Venture locks onto WA nickel-copper target

Recent drilling in a gold search by Venture Minerals at its Kulin project in Western Australia has uncovered an intriguing complement of nickel- copper sulphides. The identification of the ore sulphide mineralogy from diamond drill core confirms the fertility of a duo of 20km-long interpreted layered mafic-ultramafic intrusive suites over the company’s tenure that sits along strike of Chalice Mining’s mammoth Julimar nickel-copper-PGE discovery.

Whilst Ventures’ foray with the drill rig at Kulin was in pursuit of the precious yellow metal, drilling intersected a suite of gabbro and mafic granulite rocks hosting disseminated sulphides within the Jimperding Metamorphic Belt.

Petrographic analysis has confirmed the sulphides are nickel and copper bearing pyrrhotite, pentlandite and chalcopyrite.

The confirmation of the prospective sulphide mineralogy follows Ventures’ early investigations that identified a 20km-long aeromagnetic anomaly with 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.

Shallow historical reconnaissance drilling over the target returned assays up to 0.11 grams per tonne platinum, 0.13 g/t palladium, 0.14 per cent nickel and 0.02 per cent cobalt.

Two additional aeromagnetic anomalies have also been etched out in the northern half of project – another 20km-long anomaly and a parallel 10km-long anomaly, both housed in interpreted a mafic-ultramafic intrusive complex.

The company has commenced an extensive high resolution airborne electromagnetic, or “AEM” survey along the full length of the newly confirmed fertile fields.

The survey is designed to light up any zones of disseminated or massive sulphide mineralisation to generate future drill targets.

Chalice employed similar high resolution AEM technology in identifying the possible presence of a mafic-ultramafic layered intrusive complex at Julimar, also within the Jimperding Metamophic Belt.

The Gonneville nickel-copper-PGE discovery at Chalice’s Julimar project, about 70km north-east of Perth is considered to be the world’s largest sulphide discovery since 2000 and the largest PGE discovery in Australia.

Venture has over 600 square kilometres at its disposal at ithe Kulin project courtesy of a combination of wholly owned tenure and its joint venture agreement with Exactical.

The company has the option to acquire 100 per cent of the 173 square kilometre lease. Under the terms of the earn-in agreement with Exactical, Venture 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.

The company’s growing portfolio of nickel-copper-PGE exploration assets was recently bolstered with Chalice committing to a second phase of exploration at the duo’s partnership at Venture’s evolving South West nickel-copper-PGE project, about 240km south of Perth. As part of the deal, Chalice will plough in an additional $2.5 million on exploration over the next two years to claim a 70 per cent stake in the operation.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au