The company has an upgraded Inferred Resource of 30Mt @ 33%Fe for Main Zone & No.2 Zone only. The 30Mt resource is located only 1.5km from a sealed road providing direct access to existing rail and port facilities. The company believes there is substantial upside potential with a further 36km of interpreted magnetite
skarns still to be tested.
Venture Minerals is targeting a minimum of 40mt of inferred iron resources at Mount Lindsay which it believes a scoping study would show the project should support a 10 year mining operation. The company's managing director Andrew Radonjic indicated, "Venture is confident that it can achieve this goal (40mt) in the near future from drilling of identified exploration targets".
Venture Minerals was trading at 9.1 cents on trading volume of 151,000 shares.