THE CONFERENCE CALLER: The 2019 Gold Coast Investment Showcase kicks off next week and The Resources Roadhouse continues its look at companies that will be in attendance.
Venture Minerals (ASX: VMS) has upgraded the Resources at the company’s Riley iron ore project in Tasmania.
Venture Minerals announced the upgrade as part of the ongoing iron ore mining study underway at the Riley project that has updated the JORC Code 2004 maiden resource statement of 2 million tonnes at 57 per cent iron to meet the guidelines of the JORC Code 2012.
The company indicated the upgrade coincides with release of the tender documents to be released this coming week to contractors for the mining, processing and haulage components of the Riley DSO project, from which the resultant prices will be used in the updating of the mining study.
Venture said that as part of the mining study update, the Riley ore reserves will also be upgraded to JORC Code 2012 so that a decision to recommence mining can be made at the earliest opportunity by the Board.
Following a favourable study outcome and a decision to mine, Venture’s goal is to commence iron ore production in Q4 2019.
“The resource upgrade and the imminent release of the tender documents for the three main contracts of the Riley Mine are significant steps towards completing the updated mining study,” Venture Minerals managing director Andrew Radonjic said.
Venture Minerals’ Resource upgrade follows firm commitments under a Share Placement to sophisticated and professional investors.
Venture Minerals is raising just over $1.5 million through the issue of around 78 million Ordinary Shares at an issue price of two cents per share.
The company explained the raised funds will provide certainty that it will be funded to progress the development of the Riley iron ore project in Tasmania should a positive decision to mine be reached by the Board.
“The Placement and the fully underwritten Entitlement Offer secures key funding capacity for Venture to progress the updated feasibility study on the Riley iron ore project during a time of significant strength for global iron ore markets,” Radonjic said.
“The recently executed off-take agreement for the Riley project provides strong market validation that the Riley product will be highly sought after.
“The Fully Underwritten Entitlement Offer provides all shareholders the opportunity to participate in the future of the company as we enter an exciting phase of working towards potentially bringing Australia’s next iron ore mine into development.
“With the iron ore price recently breaking through US$100 a tonne, the outlook for the iron ore sector is positive and the Riley project will benefit from a quick-to-market development status by leveraging circa 90 per cent of the required equipment that was previously purchased in 2014 being still on hand.
“The Board looks forward to completing the updated feasibility study on the Riley iron ore project and updating the market on its outcome in the near term.”
Venture has also invited eligible institutional shareholders to participate in a Fully Underwritten Institutional Entitlement Offer.
Meteoric Resources (ASX: MEI) recently completed the acquisition of the highly prospective Juruena and Novo Astro gold projects in Brazil from Crusader Resources (ASX: CAS).
The Juruena and Novo Astro projects cover an area of approximately 770 square kilometres, comprising 24 tenements, located on the western end of the highly prospective Alta Floresta Belt, which is host to major miners including Anglo American and Vale.
Geologically, the Alta Floresta belt is a Paleoproterozoic, east west trending, continental magmatic arc, estimated to have produced over seven million ounces of gold to date.
The Alta Floresta Belt is arguably the most desirable gold exploration destination in Brazil.
The Juruena project hosts a JORC (2012) Compliant Resource Estimate of 1.3 million tonnes for 261,000 ounces of gold at 6.3 grams per tonne.
“The formal completion of the Acquisition of Juruena and Novo Astro marks the commencement of the next exciting stage of development for Meteoric as we move to commence exploration,” Meteoric Resources managing director Dr Andrew Tunks said.
Tunks advised that he was travelling to site to join Meteoric operations manager Peter Sheehan and the company’s Brazilian team to finalise the initial drilling plan for the Dona Maria and Querosene prospects, the two most advanced targets on Juruena.
“These prospects already contain a combined high-grade JORC 2012 Mineral Resource Estimate of 436,000 tonnes at 14.7 grams per tonne for 205,000 ounces it is our intention to complete further drilling at these bonanza grade prospects,” Tunks continued.
“This is truly an exciting time for the company and its shareholders as we move into gold exploration in what we believe is one of the most prospective regions in the world, the Alta Floresta Belt in Brazil, which is home to majors including Anglo American and Vale.
“Since the announcement of the Acquisition back in April, the Meteoric team – myself included – have been itching to get on the ground and start exploration and I am simply thrilled that we are now mobilising.”