Materials

Chalice Mining picks up 51% in Venture Minerals’ WA play as two new nickel-copper targets hit

Wed 13 Jul 22, 12:20pm (AEST)
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Key Points

  • Chalice Mining has satisfied Ventre Minerals’ 51% stake requirements, now moving in as majority partner
  • Chalice’s latest Augur drilling found two new nickel-copper and platinum group element targets
  • Chalice can spend $2.5m into mid-2024 to increase stake to 70%

Under a JV agreement minted first back in 2020, Venture Minerals (ASX:VMS) sees Chalice Mining (ASX:CHN) move into Venture’s WA South West Project as a 51% partner. 

The move comes with Chalice satisfying its onsite auger drilling requirement, which has in turn satisfied the trigger needed to take on a majority stake. 

Chalice retains the right to earn a further 19%, giving it a 70% share, should it elect to spend $2.5m over the next two years. 

The project in question is exploratory for nickel, copper, and platinum group element targets. 

Investors ought to note assay results are not included in today’s announcement; just the identification of two new prospective targets on-site. 

Flagship target

Venture Minerals’ South West project is located in WA some 240km away from the Ballingup Metamorphic Belt, within a province of the Yilgarn first discovered by Chalice. 

The flagship target within the Yilgarn acreag is a 20km long magnetic anomaly named ‘Thor.’ 

An airborne survey previously found 13 conductive (magnetic) anomalies within Thor, of which only two have been tested by Venture back in 2018. 

Chalice’s discovery on behalf of Venture now sees Venture sitting on a total of 15 exploration targets at Thor. 

Company management excited

“Venture is pleased with Chalice’s program, successfully delivering two new targets at Thor,” Venture Minerals managing director Andrew Radonjic said. 

“There are several kilometres of strike on the prospective 20km long Thor trend yet to see any surveying or EM work. Venture believes Chalice’s latest results have identified a new rock sequence [which has] never been explored.” 

Venture is trading under the average performance of the Materials Index (XMJ) - is it undervalued?
Venture is trading under the average performance of the Materials Index (XMJ) - is it undervalued?

 

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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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