THE DRILL SERGEANT: Venture Minerals (ASX: VMS) informed the market that its Joint Venture partner Chalice Mining (ASX: CHN) has generated new EM anomalies from the early stages of a ground based moving loop EM (MLEM) and fixed loop EM program at the company’s South West nickel-copper-PGE project in Western Australia.
Venture explained that Chalice defined the new anomalies over selected areas of the Julimar lookalike magnetic feature (Thor Target) as well as other interpreted mafic-ultramafic intrusions.
The current program is part of the first stage of a JV earn-in, under which Chalice may earn up to 70 per cent by spending $3.7 million on exploration over four years.
The new EM anomalies are considered to be of similar strength conductors to those that yielded wide palladium intervals during the early drilling phase of the Julimar nickel-copper-PGE discovery.
In addition, one of the new EM anomalies is within 10 metres of a previously drilled hole TOR04 that intersected 86 metres of disseminated sulphides with anomalous levels of PGE mineralisation, which the JV believes makes this EM conductor of particular interest.
“Venture is extremely encouraged by the success of the early work done by our JV partners Chalice Mining on our South West Project,” Venture Minerals managing director Andrew Radonjic said in the companies’ ASX announcement.
“The ground EM program, though only one third complete, has already yielded new EM anomalies with one sitting adjacent to a previously drilled hole containing significant disseminated sulphides with elevated PGE levels.
“The majority of the Thor ‘Julimar lookalike’ Target that already hosts several airborne EM anomalies is yet to be tested by Chalice’s EM program and the company (Venture) looks forward to results from this work and potential follow up drill testing in the near future.”
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