Venture Minerals steams ahead with underground mine feasibility study on Mount Lindsay Tin-Tungsten deposit
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The underground feasibility study will advance previous scoping study work and include additional drilling of the MacDonald Shoot and Radford Shoots.
Venture Minerals (ASX:VMS) has started work on a feasibility study for an underground mine focused on the high-grade tin and tungsten zones within the existing Mount Lindsay Tin Tungsten deposit in northwestern Tasmania.
Mount Lindsay is already one of the largest undeveloped tin projects in the world, containing more than 80,000 tonnes of tin metal and, within the same mineralised body, a globally significant tungsten resource containing 3,200,000 MTU (metric tonne unit) of WO3.
Around 83,000m of diamond core drilling has been completed on the project, which hosts JORC compliant resources with 70% of which are in the measured and indicated categories.
The underground feasibility study will advance previous scoping study work and will include additional drilling (currently in progress) to further confirm the continuity of the high-grade MacDonald Shoot in the Main Skarn and the high-grade Radford Shoot in the No.2 Skarn.
With the tin price sitting at record highs of US$37,500/t, an increase of 180% since 2016, and tungsten’s APT price at US$310/mtu, an increase of 80% since early 2016, the company believes the Mount Lindsay project has excellent potential for resource growth.
Managing director Andrew Radonjic said the board looks forward to further advancing the company’s flagship asset in a pro-EV metal and critical minerals environment.
“Quality tin deposits are rare, and Venture is fortunate to have already defined a globally significant project, giving the company a substantial resource base to underpin any future development,” he said.
“Mount Lindsay has excellent potential for resource growth through exploration, with the current deposits part of a major tin field that already hosts the world class, high grade, Renison Tin Mine.”
VMS is in the process of building a dedicated team to manage the study program.
VMS said tin is now recognised as a fundamental metal to the battery revolution and new technology with the International Tin Association predicting a surge in demand driven by the lithium-ion battery market of up to 60,000tpa by 2030 (world tin consumption was 328,400t in 2020).
Current drilling will also provide material for finalising a cost effective, gravity-focused, processing flowsheet to concentrate the high-density minerals cassiterite (tin oxide – 79%) and scheelite (81% WO3).
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.
Several high-grade targets with drill results to be followed up include Big Wilson with 17.4 metres at 2% tin and Webbs Creek with 8.5 metres at 0.4% tin and 0.2% tungsten.
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.