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BAtteRY MIneRALs

Andrew Radonjic

Critical venture for minerals in Tasmania

ne remedy for a crook market is explo- ments continuing. ket would have settled down by then, too.
Oration success. A ROM pad, site offices and onsite haul- In the meantime, Venture shareholders
Venture Minerals Ltd received a small age roads are all ready to go at Riley, while could potentially be exposed to more of the
dose of appreciation in February month discussions with shipping brokers are on- story unfolding at Golden Grove North.
when it released information on a new VMS going. “We got a very good reaction to the soil
target discovered at the Golden Grove Stability in the iron ore price would help anomaly at Golden Grove North and a lot
North project, 370km north-north-east of Venture reach a decision-to-mine once the of people that worked on the project are in-
Perth. way is cleared by the relevant government trigued by it once again, which is a techni-
A 2km-long VMS target displaying highly departments in Tasmania. cal tick on what we are doing out there. But
anomalous copper in-soils similar to the ge- “We can’t be certain on the timing of that we need to deliver some tangible results
ochemical footprint at Gossan Hill, the larg- in dealing with government departments; that the market and shareholders can latch
est deposit at EMR Capital’s Golden Grove they are very risk averse. The company onto,” Radonjic said.
mine, was confirmed by Venture at Golden monitors that and obviously we’d have run- Given the hype around Stavely Miner-
Grove North. ning costs regardless. That is why we are als Ltd’s success in Victoria and the sup-
Surface rock chip samples of up to 23.8% looking at the exploration portfolio to see if port shown for Cobre Ltd’s IPO on the
copper, 7.8 g/t gold, 35 g/t silver and 1.2% we have anything else to go on with,” Ven- back of Perrinvale, north west of Menzies
zinc plus the presence of copper sulphides ture managing director Andrew Radonjic and Kalgoorlie (5m @ 9.8% copper, 3.2 g/t
at surface was reported by Venture. told Paydirt. gold, 34 g/t silver, 3.1% zinc, including 3m
Despite the well-known history of the “Golden Grove North was acquired in @ 12.6% copper, 4.7 g/t gold, 43.7 g/t sil-
Golden Grove mine, which EMR bought for October 2018 and we’ve only just put some- ver, 3.6% zinc at Schwabe) it is apt timing
$US210 million three years ago, VMS-style thing out to the market and it is a case of for Venture to be showcasing its own VMS-
exploration at Golden Grove North has not going through, reviewing all the old data, style potential at Golden Grove North and
been undertaken for the past 25 years. soil anomalies and following them up to see Thor (South West project).
Venture acquired Golden Grove North in if there is anything interesting there. That “We’ve got onto something at Thor which
2018, but its priority has been on getting the can take time before you can develop drill needs much more exploration, but we have
Riley DSO hematite iron ore project in Tas- targets, which is all low cost. We will get had some early success. At Golden Grove
mania off the ground. Riley into a position where it is ready and North we’re along strike from a world-class
Riley is being primed as the cash-cow to if the iron ore price sees some stability, per- asset which is still delivering, and we are
enable Venture to exploit and extract great- haps we can get a few shipments out. As pretty excited by that area. The next steps
er value from the suite of assets it has in its has happened in the past when there have we are considering logically is EM – gener-
portfolio. been shocks in the market, the rebound ate a bullseye target that we can test and
Riley remains shovel-ready, with Venture can be good.” build a new discovery from. If you look at
recently completing additional road survey- Radonjic wants to provide clarity on Riley Stavely, Sandfire [Resources NL] – people
ing as required by authorities in Tasmania on the north-west coast of Tasmania in the forget DeGrussa is a VMS – and Cobre, it
and negotiations on port access agree- next couple of months and hopes the mar- is not a bad time to make a copper-gold dis-

Page 44 aPRIL 2020 aUSTRaLIa’S PaYDIRT