THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) has acquired, what it declared as being, a highly prospective land package approximately 400 kilometres north-northeast of Perth in Western Australia.
Venture Minerals has picked up the 374 square kilometre package that sits less than 10 kilometres north of the Golden Grove Camp, which is currently Western Australia’s premier location for Volcanogenic Massive Sulphide (VMS) deposits.
In 2002, Golden Grove had an endowment (resources and production) of 40.2 million tonnes at 1.8 per cent copper, 0.9 per cent lead, 7.6 per cent zinc, 103 grams per tonne silver and 0.8g/t gold.
Recently EMR Capital purchased the Mine for $US210 million.
Venture explained that the newly-acquired Golden Grove North project has not been the focus of VMS exploration for the last 25 years, adding that it would be the company’s goal to use a systematic exploration approach, utilizing modern techniques to explore for VMS style mineralisation.
The company has already identified several target areas throughout the project, including a number of historic shallow gold drill intersections, several strong gold and copper surface rock chip sampling results and an extensive land position of interpreted lithologies prospective for VMS style mineralisation that remain, due to cover, largely untested.
Historic shallow gold drill intersections at the Golden Grove North project include:
10 metres at 1.4g/t gold from 16m;
8m at 2.1g/t gold from 6m;
6m at 2.3g/t gold from 6m; and
3m at 3.6g/t gold from 95m.
Historic surface rock chip sampling has returned assays of:
7.4g/t gold and 6.6% copper;
3.8g/t gold and 0.1 per cent lead;
7.6 per cent copper and 27g/t silver;
8 per cent copper; and
2 per cent copper.
“This is an exciting VMS opportunity for Venture with a significant, largely untested, land package sitting on the doorstep of a world class VMS Camp in Western Australia,” Venture Minerals managing director said in the company’s announcement to the Australian Securities Exchange.
“We look forward to generating numerous VMS targets for testing in the near future.”