventureminerals.com.au

(C) 2021 Electronic News Publishing, source ENP Newswire