Perth-based explorer Venture Minerals has increased its footprint in Western Australia’s emerging Western Yilgarn nickel-copper-PGE province through the strategic earn-in acquisition of highly prospective tenure south of the company’s Kulin project. The Kulin project is located along strike of the Jimperding metamorphic belt that hosts Chalice Mining’s Julimar nickel-copper-PGE discovery.
Further consolidating its position in the region, Venture has also reportedly applied for an additional 121sq.km of tenure at Kulin to bring its total project area to a whopping 606sq.km.
The acquisition sees the company effectively double its portfolio in the region, which already includes the South West nickel-copper-PGE project currently joint ventured with Chalice Mining. Venture’s share price was buoyed recently on the back of reports by Chalice identifying a “Julimar look-alike” target from electromagnetics at the project.
Venture Minerals Managing Director Andrew Radonjic said: “Venture has made some excellent acquisitions around the Kulin project, which sees the company now control a highly sort-after ground position in close vicinity to the recently discovered Julimar Ni-Cu-PGE deposit. When paired with our Chalice JV on the South West project, Venture now has an enviable portfolio of Ni-Cu-PGE assets.”
Mr Radonjic said the Kulin project’s gold potential was also underlined by recent drill results that gave the company “great confidence in making significant discoveries at Kulin in the near future”.
Early investigations by Venture hint at the presence of two highly prospective, 20km-long interpreted mafic-ultramafic intrusive complexes, sitting along strike of the Jimerding metamorphic belt.
The company reportedly defined the 20km-long target by aeromagnetic anomalies and coincidental elevated chromium surface samples, greater than 500 parts per million. Several surface samples assaying over 30 parts per billion combined platinum and palladium, with a peak of 60 parts per billion, are also lurking in the same area highlighting priority targets for further work.
Shallow historical reconnaissance drilling over the surface geochemical anomaly has thrown up some encouraging assays including 0.11 g/t platinum, 0.13 g/t palladium, 0.14 per cent nickel and 0.02 per cent cobalt.
Venture has the option to acquire 100 per cent of the 173sq.km lease. Under the terms of the earn-in agreement with Exactical Pty Ltd the company will earn 51 per cent by spending $250,000 on exploration within the first two years. This increases to an 80 per cent joint venture interest with another $500,000 investment over the following two years and a $10,000 payment to the vendor.
Venture will then free carry the vendor’s 20 per cent interest up to the completion of a bankable feasibility study or “BFS” and a further $20,000 payment to Exactical. At the completion of the BFS Exactical can either contribute or dilute with Venture retaining 100 per cent of the tenement.
Venture look set to make an early start on the required JV spend, detailing broad work programs including surface sampling and an airborne electromagnetic survey to cover the 20km-long interpreted mafic-ultramafic intrusive complex.
The company’s existing Kulin tenure is reportedly also highly prospective for gold. Venture has just completed a maiden diamond drilling project punching out three diamond drill holes for a total of 1,311m following up a notable gold in soil surface geochemical anomaly greater than 100 parts per billion gold.
Early encouraging drill intercepts include 18m at 0.6 grams per tonne gold from 329m down-hole including higher-grade zones of 9m at 1.2 g/t and a more substantial 3m going at 3.4 g/t gold.
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By Matt Birney
