Venture stocks jump on new discovery

Shares in Venture Minerals are flying after the Perth-based junior explorer announced a major new high-grade tin discovery in close proximity to its flagship Mt Lindsay tin and tungsten project in Tasmania.

At 1:30PM, WST, Venture stocks had jumped by 21.4 per cent, trading at 34 cents.

Venture said the new discovery, Big Wilson, was located just six kilometres from its Mt Lindsay operation.

The company said the maiden drill hole at Big Wilson intersected 17.4 metres at 2 per cent tin, including four metres at 5.6 per cent tin.

“The grade and style of mineralisation in this discovery hole can only be described as world class,” managing director Hamish Halliday said.

“To put the discovery into context, Venture drilled 134 diamond holes at Mount Lindsay before we intersected mineralisation as good as this and we have achieved this result at Big Wilson with the first hole.

“Obviously this is only the first hole, but the combination of high-grade skarn style mineralisation and, typically large tonnage, greisen style mineralisation, suggests there is potential for a very important new discovery.

“Big Wilson could be analogous with Tasmania’s great tin discoveries of the past, which would be a major milestone for northwest Tasmania.”