THE BOURSE WHISPERER: Ventnor Resources (ASX: VRX) has been granted Mining Leases and connecting Miscellaneous Licenses for the company’s Thaduna and Green Dragon project by the West Australian Minister for Mines.
The Thaduna/Green Dragon copper project is located in the Doolgunna district of Western Australia, 40 kilometres east of Sandfire Resources’ (ASX: SFR) DeGrussa copper project.
Source: Company announcement
“The granting of the Mining Leases is an important milestone that continues the company’s strong momentum towards a decision to mine the September quarter this year,” Ventnor Resources managing director Bruce Maluish said in the company’s announcement to the Australian Securities Exchange.
“The prompt granting of the Mining Leases and the Miscellaneous Licences has only been possible with the cooperation of the Yugunga-Nya People throughout our negotiations that culminated in a Native Title Agreement being reached in April 2013.
“That agreement was reached in four months since our original meeting, demonstrating the spirit of cooperation on both sides.
“Ventnor looks forward to working with the group as it moves toward the mining phase in the future.”
Mining Lease M52/1061 granted for Thaduna covers the total area of the previous Prospecting Licences P51/1253, 1254 and 1255.
Mining Lease M52/1060 granted for Green Dragon covers the total area of the previous Prospecting Licence P51/1256.
Miscellaneous Licence L52/150 applies to the area which covers the road connecting the Thaduna and Green Dragon copper projects.
Miscellaneous Licence L52/149 applies to the area which covers the road connecting the proposed Thaduna copper project to the Neds Creek road 41km from the Great Northern Highway.
Ventnor said the granted Mining Leases and Miscellaneous Leases will enable it to proceed with the development of the Thaduna/Green Dragon project as planned.
Since April 2011 Ventnor has drilled more than 50,000m at the project in an aggressive exploration program aimed at producing first copper concentrate from Thaduna/Green Dragon in the December Quarter 2014.
A Scoping Study completed in February confirmed the economic and technical viability of the project, producing an average 15,000 tonnes per annum of copper over an anticipated mine life of 10 years.