Venture Minerals Limited (ASX:VMS) electromagnetic (EM) survey results have confirmed the prospectivity of priority volcanogenic massive sulphide (VMS) targets at its Thor prospect in Western Australia.
The company is focusing its exploration efforts on the prospect which is part of a South West tenement package on WA’s Balingup complex.
The Teck JV of Teck Resources Ltd (NYSE:TECK), BHP Billiton Limited (ASX:BHP, SWX:BHP, NYSE:BHP, OTCMKTS:BHPLF) and Hampton Hill Mining NL (ASX:HHM) was first to identify the southern part of the complex as prospective for base and prospective metals.
Greenbushes tin-tantalum-lithium pegmatite mine is on the north of the complex, while the Kingsley meta-VMS prospect is a few kilometres west of Thor prospect, hosted by a high-grade (garnet and staurolite) metavolcanic rock sequence.
The Teck JV completed historical ground surveys and airborne EM surveys, discovering the Kingsley meta-VMS prospect.
Priority VMS targets at Thor prospect in Western Australia
West Perth-based Venture Minerals progressed its latest drilling after discovering massive and semi-massive sulphides while undertaking reconnaissance drilling that targeted a large historic EM anomaly.
Venture Minerals said today, “Final processing of the new detailed EM survey shows that the strongest responses sit outside of the areas drilled by the first two reconnaissance holes targeting the Thor VMS-style sequence.
“Consequently the next phase of drilling will test the highest ranked targets based on the new, high-resolution survey results.”
NRG’s high-resolution 281 square kilometre Xcite Airborne EM survey over the Thor prospect 240 kilometres south of Perth served up priority VMS-style drill targets for the company, confirming the large VMS-style target sequence continued over a 20-kilometre strike.
A maiden drill program intersected a 17-metre zone of disseminated, semi-massive and massive sulphides, while a portable XRF confirmed the presence of zinc and copper.
Assays have showed up 0.3% zinc and 0.2% copper gradings.
An aeromagnetic view of the Thor prospect
Thor has the same EM and geochemical signature as Teck’s Kingsley VMS discovery which is one of a number found on WA’s Archean Yilgarn craton.
The craton also hosts Golden Grove Camp Mine, 370 km north-northeast of Perth, which had nine VMS deposits over a 13-kilometre strike length.
By 2002, Golden Grove had an endowment of 40.2 million tonnes grading 1.8% copper, 0.9% lead, 7.6% zinc, 103 g/t silver & 0.8 g/t gold.
At the time EMR Capital snapped up Golden Grove, in February 2017, for US$210 million it estimated the mine had 10-life left where it could produce 1.3 million tonnes a year.
Venture managing director Andrew Radonjic reported today, “The fact that the maiden drill program intersected large zones of sulphides in areas that the final EM data does not rank amongst the strongest responses, significantly elevates the company’s confidence in the next phase of drill testing.
“The company is excited about the next phase of work at Thor, which will see a number of highly-ranked massive sulphide targets drill-tested over the coming weeks.”
A drilling contractor has already been recruited and is expected to mobilise equipment in the coming days.
Radonjic joined the company in December 2017 and has a master’s degree in mineral economics from Curtin University and an undergraduate geology degree from the WA School of Mines.