Venture discovers tasty EM conductor at Orcus
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Downhole electromagnetic surveying has introduced Venture to a large conductor under high-grade zinc-copper-gold drill intersections at the Orcus prospect.
These assays of up to 7.6% zinc, 1.3% copper, 2.2 grams per tonne (g/t) gold and 22g/t silver from the maiden drilling program had already confirmed the presence of volcanogenic massive sulphide mineralisation at the prospect with the Golden Grove North project in Western Australia.
Additionally, a recent ground-based moving loop electromagnetic (MLEM) survey identified three additional priority conductors within the Neptune VMS target zone.
Venture Minerals (ASX:VMS) said the additional targets highlighted the exploration potential of both Orcus and Neptune, which are geologically analogous to the Scuddles-Gossan Hill area within 29Metals’ (ASX:29M) Golden Grove Mine.
“Further EM work has continued to highlight the exciting exploration potential of Venture’s Golden Grove North project which is well positioned being along strike to 29M’s world class Golden Grove zinc-copper-gold mine,” managing director Andrew Radonjic said.
“A large conductor under high grade zinc-copper-gold drill intersections at Orcus remains untested and presents an exciting VMS discovery opportunity to be drill tested in the near future.
“Meanwhile the Neptune VMS target aone, though still in the early stages of exploration, is suitably located immediately along strike from the Golden Grove Mine.”
The 288sqkm Golden Grove North project is less than 10km from the Golden Grove Mine within the broader Golden Grove camp where over 12 VMS deposits have been discovered over 13km of strike.
Highlighting the potential of the area, 29 Metals has noted that Golden Grove North still has over 10 years of mine life despite 30 years of continuous production.
This is a positive for Venture especially since it has already proven that VMS mineralisation is indeed present within its project.
Besides its successful drilling and previous EM work identifying four high priority VMS drill targets at the Vulcan prospect, the latest work has delineated a large 500m long by 240m deep conductor at Orcus along with the targets at Neptune.
Venture plans to start preparations for the drilling of the Orcus conductor.
It will also carry out further surface mapping and sampling along the Neptune VMS Target Zone to delineate drill targets and complete a new airborne EM survey to the west of Orcus to define new drill targets.
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.