High-grade zone at Venture’s tin-tungsten project is growing
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The first hole of Venture’s new drilling has confirmed the continuity of the high-grade zone at its Mount Lindsay tin-tungsten project in Tasmania.
Hole ML339M intersected 93m of mineralisation grading 0.5% tin equivalent from a depth of 107m including a high-grade zone of 12m at 1.7% tin equivalent from 113m.
Venture Minerals’ (ASX:VMS) Mount Lindsay project is already one of the largest undeveloped tin projects in the world, containing more than 80,000 tonnes of tin metal and 3.2 million metric tonne units of tungsten – most of which is the higher confidence indicated and measured categories.
Tin is a critical mineral that is in short supply with just one day’s global supply held in the London Metal Exchange’s stockpiles. It currently trades for about US$39,000 per tonne, more than four times the US$9,500/t price for copper.
“The first hole of the new drilling program at Mount Lindsay, for the recently started underground feasibility study, has seen the MacDonald Shoot deliver further high-grade tin and tungsten assay results to confirm the continuity of this high grade zone,” managing director Andrew Radonjic said
“Additional drilling on the Main Skarn’s high-grade MacDonald Shoot, followed by similar targeted drilling on the No. 2 Skarn’s high-grade Radford Shoot, is expected to return more high grade results which will increase the confidence in the resource supporting an underground development.
“The MacDonald and Radford Shoots provide a great foundation for the first stage development for the Mount Lindsay tin-tungsten project whilst exploration will look to extend the life of the asset to a multi-decade opportunity, in keeping with other major mines on the west coast of Tasmania.”
The drill program is designed to confirm the continuity of high grade zones and provide additional metallurgical samples as part of the company’s updated feasibility study.
Assays from ML339M were from a nearby laboratory that generated results using a similar analytical technique for some of the suite of elements that are routinely assayed for on Mount Lindsay drill core.
The pulps will now be submitted to the preferred laboratory to provide assays for the missing elements and to check the values reported here using the analytical method chosen for the JORC resource.
Drilling will also provide material for finalising a cost effective, gravity-focused, processing flowsheet to concentrate the high-density minerals cassiterite (tin) and scheelite (tungsten).
Additional work will include further detailed engineering studies to firm up the mine design and updating of the permit to reflect the change in mining and processing strategies.
This article was developed in collaboration with Venture Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.