- Chalice Mining (CHN) begins its maiden drill program at the Thor magnetic trend within Venture Minerals’ (VMS) South West Project in WA
- Drilling will initially target the high priority bedrock conductors identified via Chalice’s recently completed electromagnetic (EM) survey
- Thor is a 20km long anomaly with an airborne survey identifying 13 highly conductive anomalies averaging 0.5 per cent copper, 0.05 per cent nickel and 0.04 per cent cobalt
- Chalice has also begun an extensive auger surface geochemistry program to define potential base and precious metal mineralisation along Thor
- Shares in Chalice are up 1.29 per cent and trading at $7.05 while shares in Venture are up 8.70 per cent and trading at five cents
Chalice Mining (CHN) has begun its maiden drill program at the Thor magnetic trend within Venture Minerals’ (VMS) South West Project in WA.
Thor is a 20-kilometre long magnetic anomaly associated with chromium-rich rocks, indicative of mafic-ultramafic intrusions.
The drilling will initially target the high priority bedrock conductors identified via Chalice’s recently completed electromagnetic (EM) survey.
Venture then undertook an airborne EM survey which identified 13 highly conductive anomalies of which only two have been tested with an intersection of 2.4 metres of massive sulphides averaging 0.5 per cent copper, 0.05 per cent nickel, 0.04 per cent cobalt as well as anomalous gold and palladium.
Chalice has also begun an extensive auger surface geochemistry program to define potential base and precious metal mineralisation along Thor.
Both the drilling and surface geochemistry will go towards fulfilling the requirement of Chalice spending $1.2 million to earn a 51 per cent interest in the project.
If Chalice spends $3.7 million on exploration by July 29 to earn a 70 per cent interest, Venture will maintain its 30 per cent holding.
“The company is looking forward to seeing the drill core from its JV partner Chalice Mining’s Maiden Drilling Program at Thor as it targets high priority EM anomalies that
potentially represent massive sulphide bodies,” Venture Managing Director Andrew Radonjic said.
“Venture is also encouraged by Chalice’s commitment to the South West Project with not only drilling the current priority bedrock conductors but also to generating other potential drill targets for later testing through an extensive auger geochem program along the prospective 20 kilometre long Thor magnetic trend.”
Shares in Chalice were up 1.29 per cent and trading at $7.05 while shares in Venture were up 8.70 per cent and trading at five cents at 11:36 am AEDT.