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Chalice Mining (ASX:CHN) earns 51pc stake in Venture Minerals’ (ASX:VMS) South West Project

ASX News, Materials
ASX:VMS      MCAP $45.33M
13 July 2022 11:53 (AEST)

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Venture Minerals (VMS) has announced fellow ASX-listed Chalice Mining (CHN) has identified two new target areas within its South West project.

Chalice discovered the magmatic nickel-copper-platinum group element (PGE) targets through a recently completed auger soil geochemistry program at Venture’s WA-based project.

The potential of these target areas are reportedly supported by underlying geology consistent with ultramafic rocks and lie within areas of untested airborne electromagnetic (EM) anomalies.

The targets are also coincident with magnetic highs at Thor which is a 20-kilometre long, magnetic anomaly within the South West project.

“These targets were not part of Chalice’s ground EM program completed last year and the auger soil geochemical results for these new targets have stronger magmatic indicators than the area covered by the recent ground EM survey,” VMS Managing Director Andrew Radonjic said.

Through an agreement signed with Venture Minerals in 2020, Chalice Mining is earning up to a 70 per cent interest in the South West project by funding exploration.

Following the completion of the auger sampling program, as well as a recent maiden drilling program, Chalice has met its expenditure requirement of $1.2 million to earn a 51 per cent.

If it chooses to, Chalice needs to spend a further $2.5 million on exploration over the next two years to increase its stake by 19 per cent.

“With Chalice now having met its 51 per cent expenditure milestone ahead of schedule, Venture looks forward to working with Chalice in the future on our South West project,” Mr Radonjic said.

The next stage will include following up on the soil geochemistry program results with ground EM work and infill geochemical sampling to generate targets for drilling.

VMS shares were trading steady at 2.9 cents and CHN shares were also trading steady at $3.55 as of 11:32 am AEST.

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