Venture Minerals Limited (ASX:VMS, OTC:VTMLF) partner Chalice Mining Ltd (ASX:CHN, OTCQB:CGMLF) has kicked off ground and airborne electromagnetic (EM) surveys as well as a geochemical sampling program aimed at delineating existing targets and potentially identifying new targets for future drill testing at the South West Project in Western Australia.
Notably, Chalice decided to commit to the second stage of the joint venture (JV) after recently identifying two new nickel-copper-PGE targets at the project.
This phase of exploration will target the underexplored northern part of Thor, a newly interpreted parallel unexplored ultramafic unit west of Thor and a new area at the Odin nickel-copper-PGE prospect.
The South West Project is a JV between Chalice Mining (51%) and Venture Minerals (49%) in which Chalice is earning a further 19% interest (for a total of 70%) through an additional $2.5 million of expenditure by July 2024.
Once the second stage of the earn-in is completed Venture can then elect to either contribute 30% or dilute to a minimum of 10% JV interest, in which case the interest automatically reverts to a 1.25% NSR royalty.
New nickel-copper-PGE discovery
Venture managing director Andrew Radonjic said: “With Chalice now on the ground at the South West Project, the company looks forward to the results of the EM surveys and geochemical sampling programs to further delineate the two new interpreted magmatic nickel-copper-PGE sulphide targets discovered earlier this year.
“This phase of exploration by Chalice will also begin to test the underexplored northern part of the 20-kilometre-long Thor Target (NYSE:TGT), the newly interpreted parallel unexplored ultramafic unit west of Thor and a new area at the Odin nickel-copper-PGE prospect.
“The prospectivity of the South West Project, combined with the company’s well credentialled JV partner, provides Venture’s shareholders with multiple opportunities to participate in a new nickel-copper-PGE discovery.”
Forward plan
For the recently identified two new nickel-copper-PGE targets, Chalice will conduct infill auger soil geochemical sampling to constrain the phase one auger soil geochemistry targets.
On the new target area at the Odin, Chalice’s objective is to provide initial testing of magnetic, AEM, regional gravity and surface geochemical anomalism with auger soil geochemical sampling and coverage by Xcalibur AEM lines as part of a larger survey.
On the other new target area covering the newly interpreted parallel unexplored ultramafic unit west of Thor, the objective is to provide initial testing by Xcalibur AEM lines as part of a larger survey.
About the project
The South West Project is about 240 kilometres south of Perth hosted in the Balingup Metamorphic Belt, within the highly prospective West Yilgarn Nickel-Copper-PGE Province.
This province also hosts Chalice’s Julimar discovery, which is one of the largest greenfield nickel-copper-PGE sulphide discoveries in recent history.
The two main prospects within the project are Thor and Odin which remain prospective for potential nickel-copper-PGE mineralisation.