THE BOURSE WHISPERER: Venture Minerals has upgraded its entire Direct Shipping Ore resource base from the JORC inferred category to that of indicated.
The company has also received a combined, independent maiden ore reserve of 4 million tonnes of DSO from the Riley and Livingstone hematite deposits in Tasmania.
Location map for Mt Lindsay tin/tungsten deposit and the Riley and Livingstone DSO projects. Source: Company announcement
Venture has been busy over recent months on its DSO projects conducting additional infill drilling and pitting in order to define a new combined indicated resource of 4.4 million tonnes at 57 per cent iron, which represents a 100 per cent conversion from the inferred to the indicated category.
The company said the high conversion rate indicates the consistent nature of both deposits.
Having completed the new resource, Venture has had an independent ore reserve estimated by mine engineering consultants at Rock Team.
This resulted in a 90 per cent conversion of resources to reserves, which Venture again attributed to the consistent and near surface nature of both the Livingstone and Riley Deposits.
“We have been working hard to advance our DSO projects to production as soon as possible, so the receipt of an independent maiden reserve for both the Riley and Livingstone projects represents a major milestone for us,” Venture Minerals managing director Hamish Halliday said in the company’s announcement to the Australian Securities Exchange.
“The Company is particularly pleased with the high conversion rate of resources to reserves delivering us over four million tonnes of probable reserves.”
Having completed the reserve statement Venture said it will now look to finalise off-take and ore transport agreements, as well as advance all necessary development approvals.
The company has previously stated that it is able to bring its Tasmanian DSO projects into production with a minimal capital outlay of only $7 million.
A major contributing factor is the proximity of infrastructure to the Riley and Livingstone deposits, both of which are located within two kilometres of a sealed road accessing existing rail and port facilities, all of which have spare capacity.