- Venture Minerals (VMS) has discovered a volcanic massive sulphide (VMS) target along strike of the Golden Grove mine in WA
- The VMS target, dubbed as the Vulcan target, hosts a similar sized copper anomaly to Gossan Hill
- Gossan Hill was discovered nearly 50 years ago is the largest deposit within Golden Grove
- This find is encouraging for Venture Minerals who has been searching for VMS-style mineralisation since it acquired Golden Grove in 2018
- The company also hopes to advance Vulcan while it explores further VMS targets
- Venture shares are up a healthy 15.4 per cent and trading for 1.5 cents each
Venture Minerals (VMS) has discovered a volcanic massive sulphide (VMS) target along strike of the Golden Grove VMS mine in WA.
The VMS target, dubbed as the Vulcan target, is reportedly comparable to Gossan Hill, which is the largest deposit within Golden Grove.
It seems Vulcan hosts a similar sized geochemical copper anomaly. In 2002, Golden Grove had a resource of 40.2 million tonnes at 1.8 per cent copper, 0.9 per cent lead, 7.6 per cent zinc, 103g/t silver and 0.8g/t gold.
“This is an exciting VMS discovery by our Exploration Team along strike to a world class VMS Mine in Western Australia,” Managing Director Andrew Radonjic said.
Venture’s Golden Grove North Project lies approximately 370 kilometres north-northeast of Perth. For the last 25 years, this project hasn’t been the focus of VMS-style exploration.
Since Venture acquired it in 2018 however, the company has been looking for a systematic exploration approach to explore VMS exploration.
Fortunately, its approach worked. Vulcan marks the first VMS target discovered from that program, with the soil sampling results indicating a geochemical copper anomaly similar to Gossan Hill.
“We look forward to generating further results on the Vulcan Target and yielding additional VMS targets at Golden Grove North for testing in the near future,” Andrew said.
The company will utilise cost-efficient techniques to continue exploring VMS targets and advancing the Vulcan discovery.
Company shares are up a healthy 15.4 per cent and trading for 1.5 cents each at 1:48 pm AEDT.