- Chalice Mining (CHN) recommences ground electromagnetic (EM) program at Venture Minerals’ (VMS) South West Project
- The program was put on hold in June due to wet weather
- Chalice’s geophysical survey is part of the first stage of the joint venture earn-in focused on Venture’s Thor target, in which Chalice could earn up to 70 per cent
- Following this EM survey, Chalice will follow-up with soil geochemistry to define potential drill-ready targets
- On the market this morning, Venture is up 11.6 per cent and trading at 4.8 cents per share, while Chalice is up 7.01 per cent and trading at $9.77
Chalice Mining (CHN) has recommenced ground electromagnetic (EM) program at Venture Minerals’ (VMS) South West Project.
The program was put on hold in June due to wet weather.
Chalice’s geophysical survey is part of the first stage of the joint venture earn-in focused on Venture’s Thor target, in which Chalice could earn up to a 70 per cent stake by spending $3.7 million on exploration over four years.
The remainder of the EM program is over the area where Venture’s airborne EM survey found 13 highly conductive anomalies.
Following this EM survey, Chalice will follow-up with soil geochemistry to define potential drill-ready targets.
Notably, if Chalice drills the targets it will need to spend $1.2 million by July 29, 2022, to earn a 51 per cent interest and a further 2.5 million to earn a 70 per cent interest in the South West project.
From the initial third of the planned EM program, Chalice has already defined new EM anomalies of similar strength conductors to those that were found in the early phase of the Julimar discovery.
Venture’s Managing Director Andrew Radonjic is pleased to see the recommencement of the EM program.
“With this next phase targeting the area where Venture’s own airborne EM survey delineated 13 anomalies, suggesting the current survey is highly likely to generate further
bedrock conductors and potentially high priority drill targets,” Mr Radonjic said.
“What is most exciting is the opportunity this gives to Venture shareholders with Chalice potentially drilling these conductors early next year with the aim of making another Julimar discovery.”
On the market this morning, Venture was up 11.6 per cent and is trading at 4.8 cents per share, while Chalice was up 7.01 per cent to $9.77 at 11:18 am AEDT.