THE BOURSE WHISPERER: Australian base metals company Ventnor Resources (ASX: VRX) has announced a maiden JORC-compliant Resource estimate for the company’s Thaduna/Green Dragon copper project, located 170 kilometres north of Meekatharra, Western Australia, in the Doolgunna district.
The Thaduna/Green Dragon copper project is situated 40km east of Sandfire Resources’ (ASX: SFR) DeGrussa project.
A total Indicated and Inferred Resource of 6.33 million tonnes at 1.60 per cent copper and 2.77 grams per tonne silver for 101,413 tonnes of contained copper and 563,000 ounces of silver has been estimated for both deposits at a nominal 0.5 per cent cut-off grade.
“This is a milestone event for the project and will allow the company to progress to a scoping study for the open cut potential of this Resource,” Ventnor Resources managing director Bruce Maluish said in the company’s announcement to the Australian Securities Exchange.
“This allows the project to advance while drilling is underway to continue to investigate the underground potential below an open pit.
“We have completed in excess of 38,000 metres of drilling on the project since listing last February and the bulk of this drilling has contributed to the Resource estimate.”
Thaduna longsection showing the Resource modelled outline. Source: Company announcement
In addition to the drilling included in this resource Ventnor explained there are 10 more diamond holes awaiting assays, or to be drilled, at Thaduna and tow diamond holes at Green Dragon awaiting assays.
The company is scheduled to commence drilling of two deep diamond holes targeting possible depth extensions.
Ventnor said it anticipates an updated JORC Resource will be completed early in 2013 to incorporate this extra drilling.