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covery,” Radonjic said. may come to the point where we
“A discovery generally results in a strong need to drill test it. It is a very large
share price, which the likes of Stavely and anomaly so hopefully it will have
DeGrey [Mining Ltd] have shown and if you 1-2% nickel, but if it is 73% sul-
have a gloomy market, discoveries always phide it will be pretty exciting.”
tend to get an overaction in the positive.” Radonjic is not banking on the
Making headway into a new discovery nickel potential just yet, with the
would offset the waiting game for Venture much more mature Mt Lindsay
in Tasmania where it is receiving some sup- tin-tungsten project better placed
port on the exploration front. for near-term development.
The company has secured co-funding for Some $35 million has been
up to $202,000 from the Tasmania Govern- spent on Mt Lindsay with a fea-
ment to drill test priority EM targets at the Mt sibility study produced, however, A quick start to production and cash flow
Lindsay tin-tungsten project. financing has stood in the way of from Riley could help unlock some of
A Renison-style tin target along strike project development. the potential within Venture’s portfolio
from Renison Bell was identified by Ven- Love affairs with tin and tung-
ture, while a strong EM anomaly within ul- sten have traditionally been brief, making looking at doing something higher-grade,
tramafics suggesting nickel sulphide poten- it hard for Mt Lindsay to initially catch the smaller tonnes, less capex [down below
market’s eye and then con- $50 million] then Riley is an option to sup-
solidate interest. plying some of that capital. Now, this is an-
With some 80,000t tin other [potential] avenue available to us and
metal, Mt Lindsay is widely we need to check all these things and not
considered one of the larg- just stick with one strategy, so we have the
est undeveloped tin projects best chance of success.”
in the world, while 3.2 mtu Radonjic said he was encouraged by the
tungsten contained makes it stance taken by the Department of Defence
a significant asset. concerning critical minerals in Australia.
Cash flow from Riley has “We welcome the strategy by the Gov-
always been one part of ernment to help fund critical minerals pro-
Venture’s funding plan for jects, which struggle for financing and quite
Mt Lindsay and still remains often companies have to go and get Chi-
in play, however, other op- nese companies involved, especially in the
tions are surfacing. rare earths sector,” he said.
The Australian Govern- “The Government is perhaps concerned
ment’s Critical Minerals at how the market has been potentially ma-
Venture has secured a co-funding for up to $202,000 Facilitation Office (CMFO) nipulated by the Chinese getting projects
from the Tasmania Government to drill test priority opened in January to help and then sitting on them, essentially land
EM targets at the Mt Lindsay tin-tungsten project facilitate growth in the coun- banking them, not developing them and
try’s critical minerals sector manipulating the free market. The Defence
tial was also spotted. and projects like Mt Lindsay will come un- Minister [Linda Reynolds] spoke at a confer-
“It is an opportunity which, if there is some der the Government’s microscope. ence late last year in Perth and it opened
very high-grade nickel sulphide – 73% Radonjic said initial discussions with the my eyes to that. For tungsten 85% of the
nickel – you don’t need a lot of it to have a CMFO had started and he was enthusiastic product is from China and 50% of tin comes
deposit and if it is sulphide then that puts about the potential availability of financing from China. Obviously, a lot of that [produc-
you in a good position. There is not another opportunities from outlets such as Northern tion/consumption] is on the back of the EV
deposit like it, this nickel sulphide has only Australia Infrastructure Facility and export narrative. The critical minerals strategy was
been identified in Tasmania,” Radonjic said. finance agencies. certainly something that was gaining mo-
“You don’t need a lot of it for a deposit and “I’d image there might be a chance to get mentum and I’d like to see that come back
if you can get 100mt @ 1% nickel then it some reasonably priced finance for critical more in the headlines once the virus situa-
is not a bad thing, but we have to do some minerals projects like Mt Lindsay,” he said. tion is stabilised.”
more work on it. It is an ultramafic, there is “Tasmania is probably ranked No.1 in – Mark Andrews
nickel in it, there is an EM anomaly and it terms of these types of projects. If we are

The conference proceedings of the 2019
Australian Nickel Conference

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6 October 2020
Perth, Western Australia Phone (+61) 8 9321 0355 or email christine@paydirt.com.au

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