THE BOURSE WHISPERER: Ventnor Resources (ASX: VRX) received results from a preliminary due diligence drill program carried out at the Muchea silica sand project in Western Australia.
Ventnor Resources recently announced that, subject to shareholder and regulatory approvals, it has secured an option from Australian Silica Pty Ltd to acquire tenement E70/4886, which forms the Muchea silica sand project located 50 kilometres north of Perth.
As part of Ventnor’s initial due diligence investigations into the project prior to grant of the option, the company conducted an aircore (AC) and hand auger drilling program within the tenement area to confirm the potential of the project as indicated by previous work undertaken by Australian Silica.
The drilling included an AC drilling program of 46 holes for 522 metres and 43 hand auger holes for 249 metres and returned an average intercept grade of 99.5 per cent silicon dioxide (SiO2).
The company has now received a full analysis of all the quality control data, which it said had validated the drill assay dataset and conforms to the guidelines for reporting under the JORC-2012 code.
“The results of our preliminary due diligence drilling program have confirmed the results provided by Australian Silica and also that this project has the potential for a very large high-grade silica sand resource,” Ventnor Resources managing director Bruce Maluish said in the company’s announcement to the Australian Securities Exchange.
“It supports and justifies the company’s decision to secure an option to acquire the underlying tenement.
“As part of our due diligence investigations, we have also commenced a comprehensive testwork program to ascertain what products could be produced and marketed from the project and later to support a JORC-2012 compliant Mineral Resource.
“The testwork program, which is ongoing, will also produce sufficient quantities of products to enable samples to be sent to prospective customers.”
“The company has already received a number of enquiries from potential Asian customers.
“As part of its due diligence the company undertook an environmental desktop study which will also support a referral to the relevant environmental authorities prior to field studies for a Mining Proposal.”