THE DRILL SERGEANT: Venture Minerals (ASX: VMS) declared the discovery of a further Volcanic Massive Sulphide (VMS) discovery at the company’s Golden Grove North project in Western Australia.
Venture Minerals has defined the Neptune VMS target located along strike from the Golden Grove VMS mine.
Neptune sits within the Golden Grove Mine Sequence, which hosts all VMS deposits discovered in the Golden Grove Camp (Mine).
Venture Minerals acquired the Golden Grove North project in 2018.
Prior to its ownership, previous owners had worked up an endowment (resources and production) in 2002 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.
When purchased by EMR Capital in 2017 for $US210 million in June 2019 the project still over 50 million tonnes of resources and reserves for another 12 years of production.
Although the Golden Grove North project had not been the focus of VMS style exploration for some 25 years, Venture Minerals determined to use a systematic exploration approach, utilising the latest techniques to explore for VMS style mineralisation.
Neptune is now the second VMS target to yield from that work program, following an examination of a collated dataset from numerous phases of exploration activity by various companies over the last four decades.
Venture consider Neptune to be a high priority target with highly anomalous copper and VMS pathfinder elements intersected in historic RAB3 (shallow) drilling in an area under alluvial/colluvial cover, which has not been targeted with modern day EM technology to detect VMS style deposits.
The second substantial find identified at Golden Grove – the Scuddles deposit (10.5Mt at 1.2% copper, 11.7% zinc, 0.8% lead, 89g/t silver and 1.1g/t gold) was discovered by using EM techniques under similar cover after initial RAB3 drilling was deemed too shallow.
Venture believes Neptune presents a very similar opportunity.
Venture has also identified a nickel sulphide target area north of Neptune it considers worthy of EM testing as part of an up-coming survey.
These recent outcomes have encouraged Venture to increase its activity at Golden Grove North, not only working on its current targets but also delineating further VMS and nickel sulphide targets within the project area through further cost-effective exploration techniques.
“Golden Grove North has delivered another two exciting discoveries, with Neptune exhibiting the hallmarks of a potential Scuddles like discovery scenario; whilst an unexpected nickel sulphide target has come up in an area never previously explored for nickel and hence presenting a unique opportunity for the company,” Venture Minerals managing director Andrew Radonjic said in the company’s announcement to the Australian Securities Exchange.
“These recent successes at Golden Grove North along with its proximity to the world class Golden Grove zinc-copper-gold mine are certainly validating Venture’s belief in the pedigree of this project. We look forward not only to the outcome of the EM surveys but to the drilling of the priority targets generated by it.”