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Venture Minerals Ltd’s Riley iron ore mine could provide becomes a lot easier if we only have to raise $20 million to fund
the company with a major sugar hit in the next couple of it.”
years. Mt Lindsay is the major pathway for Venture to organically grow,
The company’s main game has always been the Mt Lindsay while an exploration portfolio of West Australian assets can be
tin project, however, the vagaries of the tin sector have a potent value creator for shareholders as evidenced by Chalice
kept the $50 million underground development at bay. Gold Mines Ltd’s interest in the South West nickel-copper-PGE
project.
However, with an estimated $31 million cash to be generated Chalice has committed to spend up to $3.7 million on the South
from Riley, Venture’s funding conundrum for Mt Lindsay could West project to earn a 70% interest.
become a lot simpler. “Mt Lindsay is still the flagship project unless we make a
“Riley is very meaningful, it stops diluting shareholders and discovery somewhere else or if Chalice makes a discovery on
it allows us to get on with other things within the company,” the project. If Chalice makes a discovery it won’t be our flagship,
Venture managing director Andrew Radonjic said. we will be along for the ride with the capacity to contribute and
“You can do a lot of things with cash and it gives you a lot of maintain a 30% position. If we have the cash it is easy do rather
flexibility. An underground mine at Mt Lindsay, which is easy to than borrowing it,” Radonjic said.
permit and capex of maybe $50 million with a smaller plant; it

Production from Iron Ridge is scheduled for early 2021

aUSTRaLIa’S PaYDIRT OCTOBeR 2020 Page 59