THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) inked a Binding Terms Sheet with Chalice Gold Mines (ASX: CHN) with the aim of unlicking the potential of Venture’s South West project in Western Australia.
Chalice Gold Mines made news recently by claiming discovery of the Julimar nickel-copper-PGE discovery in a new province near Perth.
The company has committed to spend up to $3.7 million to earn 70 per cent in Venture’s South West project, located south of Perth.
Chalice will advance previous exploration completed by Venture to test for nickel-copper-PGE sulphides in potential ultramafic-mafic intrusive complexes sitting under cover within the South West project.
The two main prospects within the project are Thor and Odin that both contain areas of potential nickel-copper-PGE prospectivity.
Thor is a 20km long magnetic anomaly associated with chromium rich rocks indicative of maficultramafic intrusions.
Odin has previously been subjected to one drill hole drilled that encountered nickel and copper sulphides within a prospective maficultramafic unit that extends over 10 strike kilometres.
This was further supported by surface sampling returning nickel and copper geochemical anomalies.
“The company looks forward to seeing Chalice use its nickel-copper-PGE exploration expertise at the South West project, which sits in the same geological terrane to that of the Julimar discovery,” Venture Minerals managing director Andrew Radonjic said in the company’s announcement to the Australian Securities Exchange.
“This gives Venture shareholders the best opportunity of bringing forward any potential Julimar ‘look-a-like’ discovery within the project.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE