THE DRILL SERGEANT: Venture Minerals (ASX: VMS) conducted drilling at the company’s Thor prospect in Western Australia, intersecting further massive sulphides with copper and zinc mineralisation.
Venture Minerals said results from its last two drill holes suggest that drilling is vectoring in towards higher grade zones within the Thor Volcanogenic Massive Sulphide (VMS) sequence.
The company explained that, to date, the Thor project has seen only two single drill holes targeting two of thirteen priority VMS drill targets it has delineated around the initial discovery area.
Further drilling will go towards unlocking, what Venture believes to be, the potential of Thor’s 20-kilometre VMS target zone.
In this second drill campaign at Thor, Venture’s second drill hole (TOR05) intersected massive sulphide zones of up to 2.4 metres (271.45m to 273.85m) and returned assays of up to 0.8 per cent zinc and 0.5 per cent copper and highly anomalous cobalt of up to 435ppm.
Venture has interpreted the results to have confirmed the VMS style of the mineralisation.
“The company is encouraged by these latest results at Thor and is looking forward to unlocking the potential of the VMS project to deliver high-grade mineralisation in the near future,” Venture Minerals managing director Andrew Radonjic said in the company’s announcement to the Australian Securities Exchange.
Venture claims Thor has the same EM and geochemical signature as Teck’s adjacent VMS Kingsley discovery, which is one of several VMS occurrences in the Archean Yilgarn Craton of Western Australia with the Golden Grove Camp (Mine), 370kms NNE of Perth, being the prime example with over nine VMS deposits spread over 13kms of strike.
At the end of 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.
In February 2017, EMR Capital purchased Golden Grove for US$210 million and states that after 27 years of production there is still over 10 years of mine life for the 1.3 million tonnes per annum operation.