Venture Minerals Identifies Priority Ultramafic Target

THE DRILL SERGEANT: Venture Minerals (ASX: VMS) claimed discovery of an additional ultramafic target near the recent Quicksilver nickel-cobalt discovery of Golden Mile Resources (ASX: G88), east of Perth in Western Australia.

Venture Minerals pointed out that its Pingaring project is located just four kilometres along strike to the south-east of the Quicksilver discovery.

The Pingaring project now contains 150 strike kilometres of ultramafic targets, which Venture Minerals has interpreted to be the same host unit that the Quicksilver nickel-cobalt deposit sits within.

The company has identified a new ultramafic target that extends over five kilometres and has been interpreted to be the ultramafic core of a layered mafic-ultramafic intrusion which are prospective for nickel, cobalt and copper sulphides.

Venture Minerals explained the discovery came from reconnaissance surface sampling throughout the westernmost tenement of the project, which also confirmed the other interpreted ultramafic targets.

The company said its interpretation of the ultramafic core is supported by +1200ppm chromium and anomalous platinum, palladium and gold laterite samples as well as detailed aeromagnetic data.

“This new target has now become a priority for Venture at Pingaring,” Venture Minerals said in its ASX announcement.

“Venture has a dominant land position within an emerging new nickel-cobalt province in Western Australia and upon successful granting, the company will commence a detailed surface mapping and sampling program to define priority drill targets.”