Venture Minerals Limited (ASX:VMS) has received commitments from new and existing Australian and international investors to raise $2.5 million via the issue of shares at 3 cents each.
The company will use the funds for exploration programs at its Western Australian projects including the Thor copper-lead-zinc prospect, the Odin nickel prospect and the Pingaring nickel-cobalt project.
The Thor prospect is 240 kilometres south of Perth, hosted within the Balingup Gneiss Complex.
The prospect hosts a strong and coherent laterite anomaly with elevated levels of copper, zinc and lead elements that are typically elevated in VMS (volcanogenic massive sulphide) systems.
Broad zone of nickel sulphides discovered
Venture recently intersected disseminated nickel-copper sulphides within a mafic-ultramafic host unit at the Odin prospect in Western Australia.
The nickel-copper target was identified following the company’s maiden drill program designed to test the Odin lithium target.
Venture managing director Andrew Radonjic said: “The company is excited by the new opportunity identified at the Odin Prospect.
“Although the pegmatites intersected in the first hole were not lithium bearing, the discovery of a broad zone of nickel bearing sulphides within the lithium target zone has delivered Venture an excellent new opportunity”