Venture Minerals hits more tin at Mt Lindsay project
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Venture Minerals is poised to capitalise on the tin bull market with another key discovery of the metal earmarked as fundamental in the battery revolution.
Venture Minerals (ASX:VMS) has made another important discovery at its Mount Lindsay tin-tungsten project in Tasmania as tin prices continue to soar.
New drilling on a priority target has intersected 11m of sulphide rich skarn typical of the Mt Lindsay style skarn mineralisation.
The discovery was made as part of Venture’s current diamond drilling program designed to test along strike of the Mt Lindsay skarns that host its tin-tungsten deposits, with ML338 specifically targeting a coincident electromagnetic (EM) and surface geochemical anomaly.
The anomaly is favourably located both along strike and down plunge from the company’s existing tin deposits.
Venture’s latest discovery follows recent success with its diamond drilling program, where it found a substantial skarn system right next to the world class Renison tin mine, which has produced more than 230,000t of tin since the 1890s.
“Further success from the first drill program at Mt Lindsay since 2013, clearly demonstrates the potential of the project to deliver another tin discovery,” said Venture’s Managing Director Andrew Radonjic.
“The first two of 12 priority drill targets from the 48 EM anomalies delineated by the 2019 EM survey have already interested potential tin-bearing skarns, thereby increasing the potential to significantly grow the current resource base,” he said.
“Not only does Venture hold a major landholding in a premier tin district, but it is also well located in a globally recognised tied one ESG hub, allowing the company the opportunity to develop an ESG compliant tin-tungsten mine.”
Mt Lindsay project positions Venture for strong growth
Mt Lindsay is considered one of the largest undeveloped tin projects in the world, containing more than 80,000t of tin metal and within the same mineralised body a globally significant tungsten resource containing 3,200,000 MTU of WO₃.
In 2019, an airborne EM survey was flown over the entire Mt Lindsay project area with a Versatile Time Doman Electromagnetic (VTEM) Max system.
The survey results showed 48 VTEM anomalies, 12 of which were classified as priority drill targets, and some were of the Mt Lindsay tin-tungsten style.
These EM conductors were supported at the surface by tin in soil anomalism and interpreted to be within identical and similar host rocks.
The Mt Lindsay Project has already been classified by the Australian Government as a Critical Minerals Project with an advanced tin-tungsten asset which is significantly enhanced by the discovery of two new skarns.
Tin is now recognised as a fundamental metal to the battery revolution and new technology and the International Tin Association is forecasting a surge in demand driven by the lithium-ion battery market up to 60,000 tpa by 2030.
Tin is also known as the “spice metal” because a little bit of it is in so many items. Tasmania, which has remained virtually untouched by the COVID-19 pandemic is re-emerging as a major supplier of the mineral world-wide with restrictions stalling supplies in large production nations such as Indonesia and Myanmar.
Supply shocks along with health demand growth has seen tin prices rise from ~US$21,000/t at the start of the year to ~US$37,000/t.
There are also currently less than two days of global tin supply held in stockpiles by the London Metal Exchange (LME), which experts believe is the lowest on record. Tin is now around four times the price of copper a ~US$9,000/t.
Venture to continue testing further drill targets
Venture’s tin deposits are well located in terms of infrastructure with the Tasmania project benefiting from enhanced ESG metrics and access to cost effective, renewable hydropower.
The company plans to test a further 10 priority drill targets from the 48 EM anomalies delineated from the 2019 survey.
Venture has also committed to a downhole EM survey while the company awaits assay results from ML338. With today’s market reaction a ~5.66% increase in share price is anything to go by then investors will be eagerly awaiting any results.
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.