Venture Minerals Ltd joint venture (JV) farm-in partner Chalice Mining Ltd (ASX:CHN, OTCQB:CGMLF) has discovered two new nickel-copper-platinum group elements (PGE) targets on the West Australian South West Project, as well as extending and defining previously identified targets.
The two new targets have already been infill sampled for auger soil geochemistry, with results still pending.
The company says follow-up work will likely involve a ground electromagnetic (EM) survey and/or a drilling program subject to regulatory approvals.
The South West Nickel-Copper-PGE Project is held via JV by Chalice Mining (51%) and Venture Minerals (49%), with Chalice earning a further 19% interest (70% total) through $2.5 million in 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% net return smelter (NSR) royalty.
Positioned to capitalise on drilling success
“Chalice have now increased the number of new interpreted magmatic nickel-copper-PGE sulfide targets to four at the South West Project, three of which are on the highly prospective 20-kilometre-long Thor Target (NYSE:TGT) and the fourth located near the Odin Nickel-Copper-PGE prospect.
“Chalice is now advancing these targets towards drill testing with Venture well positioned to take advantage of any future drilling success.
“The results of this latest work by Chalice provides further encouragement for defining additional magmatic nickel-copper-PGE sulfide targets, in the remaining underexplored areas that sit within the northern part of the 20-kilometre-long Thor Target, the newly interpreted parallel ultramafic unit west of Thor, and near the Odin Nickel-Copper-PGE prospect.
“Chalice’s work continues to enhance the prospectivity of the South West Project, and this combined with their track record of exploration success provides Venture’s shareholders with multiple opportunities to participate in a new Nickel-Copper-PGE discovery.”
South West sits about 240 kilometres south of Perth within the Balingup Metamorphic Belt and the highly prospective West Yilgarn Nickel-Copper-PGE Province discovered by Chalice with Julimar.