THE DRILL SERGEANT: Venture Minerals (ASX: VMS) has secured co-funding from the Tasmanian Government to drill test priority EM targets at the company’s Mt Lindsay tin project in 2020.
Venture Minerals enjoyed a successful outcome of submissions it made to the Tasmanian State Government, receiving for co-funding of up to $202,000 for exploration drilling to be carried out at three priority targets the company generated via a recently completed Major EM Survey over the Mount Lindsay project.
The EM Survey identified several strong conductors coinciding with previously gathered exploration data to define priority drill targets, which included Renison Bell-style high-grade tin, Mount Lindsay-style tin-tungsten and nickel sulphide targets.
The Mount Lindsay project is already classified by the Australian Government as a Critical Minerals Project with an advanced tin-tungsten asset, which Venture Minerals believes will only be further enhanced by the delineation of several high-priority drill targets of the same style of mineralisation through the recently completed major EM Survey.
Venture claims Mount Lindsay as one of the largest undeveloped tin projects in the world, containing in excess of 80,000 tonnes of tin metal and within the same mineralised body a tungsten resource containing 3.2 million MTU (metric tonne units) of tungsten.
Tin is now recognised as a fundamental metal to the battery revolution and new technology and the International Tin Association is predicting a surge in demand driven by the lithium-ion battery market of up to 60,000 tonnes per annum by 2030 (world tin consumption was 363,500t in 2018).
Venture explained the Renison-style target is a strong EM conductor supported at the surface by tin in soil anomalism and an alluvial Tin Field mined over 100 years ago, a coincidental magnetic anomaly, and is sitting within the same carbonate units and potentially the same fault zone (Federal-Basset Fault) that hosts the Renison Bell Tin Mine.
“The successful submission for co-funded drilling (in 2020) of some of our priority drill targets generated by the recently completely Major EM Survey at Mount Lindsay validates the strength of all the numerous priority targets at Mount Lindsay that include Renison-style tin, Mount Lindsay-style tin-tungsten and nickel sulphide targets,” Venture Minerals managing director Andrew Radonjic said in the company’s announcement to the Australian Securities Exchange.
“With the increased exploration potential at Mount Lindsay combined with its current status as one of the largest undeveloped tin assets in the world, clearly Mount Lindsay is a leading Australian Critical Minerals Project.
“Tin and tungsten are globally classified as critical minerals.
“Recently the Australian Government said that global demand for Australian resources has broadened in recent years to include minerals used in a range of emerging high tech applications across a variety of sectors such as renewable energy, aerospace, defence, automotive (particularly electric vehicles), telecommunications and agri-tech.
“Known as critical minerals, this group of minerals is considered essential for the economic and industrial development of major and emerging economies.”