Venture Minerals believes the identification of two new priority nickel-copper and platinum group elements (PGE) targets by its JV partner Chalice Mining will enhance the prospectivity of its South West project, 240km south of Perth.
Two previously-identified soil anomalies have been extended and better-defined during a phase-two soil geochemistry program at the project Venture describes as a look-alike to Chalice’s Julimar discovery.
The South West project contains a 20km-long aeromagnetic anomaly, with multiple electromagnetic targets collectively known as the Thor target.
Further east, some 15km from the Thor target, is the Odin nickel-copper-PGE prospect. The South West project is within the highly-prospective West Yilgarn nickel-copper-PGE province, which was discovered by Chalice and that also hosts Julimar.
Chalice’s wider Gonneville deposit covers just seven per cent of the Julimar strike and already has a 350-million-tonne resource with the higher-grade section containing 82 million tonnes at 0.21 per cent nickel, 0.2 per cent copper, 0.02 per cent cobalt and 1.7 grams per tonne combined platinum, palladium and gold. This resource grade equates to one per cent nickel equivalent.
The first new target identified at the South West project by the phase-two soil survey lies on a previously-untested northern extension of the Thor target. The new eastern target sits 3km north-east of the Odin prospect. Infill auger soil samples have been taken at the site of both new targets and assays are pending. Management says follow-up work is likely to include a ground electromagnetic survey and drilling.
The phase-one soil geochemistry program identified two nickel-copper-PGE targets, interpreted to be hosted by ultramafic rocks with coincident untested airborne electromagnetic anomalies.
Venture says Chalice’s most recent work has increased the number of new interpreted magmatic nickel-copper-PGE sulphide targets to four, with three of them on the highly-prospective Thor target. The fourth is located near the Odin nickel-copper-PGE prospect.
Venture Minerals managing director Andrew Radonjic said: “Chalice are now advancing these targets towards drill testing with Venture well positioned to take advantage of any future drilling success.”
Final data from an Xcalibur HeliTEM (helicopter time-domain electromagnetic survey) is currently being processed with the aim of identifying any new conductor targets. The survey is being conducted on a tenement west of the Thor target and on an area north-east of the Odin prospect.
The first step for follow-up work is likely to include ground-truthing and mapping. HeliTEM uses a low-base frequency to image mineralised nickel sulphide targets underneath cover materials. The method is a big improvement on previous approaches as it can work even where electrically-conductive cover is present.
Airborne electromagnetic survey conducted previously by Venture identified 13 highly-conductive anomalies within the southern 6.5km of the Thor target regional magnetic feature.
Two of the anomalies were tested by single drill holes in Venture’s 2018 maiden drill program. One hole intersected 2.4m of massive sulphide grading 0.5 per cent copper, 0.05 per cent nickel, 0.04 per cent cobalt and with anomalous gold and palladium.
Venture previously drilled one hole at Odin, intersecting nickel and copper sulphides within a highly-prospective mafic-ultramafic unit that extends over 10km of strike. Coincident significant nickel and copper soil geochemical anomalies were also present.
Chalice holds 51 per cent of the South West project, with Venture claiming the other 49 per cent. The former will get further 19 per cent interest by stumping up $2.5 million in expenditure by July next year.
Venture will then have the option to fund its 30 per cent of further work on the project or dilute its interests to a minimum of 10 per cent, which would automatically revert to a 1.25 per cent smelter royalty.
Chalice looks to be taking a methodical stepwise exploration approach at the South West project using all the experience gleaned from its Julimar discovery. Venture is well-positioned to benefit from it and things could get exciting once the drill bit starts penetrating the targets.
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By Terry Bates
