Venturex Resources Ltd

Venturex Resources Ltd looks for extensions of VMS systems at Pilbara project


Venturex Resources Ltd (ASX:VXR) has identified strong IP anomalies supporting potential extensions of the high-grade volcanogenic massive sulfide ore deposits at its Whim Creek copper zinc project in the Pilbara.

The anomalies are to the east and west of the Mons Cupri open pits, along the inferred strike of the structures controlling high grade zinc, lead and copper-gold sulphide mineralisation.

Importantly, previous drill intersections to the west of the Mons Cupri open pit included 18 metres grading 5.0% copper, 1.9% zinc, 0.6% lead and 3.4 g/t gold from 34 metres.

The IP data will now undergo detailed processing and interpretation that will feed back into the company's new geological model for Mons Cupri.

This will assist Venturex in defining drill targets aimed at extending the high grade sulphides.

Venturex completed a scoping study on the Whim Creek Project in November 2010 which highlighted potential to produce 13,000 tonnes a year of copper equivalent metal in copper, zinc and lead concentrates for nine years.

In February saw a revised model for the VMS mineralisation at Mons Cupri. It has a Resource at Whim Creek with 4.6 million tonnes at 0.9% copper, 1.3% zinc, 0.5% lead and 24.1 g/t silver.

Adding interest, the company will receive $500,000 for 1H 2016 from Blackrock Metals as net profit interest (NPI) from oxide heap leach access and processing agreement at Whim Creek.

This revenue stream is expected to grow as Venturex will receive 49% NPI from 2017 onwards compared to 30% in 2016.
The share price of Venturex has doubled since the beginning of 2016.

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Quick facts: Venturex Resources Ltd

Price: $0.19

Market: ASX
Market Cap: $51.77 m

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