Venture Minerals has ensured its Mount Lindsay tin-tungsten project in Tasmania is fully funded to completion after it netted $6 million from a heavily oversubscribed share purchase plan. The recently raised funds complement a $4.25 million war-chest raised through a December private placement. The money will also go towards an updated feasibility study and additional testing of its Mount Lindsay targets.
Incredibly, the total applications received under the share purchase plan, which originally sought to raise just $1.25 million, amounted to $8.7 million representing a more than 700 per cent over subscription.
According to Venture, the supplementary funding will also enable it to kick off a frenzy of exploration across a suite of priority targets at Mount Lindsay. With the project sitting in Australia’s premier tin district and the highly esteemed Renison Bell tin mine located just 30 kilometres way, Venture will now be hoping its latest play will help lift the lid on the region's next big tin discovery.
Renison is regarded as one of the globe’s largest and highest-grade tin mines, to date churning out over 230,000 tonnes of metal. Recent evaluations at Renison suggest the mine boasts a resource of 18.55 million tonnes grading 1.57 per cent tin for 291,600 tonnes of contained metal.
Venture looks to be heading into the new year with momentum, continuing a strong run of form that saw the company close out 2021 with a monster 147 metre intersection grading 1 per cent tin and 0.2 per cent tungsten at Mount Lindsay. The strike sparked a frenzy of trading on the ASX with nearly 130 million shares changing hands and the company’s share price up by more than 27 per cent during the session.
The company's flagship Mount Lindsay tin-tungsten project stretches across close to 150 square kilometres of land in the north-west of Tasmania. The project is believed to be one of the world’s largest undeveloped tin projects, with recent estimates pointing to some 81,000 tonnes of contained tin and a tungsten resource in excess of 3.2 million metric tonne units of tungsten trioxide.
Venture’s development at Mount Lindsay could hardly be better timed. The spot price of tin has shot through the roof recently almost doubling in the past 12 months amid its use in the white-hot lithium-ion battery space. Tin is now touching historical highs of around US$39,000 per tonne, up from about US$20,000 in January 2021 which goes a long way to explaining why the market meerkats may well be casting their eyes towards the Apple Isle.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
