Proactiveinvestors United Kingdom VRX Silica Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom VRX Silica Ltd RSS feed en Mon, 27 May 2019 07:59:48 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Ventnor Resources, Sandfire Resources eye copper-gold growth ]]> https://www.proactiveinvestors.co.uk/companies/news/163294/ventnor-resources-sandfire-resources-eye-copper-gold-growth-64976.html The Thaduna-Green Dragon joint venture between Ventnor Resources (ASX:VRX) and Sandfire Resources (ASX:SFR) is set to build a deeper resource base with a fresh round of drilling.

Sandfire will begin a diamond core drill campaign at the site 170 kilometres north of Meekatharra this month, with an aim of encountering mineralised material at beneath the current resource, which stands at 2.95 million tonnes at 3.27% copper and 7.6g/t silver for 96,000 tonnes of copper and 720,000 ounces of silver.

The diamond core drilling will follow immediately on a five-hole reverse circulation program that returned 5 metres at 3.19% copper and 9.62g/t silver from 251 metres as well as 4 metres at 1.53% copper and 1.9g/t silver from 193 metres.

The latest resource definition exercise is proposed entails drilling six diamond holes to an average depth of approximately 350 metres down hole.

Ventnor has agreed to grant a six-month extension to the second earn-in period of its JV arrangement with Sandfire.  During this extension, Sandfire has the option to increase its interest in Thaduna-Green Dragon to 51% by sole funding A$3 million of exploration expenditure.

Sandfire may earn an additional 29% interest in the project – increasing its total interest to 80% – by spending an additional $3 million by December 2017.

Thaduna-Green Dragon is located 40 kilometres east of Sandfire’s large DeGrussa copper-gold operation and represents the largest copper resource in the Doolgunna-Bryah Basin outside of the DeGrussa-Doolgunna project.

 

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Thu, 08 Oct 2015 15:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163294/ventnor-resources-sandfire-resources-eye-copper-gold-growth-64976.html
<![CDATA[News - Ventnor Resources, Sandfire Resources have copper hits at Thaduna ]]> https://www.proactiveinvestors.co.uk/companies/news/163293/ventnor-resources-sandfire-resources-have-copper-hits-at-thaduna-64899.html Ventnor Resources (ASX:VRX) has advised that Sandfire Resources (ASX:SFR) has completed a 5 hole reverse circulation drill program at the Thaduna copper project in Western Australia.   

Significant results include:

- 5 metres at 3.19% copper and 9.62 grams per tonne silver from 251 metres; and
- 4 metres at 1.53% copper and 1.9g/t silver from 193 metres.

Holes had been planned and selected to target gaps in drill coverage over the main ore body, between known mineralisation intercepts and to test drill methods to keep RC resource definition holes and diamond pre collars at the proposed trajectory.

On 4th December, Ventnor entered into a joint venture agreement with Sandfire on the project located 170 kilometres north of Meekatharra in Western Australia.

At that date Sandfire acquired a 35% interest in the project and management of the JV.

 

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Fri, 02 Oct 2015 16:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163293/ventnor-resources-sandfire-resources-have-copper-hits-at-thaduna-64899.html
<![CDATA[News - Ventnor Resources gears up for equity raise ]]> https://www.proactiveinvestors.co.uk/companies/news/163292/ventnor-resources-gears-up-for-equity-raise-63130.html Ventnor Resources (ASX:VRX) is preparing to reveal details of an equity raising, with the ASX granting the company a trading halt to prepare.

Ventnor's current exploration projects include Black Dragon, which is adjacent to the jointly owned Anglo Gold Ashanti/Independence Group
Tropicana Gold mine.

Initial field work at Black Dragon included rock chips of 626g/t gold, 568g/t gold and 213 g/t gold.

The halt will last until the opening of trade on Monday 29th June 2015, or earlier if an announcement is made to the market.

Previouslt Ventnor entered into a joint-venture with Sandfire Resources (ASX:SFR) to fast-track development of the historic Thaduna/Green Dragon copper project in Western Australia.

 

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Thu, 25 Jun 2015 15:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163292/ventnor-resources-gears-up-for-equity-raise-63130.html
<![CDATA[News - Ventnor Resources is carded with ASX speeding ticket ]]> https://www.proactiveinvestors.co.uk/companies/news/163291/ventnor-resources-is-carded-with-asx-speeding-ticket-56959.html Ventnor Resources (ASX:VRX) received a speeding ticket today from the ASX after it hit an intra-day high of $0.09.

The company replied it could not explain the rise.

The shares have been active, moving from $0.047 on 1 July.

Ventnor and Sandfire Resources (ASX:SFR) inked a deal recently, designed to move the Thaduna/Green Dragon Copper Project into production.

This would be a sweet deal as it would remove an onerous funding requirement for mine development.

 

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Fri, 15 Aug 2014 18:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163291/ventnor-resources-is-carded-with-asx-speeding-ticket-56959.html
<![CDATA[News - Ventnor Resources shares on a tear ]]> https://www.proactiveinvestors.co.uk/companies/news/59819/ventnor-resources-shares-on-a-tear-70200.html Ventnor Resources (ASX:VRX) shares have rocketed up 54.76% in the past week to an intra-day high of $0.065 from a close of $0.042 on Wednesday, 2 July.

The company had advised on 12 May that partner Sandfire Resources (ASX:SFR) has started drilling at the Thaduna/Green Dragon Copper Project in Western Australia.

Thaduna/Green Dragon is located 40 kilometres east of DeGrussa and is the largest known copper resource in the Doolgunna District outside of Sandfire’s DeGrussa-Doolgunna Project.

Sandfire's drilling is planned to provide diamond core for assay and metallurgical testwork, and includes shallow dipping diamond drilling directly under the existing Thaduna pit.

 

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Tue, 08 Jul 2014 01:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/59819/ventnor-resources-shares-on-a-tear-70200.html
<![CDATA[News - Ventnor Resources raising up to $1.99M to continue review and evaluation of projects ]]> https://www.proactiveinvestors.co.uk/companies/news/163290/ventnor-resources-raising-up-to-199m-to-continue-review-and-evaluation-of-projects-53104.html Ventnor Resources (ASX: VRX) is raising up $1.99 million to continue the ongoing review and evaluation of its existing projects.

Funds from the renounceable pro rata rights issue of two shares for every three shares held priced at $0.042 each will also be used for additional working capital and to repay amounts owning under its $1 million loan facilities.

It is intended that the Rights Issue will be underwritten by Patersons Securities.

The company has also reached an agreement with the lenders of the loans to vary the terms so that the loan fee of $100,000, which was to be satisfied through the issue of 1 million options with an exercise price linked to the 10 day VWAP of the company’s shares, will instead be set off against the lenders’ sub-underwriting obligations under the Rights Issue.

Ventnor also noted that Sandfire Resources (ASX: VRX) has started data integration and validation of previous drilling and assaying at their Thaduna/Green Dragon Copper project in Western Australia.

Sandfire believes that there may be an opportunity, subject to further evaluation and technical studies, to process both the sulphide and oxide material contained within the Thaduna Project at its DeGrussa operations.
   
Initial focus is being placed on understanding the geological and metallurgical properties of the upper portion of the resource which will be amenable to open pit mining.

It is expected that drilling of shallow geological and metallurgical holes below the existing Thaduna open pit will be undertaken before June 2014.

Ventnor had in December closed a deal that will see Sandfire manage and sole fund development of the project.

Sandfire can earn up to 80% interest by sole funding the next $6 million of pre-development costs.

 

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Mon, 24 Feb 2014 12:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/163290/ventnor-resources-raising-up-to-199m-to-continue-review-and-evaluation-of-projects-53104.html
<![CDATA[News - Ventnor Resources in halt pending equity raising details ]]> https://www.proactiveinvestors.co.uk/companies/news/163289/ventnor-resources-in-halt-pending-equity-raising-details-53023.html Ventnor Resources (ASX:VRX) is in a halt pending a market release regarding equity raising plans.

Last quarter, Ventnor entered into an agreement with Sandfire Resources (ASX:SFR) to fast track its Thaduna/Green Dragon Copper project into production and remove the need for Ventnor to raise substantial additional funding for mine development of $70 million. The deal would have reduced the previous cost estimate to only establishment costs.

The halt is remain in effect until the company makes announcement or start of trade on 24 February.



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Thu, 20 Feb 2014 16:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/163289/ventnor-resources-in-halt-pending-equity-raising-details-53023.html
<![CDATA[News - Ventnor Resources and Sandfire Resources close Thaduna/Green Dragon funding deal ]]> https://www.proactiveinvestors.co.uk/companies/news/163288/ventnor-resources-and-sandfire-resources-close-thadunagreen-dragon-funding-deal-50895.html Ventnor Resources (ASX:VRX) will not be required to fund $70 million of previously estimated capital costs at Ventnor’s Thaduna/Green Dragon Project with the closing of a transaction with Sandfire Resources (ASX: SFR).

Ventnor has also banked $3 million as Sandfire moves to a 35% interest in the project which will be used by Ventnor to discharge outstanding loans and fees.

Following satisfaction of the last of the conditions precedent, Sandfire will now manage and sole fund the development of Thaduna/Green Dragon and earn up to 80% interest by sole funding the next $6 million of pre-development costs.

With the agreement in place, the project should move faster toward first production without project financing risk as Sandfire will fund the project into production.

Which should become a nice earner for Ventnor as it would receive juicy quarterly dividends from the Joint Venture out of cash flow.

Next up for Ventnor is delving into its exploration portfolio to do it all over again.

 


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Thu, 05 Dec 2013 08:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/163288/ventnor-resources-and-sandfire-resources-close-thadunagreen-dragon-funding-deal-50895.html
<![CDATA[News - Ventnor Resources gains $1M loan facility, shares resume trading ]]> https://www.proactiveinvestors.co.uk/companies/news/53427/ventnor-resources-gains-1m-loan-facility-shares-resume-trading-63398.html Ventnor Resources (ASX:VRX) will raise $1 million via a loan facility with sophisticated investors.

With this facility, Ventnor's shares on the ASX can re-commence trading.

Interest is payable at 10% per annum on drawn down amounts and with 1 million options to be issued to the investors.

In October, Ventnor announced $9 million in funding from mining major Sandfire Resources (ASX: SFR).

Sandfire will initially acquire a 35% interest in the project by paying $3 million upfront directly to Ventnor.

Sandfire can then acquire an additional 16% (total 51%) for the second $3 million tranche, and 29% (total 80%) for the third $3 million.

The deal stuck in October was aimed at a fast-track for Ventnor’s Thaduna/Green Dragon copper project into production.

The transaction comprised a farm-in, funding and toll treatment agreement with Sandfire to advance the project to production utilising its production facilities at its DeGrussa copper project.

Thaduna/Green Dragon is located 40 kilometres from DeGrussa.

 

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Wed, 20 Nov 2013 05:52:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/53427/ventnor-resources-gains-1m-loan-facility-shares-resume-trading-63398.html
<![CDATA[News - Ventnor Resources: Sandfire Resources to fund Thaduna / Green Dragon copper project into production ]]> https://www.proactiveinvestors.co.uk/companies/news/163287/ventnor-resources-sandfire-resources-to-fund-thaduna-green-dragon-copper-project-into-production-49571.html Ventnor Resources' (ASX: VRX) managing director Bruce Maluish has bagged $9 million in funding from mining major Sandfire Resources (ASX: SFR).

Maluish has entered into a deal to joint venture with Sandfire Resources to fast-track Ventnor’s Thaduna/Green Dragon copper project into production.

The transaction comprises a farm-in, funding and toll treatment agreement with Sandfire to advance the project to production utilising its production facilities at its DeGrussa copper project.

The importance in the deal is it removes the need for Ventnor to raise additional funding for mine development.

A Thaduna/Green Dragon Scoping Study confirmed the economic and technical viability of the project, to produce an average 15,000 tonnes per annum of copper over an anticipated mine life of 10 years.

Thaduna/Green Dragon is located 40 kilometres from DeGrussa.

The transaction is subject to Ventnor shareholder approval. Ventnor shares are currently suspended.


The deal

Sandfire will initially acquire a 35% interest in the project by paying $3 million upfront directly to Ventnor.

Sandfire can then acquire an additional 16% (total 51%) for the second $3 million tranche, and 29% (total 80%) for the third $3 million.

The second and third tranches will be spent directly on the project. Ventnor retains an option to acquire Sandfire’s interest if Sandfire fails to commence production from the project within five years.

The option price is the total amount that Sandfire has expended to that point in time (including any loans).

 

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Tue, 29 Oct 2013 08:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/163287/ventnor-resources-sandfire-resources-to-fund-thaduna-green-dragon-copper-project-into-production-49571.html
<![CDATA[News - Ventnor Resources' copper hits have high grade and width at Thaduna in WA ]]> https://www.proactiveinvestors.co.uk/companies/news/49449/ventnor-resources-copper-hits-have-high-grade-and-width-at-thaduna-in-wa-58893.html Ventnor Resources (ASX: VRX) has delivered some more impressive near-surface copper intersections at the Thaduna/Green Dragon Project in Western Australia, with the latest results not only high grade, but broad.

Drilling to date at Thaduna comprises 221 reverse circulation holes for 29,041 metres with 79 diamond tails for 20,485 metres, totaling 49,526 metres.

Highlights from within the optimised pit area at southern end of Thaduna deposit included: THDD234 19.0 metres at 4.12% copper and 19.4 g/t silver from 98 metres down hole, including 8.0 metres at 8.62% copper and 42.2g/t silver.

The results are the first from a campaign of four diamond drill holes aimed at providing core for testwork on the Thaduna waste and ore at around 80 metres depth, and we be included in the JORC Resource upgrade later this year.

Bruce Maluish, managing director, commented: “This intersection is within the southern area of the Thaduna optimised pit shell and was drilled at a shallow angle which is parallel to the final pit slope and will be used for geotechnical studies as well as the metallurgical testwork.

“The intersection is within a high grade zone which is developing in the southern end of the Thaduna deposit.”

Results from another three diamond holes in this area are pending, with another ten shallow dipping (-35o) diamond drill holes are planned within the BFS program to test similar depths just below the existing historic pit to supply core for additional testwork.


Corporate update

Ventnor said that it continues to evaluate a number of investment proposals negotiations continuing with some at an advanced stage.

The potential outcomes have significant consequences for the company and the directors are mindful of the shareholders interest during what have been protracted evaluations.


Analysis

The significance of THDD234 is that it has returned a significantly better intersection than the surrounding reverse circulation drilling completed early in the first Phase of drilling December 2011 and highlighted by an intersection of 8 metres at 4.48% copper and 15.6 g/t silver in nearby hole THRC108.

The impact from the latest hole is that it will in an upgrade to the existing Resource estimate in this area, while validating previous drilling - increasing the confidence in the continuity of the Thaduna mineralised structure.

 

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Thu, 11 Jul 2013 08:17:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/49449/ventnor-resources-copper-hits-have-high-grade-and-width-at-thaduna-in-wa-58893.html
<![CDATA[News - Ventnor Resources’ deep drilling returns 25m at 3.66% copper at Thaduna ]]> https://www.proactiveinvestors.co.uk/companies/news/163286/ventnor-resources-deep-drilling-returns-25m-at-366-copper-at-thaduna-45086.html Ventnor Resources (ASX: VRX) has received further support for underground mining at its Thaduna and Green Dragon project in Western Australia with assays from deep drilling of up to 23 metres at 3.66% copper.

“We are pleased that the field observations of expected high grade zones have been confirmed by high grade assays,” managing director Bruce Maluish said.

“These intersections are some of the highest grade copper intersections reported in the last year in Australia and support the potential for underground production at Thaduna.

“We intend to follow up these intersections with further drilling as part of the BFS expenditure which will better determine the extent of the high grade mineralisation and lift the confidence in the Resource.

“Drilling to date has confirmed the continuity of the Orebody to depth and also the high grade core.”

Hole THDD236, where the thick intersection from 388 metres was made, was infilling the existing 142,200 tonne copper JORC resource while holes THDD235 and THDD238 extended the high-grade underground mineralisation with assays of 9.58 metres at 5.00% copper from 612 metres and 6.15 metres at 9.94% copper from 572 metres.

Drilling details

THDD236 had intersected a very wide consistent zone of chalcopyrite mineralisation, with minor bornite, hosted in a package of graphitic shales and greywacke.

This returned the thick copper intersection, which Ventnor expects will result in a localised increase in the resource proximal to this hole.

THDD235 intersected a wide intersection of strong bornite mineralisation with minor chalcopyrite hosted in variable graphitic shales and greywackes, with the highest grades while THDD238 intersected a very strong intersection of bornite mineralisation with minor chalcocite and chalcopyrite hosted in variable graphitic shales and greywackes,

Ventnor noted the assays from these two holes confirm the understanding of the sulphide zonation and shoot geometry.

Future work

The results of these and other completed drilling will be used to generate an updated JORC compliant Resource model.

The updated Resource model will be used as a base case for the Bankable Feasibility Study that is scheduled for completion in the September quarter 2013.

A Scoping Study completed earlier this year indicated the potential for an open cut operation followed by a longer-term underground mine to be economic.

Ventnor added that during the development of the BFS, it anticipates that additional drilling will be undertaken to support the generation of Mining Reserves for the optimal pit area and at least an initial three years underground production.

In addition, it is expected that the drilling program will also target further depth extensions to the updated Resource beyond the success in holes THDD235 and THDD238.

About 1,000 metres of drilling would be required for the optimal pits, 4,500 metres for the three years underground production and another 1,500 metres for the depth extensions.

Analysis

With some of the highest grade copper intersections made in Australia this year, the deep drilling at Ventnor Resources’ Thaduna/Green Dragon project has highlighted the potential for underground mining to follow the initial open pit.

Ventnor remains in suspension while it finalises a capital raising.

 

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Tue, 02 Jul 2013 12:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163286/ventnor-resources-deep-drilling-returns-25m-at-366-copper-at-thaduna-45086.html
<![CDATA[News - Ventnor Resources strikes further significant sulphide intersections at Thaduna/Green Dragon ]]> https://www.proactiveinvestors.co.uk/companies/news/49040/ventnor-resources-strikes-further-significant-sulphide-intersections-at-thadunagreen-dragon-58431.html Ventnor Resources (ASX: VRX) has received further significant sulphide intersections from the recently deep drilling at its Thaduna/Green Dragon Project.

All of the holes intersected visible copper sulphide mineralisation as well as the continued presence of high grade bornite and primary chalcocite within the mineralised zones.

Bornite contains significant levels (63.3 wt% Cu) of copper and is potentially high grade ore when encountered.

Ventnor had earlier this week noted that one of the deep drilling holes, THDD226 that was drilled to infill a gap in the resource, had intersected 13.5 metres at 3.25% copper.

“We are further encouraged by these recent holes as they have similar mineralogy to previous high grade intersections and extend the known zone,” managing director Bruce Maluish said.

He added that Bronite had become the high grade indicator in the deeper drilling and the dominant mineralisation encountered.

“We continue to intersect widths of sulphide that potentially are suitable for economic underground mining,” Maluish added.

Assays are also due shortly from the additional four shallow diamond holes which were drilled below the Thaduna pit to provide geotechnical and metallurgical samples and indicate significant widths of mineralisation.

These would be included in an update of the current 142,200 tonnes of copper Resource for Thaduna/Green Dragon.

“We will incorporate these new hits into our updated Resource model to be used in the Bankable Feasibility Study,” Maluish said.

Drilling results

THDD235 intersected a +9 metre down hole intersection of strong bornite mineralisation with minor chalcopyrite hosted in variable graphitic shales and greywackes, with the highest grades concentrated in the graphitic shales.

THDD238 intersected a +6 metre down hole intersection of strong bornite mineralisation with minor chalcopyrite hosted in variable graphitic shales and greywackes, with the highest grades concentrated in the graphitic shales

The copper sulphides shown intersected in THDD235, THDD236 and THDD238 support the understanding of the zonation encountered in the mineralising system.

Ventnor noted that THDD236 is at the top of the mineralised system and as a result is predominantly chalcopyrite with only minor amounts of bornite.

Holes THDD235 and THDD238 are further down in the system where bornite is the dominant copper sulphide and in the case of THDD235 primary chalcocite is being deposited.

Thaduna/Green Dragon is located in the Doolgunna district of Western Australia and has a current Resource of 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

A Bankable Feasibility Study is currently underway and is scheduled for completion in the September quarter 2013.

This will focus on detailed mine planning, metallurgical testwork, processing options, confirmed contract rates and operating cost reduction initiatives.

The Scoping Study completed in February had indicated the project will deliver attractive economics with capital expenditure estimated at $70 million and the average operating expenditure expected to be around $1.75 per pound.

This is based on a mine that will produce 15,000 tonnes of contained copper per annum over a 10 year mine life, with high recoveries and concentrate value.

 

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Thu, 27 Jun 2013 07:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/49040/ventnor-resources-strikes-further-significant-sulphide-intersections-at-thadunagreen-dragon-58431.html
<![CDATA[News - Ventnor Resources extends deep high grade copper zone at Thaduna/Green Dragon ]]> https://www.proactiveinvestors.co.uk/companies/news/48961/ventnor-resources-extends-deep-high-grade-copper-zone-at-thadunagreen-dragon-58340.html Ventnor Resources’ (ASX: VRX) deep drilling program at its Thaduna and Green Dragon project in Western Australia has intersected up to 13.5 metres at 3.25% copper, supporting depth extensions to the high grade zone below the current resource.

All holes intersected copper sulphide mineralisation including high grade bornite and primary chalcocite within the mineralised zones, confirming the understanding of the sulphide zonation which occurs at the Thaduna deposit.

“This deep drilling campaign of 12 deep diamond holes was aimed at extending the high grade zone at Thaduna and has now confirmed copper mineralisation to a depth of 650 metres,” managing director Bruce Maluish said.

“The deeper intersections also confirm widths and grade which are potentially suitable for underground mining. These widths have now been encountered over 400 vertical metres below the Thaduna optimised pit.

“The campaign has been completed and following the receipt of assays we will recalculate the Resource and plan further drilling to delineate the full extent of the mineralisation.”

All assays have been received from the deep drilling campaign with check assays underway on higher grades and results expected over the next two weeks with an announcement to follow.

An additional four shallow diamond holes were drilled below the Thaduna pit to provide geotechnical and metallurgical samples.

Metallurgical testwork carried out by ALS Metallurgy under the direction of Met-chem Consulting indicates very high recoveries, concentrate values and ultra-low impurities from Thaduna with indications that recovery is not significantly impacted by a coarser upfront grind and that a simple low cost reagent is required.

Ventnor continues to evaluate a number of equity, equity/offtake, equity/debt, equity/JV and JV proposals and expects to finalise an agreement in the coming weeks.

Drilling

Drilling to date at Thaduna comprises 221 reverse circulation holes for 29,041 metres with 72 Diamond Tails for 17,374 metres, totalling 46,415 metres.

THDD226, which returned an assay of 13.5 metre at 3.25% copper from 520 metres, was one of the early holes drilled as part of this program.

It intersected a strong wide graphitic zone with bornite, chalcopyrite and chalcocite sulphide mineralisation present with all assays within the interval returning at least 1% copper.

The wide intersection shows a distinct grade variation with higher grades associated with the hangingwall and footwall contacts within a +3% envelope.

The hangingwall position averaged 3 metres at 4.24% copper and the footwall position averaged 4.27 metres at 4.07% copper.

It is interpreted that the Thaduna mineralisation splits between a single structure and two structures and THDD226 has intersected close to the bifurcation point and thus the wide zone with two distinct higher grade zones.

Metallurgical Testwork

Three phases of testwork have been completed.

The initial program was to determine the amenability of the ore to flotation, the optimum grind size and appropriate reagents. The second program was a more detailed test at the varied grind sizes over different vertical geological zones. The third test program was to test the amenability of the shallow zones to leach testwork.

Rougher optimisation test work to date suggests that a fine grind is not necessary with a 75μm grind size yielding 91.9% recovery while a finer 45μm resulted in 93.2% recovery.

It has also been determined that although the mineralogy responds well to expensive flotation reagents, comparable results were achieved with cheaper xanthate based collectors.

The combination of these two parameters will result in significant operating cost savings.

Leach testwork near surface has also been completed which indicates that near surface ore is also amenable to leaching with a recovery of between 60% to 90%, down to a depth of 70 metres where chalcocite becomes the dominant copper source.

This has found that while there are some oxide copper minerals near surface there is a predominance of copper sulphide minerals which are very amenable to flotation.

It is planned to undertake further sequential copper analysis on the laboratory pulps for all intersections above 200 metres vertically at both Green Dragon and Thaduna. This will result in better metallurgical modeling for the Bankable Feasibility Study.

Future BFS work will include diamond drilling to gain samples for additional metallurgical testwork.

This will target near surface positions to be able to better define the treatment route of ore mined from a potential open cut. Flotation optimisation testwork will be focused refining the following parameters:

-    Rougher grind size: Work to date indicates recovery is not significantly impacted by a coarser upfront grind;
-    Cleaner grind size: All cleaner tests to-date have been re-ground to 20μm. If regrinding is not required it will result in operational and capital cost savings; and
-    Definitive reagent suite: Work to date has identified that a simple low cost reagent suite is required.

Thaduna/Green Dragon

Thaduna/Green Dragon is located in the Doolgunna district of Western Australia and has a current Resource of 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

A Bankable Feasibility Study is currently underway and is scheduled for completion in the September quarter 2013.

This will focus on detailed mine planning, metallurgical testwork, processing options, confirmed contract rates and operating cost reduction initiatives.

The Scoping Study completed in February had indicated the project will deliver attractive economics with capital expenditure estimated at $70 million and the average operating expenditure expected to be around $1.75 per pound.

This is based on a mine that will produce 15,000 tonnes of contained copper per annum over a 10 year mine life, with high recoveries and concentrate value.

Analysis

The extension of the high grade copper zone below the current Green Dragon and Thaduna resource is a positive for Ventnor Resources, giving it the option to expand the project beyond the original open pit with underground mining.

Testwork has also been encouraging with indications that regrinding may not be necessary for good recoveries. This and the requirement for a simple, low cost reagent, will result in cost savings for the project, increasing its attractiveness.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 25 Jun 2013 07:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/48961/ventnor-resources-extends-deep-high-grade-copper-zone-at-thadunagreen-dragon-58340.html
<![CDATA[News - Ventnor Resources secures key Mining Leases for Thaduna/Green Dragon ]]> https://www.proactiveinvestors.co.uk/companies/news/47364/ventnor-resources-secures-key-mining-leases-for-thadunagreen-dragon-56471.html Ventnor Resources (ASX: VRX) has marked a major milestone with the West Australian Minister for Mines  Bill Marmion granting Mining Leases for the Thaduna and Green Dragon copper project.

This places the company on track for a decision to mine in the September 2013 quarter.

Drilling results and a Resource upgrade for Thaduna are also expected to be released later in the current quarter.

Managing director Bruce Maluish the prompt granting of the Leases and connecting Miscellaneous Licenses was only possible with the cooperation of the Yugunga-Nya People throughout Native Title negotiations.

“That agreement was reached in four months since our original meeting, demonstrates the spirit of cooperation on both sides. Ventnor looks forward to working with the group as it moves toward the mining phase in the future,” he added.

The Native Title Agreement was reached in April 2013.

Mining Lease M52/1061 for Thaduna and Mining Lease M52/1060 for Green Dragon, which cover the previous Prospecting Licences P51/1253, 1254 and 1255 as well as P51/1256 respectively, will enable Ventnor to proceed with the development of the Thaduna/Green Dragon project as planned.

Ventnor was also granted Miscellaneous Licence L52/150, which applies to the area which covers the road connecting the Thaduna and Green Dragon Copper Projects as well as Miscellaneous Licence L52/149 for the area which covers the road connecting the project to the Neds Creek road 41 kilometres from the Great Northern Highway.
   
Thaduna/Green Dragon

Thaduna/Green Dragon is located in the Doolgunna district of Western Australia and has a current Resource of 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

Deep drilling of seven holes targeting the Thaduna Prospect to upgrade this to between 175,000 and 200,000 tonnes of contained copper was successful in intersecting zones of copper sulphides with assays expected in four to six weeks.

An extra four diamond drill holes were also completed in the shallow zones adjacent to the Thaduna pit to provide samples for metallurgical testwork.

Extra flat shallow holes are planned in to zones directly below the historic pit which will require a specialised drill rig.

Mineralisation at Thaduna remains open at depth and along strike.

A Bankable Feasibility Study is currently underway and is scheduled for completion in the September quarter 2013.

This will focus on detailed mine planning, metallurgical testwork, processing options, confirmed contract rates and operating cost reduction initiatives.

The Scoping Study completed in February had indicated the project will deliver attractive economics with capital expenditure estimated at $70 million and the average operating expenditure expected to be around $1.75 per pound.

This is based on a mine that will produce 15,000 tonnes of contained copper per annum over a 10 year mine life, with high recoveries and concentrate value.

Ventnor is finalising terms for the provision of secured loan facilities totalling $2.74 million.

This will provide it with the necessary funds to finalise capital raising requirements and continue discussion in relation to potential offtake arrangements.


Analysis

With the approval likely to assist a decision to mine in September quarter 2013, drilling results and a Resource upgrade for Thaduna expected later in the current quarter there is plenty of news flow and catalysts for value accretion in the coming months. With the share price levelling out provides entry opportunities.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 02 May 2013 06:26:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/47364/ventnor-resources-secures-key-mining-leases-for-thadunagreen-dragon-56471.html
<![CDATA[News - Ventnor Resources finalising terms for $2.74M in loan facilities ]]> https://www.proactiveinvestors.co.uk/companies/news/47308/ventnor-resources-finalising-terms-for-274m-in-loan-facilities-56405.html Ventnor Resources (ASX: VRX) is finalising terms for the provision of secured loan facilities totalling $2.74 million.

This will provide it with the necessary funds to finalise capital raising requirements and continue discussion in relation to potential offtake arrangements.

The loan facilities comprise the conversion of amounts owing under contract for project work totalling $1.74 million and the provision of a $1 million drawdown facility, of which $500,000 is available immediately and the balance subject to drawdown conditions.

The loan facilities are subject to final documentation.

Ventnor is focused on the development of its Thaduna/Green Dragon Copper Project in Western Australia, where it has a Resource of 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

A Bankable Feasibility Study is currently underway and is scheduled for completion in the September quarter 2013.

Further deep drilling is also in progress to upgrade the current Resource to between 175,000 and 200,000 tonnes of contained copper.

The company has already fulfilled all conditions required for the grant of a Mining Lease and associated licences for its Thaduna/Green Dragon Copper Project in Western Australia after reaching a Native Title Agreement early this month.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 01 May 2013 00:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/47308/ventnor-resources-finalising-terms-for-274m-in-loan-facilities-56405.html
<![CDATA[News - Ventnor Resources continues to review capital raising options ]]> https://www.proactiveinvestors.co.uk/companies/news/46786/ventnor-resources-continues-to-review-capital-raising-options-55798.html Ventnor Resources (ASX:VRX) has secured more time to consider its capital raising plans with trading of its shares continuing to be in voluntary suspension.

The company first entered into the halt on April 3 and had earlier said that it had been approached by corporate parties for potential equity raising and/or offtake arrangements.

Ventnor is focused on the development of its Thaduna/Green Dragon Copper Project in Western Australia, where it has a Resource of 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

A Bankable Feasibility Study is currently underway and is scheduled for completion in the September quarter 2013.

Further deep drilling is also in progress to upgrade the current Resource to between 175,000 and 200,000 tonnes of contained copper.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

 

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Mon, 15 Apr 2013 07:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/46786/ventnor-resources-continues-to-review-capital-raising-options-55798.html
<![CDATA[News - Ventnor Resources takes more time to consider offtake and equity interest ]]> https://www.proactiveinvestors.co.uk/companies/news/46642/ventnor-resources-takes-more-time-to-consider-offtake-and-equity-interest-55640.html Ventnor Resources (ASX: VRX) has requested for more time to consider possible equity raising and/or offtake arrangements.

To enable these discussions with the corporate parties that had approached it to continue in an orderly manner Ventnor has extended the voluntary suspension from the ASX until Friday, 12 April 2013.

Ventnor is focused on the development of its Thaduna/Green Dragon Copper Project in Western Australia, where it has a Resource of 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

A Bankable Feasibility Study is currently underway and is scheduled for completion in the September quarter 2013.

Further deep drilling is also in progress to upgrade the current Resource to between 175,000 and 200,000 tonnes of contained copper.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 10 Apr 2013 07:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/46642/ventnor-resources-takes-more-time-to-consider-offtake-and-equity-interest-55640.html
<![CDATA[News - Ventnor Resources receives "corporate" interest in offtake and equity ]]> https://www.proactiveinvestors.co.uk/companies/news/46599/ventnor-resources-receives-corporate-interest-in-offtake-and-equity-55589.html Ventnor Resources (ASX: VRX) is finalising the details of an equity raising and has been approached by several corporate parties regarding the raising and/or offtake arrangements.

To enable these discussions to continue in an orderly manner Ventnor yesterday requested a voluntary suspension from the ASX until Wednesday 10 April 2013.

The company has extended the suspension until the close of business on Friday 11 April or possibly earlier if a transaction is able to be announced.

Ventnor is focused on the development of its Thaduna/Green Dragon Copper Project in Western Australia, where it has a Resource of 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

A Bankable Feasibility Study is currently underway and is scheduled for completion in the September quarter 2013.

Further deep drilling is also in progress to upgrade the current Resource to between 175,000 and 200,000 tonnes of contained copper.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 09 Apr 2013 07:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/46599/ventnor-resources-receives-corporate-interest-in-offtake-and-equity-55589.html
<![CDATA[News - Ventnor Resources to reveal details of equity raising ]]> https://www.proactiveinvestors.co.uk/companies/news/46553/ventnor-resources-to-reveal-details-of-equity-raising-55537.html Ventnor Resources (ASX: VRX) will soon reveal details of an equity raising and has requested a voluntary suspension from the ASX.

The company said it is not yet in a position to make an announcement regarding the equity raising.

Ventnor is continuing to progress towards the development of the Thaduna/Green Dragon Copper Project in Western Australia with the signing of a Native Title Agreement last week.

The agreement signed with the Yugunga-Nya People is the last condition precedent required to allow the granting of the lease and Miscellaneous Licence applications over the project area.

Ventnor also recently began a Bankable Feasibility Study at the Thaduna/Green Dragon Copper Project following the completion of a Scoping Study that confirmed the economic and technical viability of the project.

The BFS will further focus on detailed mine planning, metallurgical testwork, processing options, confirmed contract rates and operating cost reduction initiatives.

Further deeper drilling is underway at Thaduna/Green Dragon and will be included as part of the BFS.

Ventnor’s aim is to extend the current JORC Resource to between 175,000 and 200,000 tonnes of contained copper.

The Resource currently stands at 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

Results for the BFS are expected in the September quarter 2013.

Ventnor expects the suspension to remain in place until the start of trading in Wednesday, 10 April 2013 or release of the announcement by the company.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 08 Apr 2013 03:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/46553/ventnor-resources-to-reveal-details-of-equity-raising-55537.html
<![CDATA[News - Ventnor Resources signs Native Title Agreement for Thaduna/Green Dragon ]]> https://www.proactiveinvestors.co.uk/companies/news/46502/ventnor-resources-signs-native-title-agreement-for-thadunagreen-dragon-55479.html Ventnor Resources (ASX: VRX) has fulfilled all conditions required for the grant of a Mining Lease and associated licences for its Thaduna/Green Dragon Copper Project in Western Australia after reaching a Native Title Agreement.

The agreement signed with the Yugunga-Nya People is the last condition precedent required to allow the granting of the lease and Miscellaneous Licence applications over the project area.

“We at Ventnor extend our appreciation to the Yugunga-Nya People for the goodwill they have exhibited throughout our negotiations that have culminated in this important agreement.

“This agreement has been reached in four months since our original meeting, demonstrating the spirit of cooperation on both sides. Ventnor looks forward to working with the group in the future.”

The agreement provides significant financial benefits to the Yugunga-Nya People as well as provision for potential community development activities and commercial opportunities when Thaduna/Green Dragon is developed.

Thaduna/Green Dragon

A Scoping Study completed in February confirmed the economic and technical viability of the Thaduna/Green Dragon Copper Project.

This delivered attractive economics for project, confirming the viability of an underground extension to the initial open cut operation.

Initially, mining would commence at two open cut operations – Thaduna and Green Dragon – followed by underground mining at Thaduna.

Key findings of the study include average production of 15,000 tonnes of contained copper per annum over a 10 year mine life, with high recoveries and concentrate value.

Capital expenditure is estimated at $70 million and the average operating expenditure is expected to be around $1.75 per pound.

First production is slated for the December quarter of 2014.

Ventnor is currently carrying out the Bankable Feasibility Study, which will focus on detailed mine planning, metallurgical testwork, processing options, confirmed contract rates and operating cost reduction initiatives.

Further deeper drilling is underway at Thaduna/Green Dragon and will be included as part of the BFS.

Ventnor’s aim is to extend the current JORC Resource to between 175,000 and 200,000 tonnes of contained copper.

The Resource currently stands at 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

Results for the BFS are expected in the September quarter 2013.

Analysis

With the Native Title Agreement under its belt, Ventnor is another step ahead on its path towards developing Thaduna/Green Dragon.

The project already offers positive economics and the capacity to produce a high level of recovery, high grade concentrates and ultra-low impurities.

A positive BFS would add a value accretive milestone.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 05 Apr 2013 06:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/46502/ventnor-resources-signs-native-title-agreement-for-thadunagreen-dragon-55479.html
<![CDATA[News - Ventnor Resources on capital raising drive ]]> https://www.proactiveinvestors.co.uk/companies/news/46450/ventnor-resources-on-capital-raising-drive-55418.html Ventnor Resources (ASX: VRX) has been granted a trading halt by the ASX today as it prepares to release an announcement regarding an equity raising.

The company recently began a Bankable Feasibility Study at its Thaduna/Green Dragon Copper Project in Western Australia following the completion of a Scoping Study that confirmed the economic and technical viability of the project.

The BFS will further focus on detailed mine planning, metallurgical testwork, processing options, confirmed contract rates and operating cost reduction initiatives.

Further deeper drilling is underway at Thaduna/Green Dragon and will be included as part of the BFS.

Ventnor’s aim is to extend the current JORC Resource to between 175,000 and 200,000 tonnes of contained copper.

The Resource currently stands at 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

Results for the BFS are expected in the September quarter 2013.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 8th April 2013.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 04 Apr 2013 04:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/46450/ventnor-resources-on-capital-raising-drive-55418.html
<![CDATA[News - Ventnor Resources’ Scoping Study produces attractive economics for Thaduna/Green Dragon ]]> https://www.proactiveinvestors.co.uk/companies/news/45439/ventnor-resources-scoping-study-produces-attractive-economics-for-thadunagreen-dragon-54212.html Ventnor Resources (ASX: VRX) is now in a position to immediately begin a Bankable Feasibility Study having confirmed the economic and technical viability of its Thaduna/Green Dragon Copper Project in a recent Scoping Study.

The study has delivered attractive economics for the Western Australian project, confirming the viability of an underground extension to the initial open cut operation.

Initially, mining would commence at two open cut operations – Thaduna and Green Dragon – followed by underground mining at Thaduna.

Key findings of the study include average production of 15,000 tonnes of contained copper per annum over a 10 year mine life, with high recoveries and concentrate value. 

Capital expenditure is estimated at $70 million and the average operating expenditure is expected to be around $1.75 per pound. 

First production is slated for the December quarter of 2014.

Bruce Maluish, managing director, commented: “The release of the Scoping Study results is another major milestone for Ventnor and its shareholders.

“The results to date confirm the Thaduna/Green Dragon Project is a viable, stand-alone operation. We now have the confidence to immediately move forward to the BFS stage.

“The project’s attractive margins and relatively low capital requirements combine to provide a timely payback based on current copper prices.”

Maluish said the consistency, continuity and relative simplicity of the orebody – as well as its tendency for increasing grade at depth – should ensure an attractive operating environment for mining.

“The mineralogy of the ore should provide a very clean concentrate which is highly sought after.

“Our metallurgical testwork has shown the proposed flowsheet is consistent with industry standard, and can produce a high level of recovery, high grade concentrates and ultra-low impurities.”


BFS specifics

Based on the results of the Scoping Study, Ventnor is moving to immediately initiate a BFS with results expected in the September quarter 2013. 

The BFS will further focus on detailed mine planning, metallurgical testwork, processing options, confirmed contract rates and operating cost reduction initiatives. 

Ventnor is in the process of appointing a study team.

Further deeper drilling is underway at Thaduna/Green Dragon and will be included as part of the BFS. 

Ventnor’s aim is to extend the current JORC Resource to between 175,000 and 200,000 tonnes of contained copper.

The Resource currently stands at 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

As part of the work being undertaken for the BFS, Ventnor plans to undertake the following work:

- Drilling a further 12 exploration holes at Thaduna to confirm continuity of the orebody to 650 metres depth;
- Infill drilling of 8,000 metres within the optimised pit areas; and
- Additional Geotech diamond holes at Thaduna and Green Dragon.


Advancing mining licence

Ventnor has been in negotiation with the Native Title Claimants (WC99/46), the Yugunga-Nya People, to enable the grant of the mining and miscellaneous licences required for the Thaduna/Green Dragon Copper Project.

Discussions are at an advanced stage with agreed terms and a near final draft agreement. 

Many of the studies required for a mining permit have been completed or are underway. 

Long lead studies such as summer and winter flora and fauna studies have been completed with no highlighted issues. 

The remaining required studies are expected to be completed by mid-2013, lodged for permits and included in the BFS.


Potential offtake partners

Ventnor has had a number of enquiries from interested parties for concentrate offtake. 

Following the completion of the Scoping Study, the company will begin discussions with potential buyers. 

Ventnor will also investigate potential financing opportunities including project financing through debt, equity, pre-paid sales or a combination of these products.


Analysis

Positive economics confirming the viability of the Thaduna/Green Dragon Copper Project paves the way for Ventnor to immediately move the project to the BFS stage, another milestone on the road to production.

The proposed flowsheet is consistent with industry standard, and can produce a high level of recovery, high grade concentrates and ultra-low impurities. 

With the move to the BFS stage, investors can expect strong news flow and significant catalysts that will firmly advance Ventnor along the path to development at Thaduna/Green Dragon.

Further positive results at various stages of the BFS would provide leverage for the potential re-rating of the current A$27.2 million market cap. and $0.45 share price.  


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 28 Feb 2013 06:01:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/45439/ventnor-resources-scoping-study-produces-attractive-economics-for-thadunagreen-dragon-54212.html
<![CDATA[News - Ventnor Resources rings in 40% rise in copper at Thaduna/Green Dragon ]]> https://www.proactiveinvestors.co.uk/companies/news/44887/ventnor-resources-rings-in-40-rise-in-copper-at-thadunagreen-dragon-53564.html

Base metals developer Ventnor Resources (ASX: VRX) has logged a 40 per cent increase in copper and silver resources at its Thaduna/Green Dragon copper project.

Cube Consulting undertake the estimate, following the completion of drilling up until the Christmas break in 2012.

Located 40 kilometres east of Sandfire Resources' (ASX:SFX) DeGrussa project, the updated JORC Resource is:

- 7.9 million tonnes at 1.8% copper (Cu) for 142,000 tonnes of contained copper; and
- 3.7 g/t silver (Ag) for 945,000 ounces

The drilling resulted in a 13% additional copper grade. The additional drilling also increased the total tonnage by 25% from the previous estimate.

The 40% increase in contained copper follows the maiden Resource announced in October 2012 and from drilling, which hit a depth of 450 metres down the high grade shoot.

Of importance, the resource shows both continuity at depth, and increasing copper grades at depth.

Ventnor’s managing director Bruce Maluish said, “Today’s announcement represents another milestone for Ventnor as we seek to develop a mine at Thaduna/Green Dragon”.

“The scale of the increase is due to higher-grade ore that has been intersected beneath the previous Resource envelope, which has significantly increased the overall grade of the resource”.

The JORC Resource is predominately in the Indicated category with the majority of the estimate within a 40m x 40m spaced drill pattern.

“This gives us confidence about the continuity of the mineralisation and its ability to be mined.”

“Importantly, the Resource is now of a size and quality that we believe has potential for the proposed open cut operation to be followed by underground mining below the Thaduna pit.”

Maluish said, “the underground mining potential is underpinned by the new higher grade additional Resource, which is likely to significantly increase overall mine life and enhance the project economics.

Thaduna

An additional 19 Diamond holes have been used in the February 2013 Resource estimation upgrade for the Thaduna deposit. The six wireframe domains were updated, and constrain the mineralisation which has a total drilled strike of 1,650 metres to a maximum vertical depth of 500 metres.

At Thaduna the total estimated Resource is 5.910Mt at 1.92% Cu and 4.3g/t Ag for 113.5kt Cu and 821Koz Ag. This equates to a 36% increase in tonnage, and a 13% increase in copper grade, for a 53% increase in contained copper. 

The bulk of the increase occurred in the Sulphide Inferred category due to the additional drilling that was completed beneath the previous estimate. 

This category now stands at 2.161Mt at 2.41% Cu and 6.5g/t Ag for 52.1kt Cu and 452Koz Ag respectively. The silver estimation also increased in line with the increase in copper grades with a consistent ~2.5 g/t Ag.

Significant catalysts ahead

- Additional deeper drilling is currently underway to test the extent and the continuity of the ore body. These drilling results will be released progressively over 1Q 2013.

- A further JORC Resource update is expected in 2Q 2013. 

- Metallurgical testwork is also currently being completed for the two deposits. Initial results indicate favourable recoveries for both Thaduna and Green Dragon using a conventional crush-grind-floatation circuit. The detailed results of the metallurgical testwork is expected to be released in the coming weeks.

- The updated Resource will be used in conjunction with the metallurgical testwork to complete the Scoping Study, expected in late February 2013.

 

Analysis

There are significant catalysts ahead that will firmly place Ventnor Resources on the path to development at Thaduna/Green Dragon.  We expect the share price to rebound toward $0.55-$0.60.

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Mon, 11 Feb 2013 23:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/44887/ventnor-resources-rings-in-40-rise-in-copper-at-thadunagreen-dragon-53564.html
<![CDATA[News - Ventnor Resources hits copper up to 6.60% at Green Dragon ]]> https://www.proactiveinvestors.co.uk/companies/news/44594/ventnor-resources-hits-copper-up-to-660-at-green-dragon-53201.html

Base metals explorer Ventnor Resources (ASX:VRX) has hit high grade copper grading up to 6.60 per cent from latest drilling at Thaduna/Green Dragon project located in the renowned Doolgunna district.

Diamond drill hole GDRC 94 drilled at Green Dragon produced a very healthy 10 metres at 2.28% copper - including 3.22 metres at 6.60% copper from 207 metres down hole.

An upgraded Resource estimate is due in the first quarter.

Ventnor is has copper targets at the historic Thaduna/Green Dragon project, 170 km north of Meekatharra in Western Australia and and 40km east of Sandfire's (ASX:SFX) DeGrussa project.

The Thaduna/Green Dragon copper project has historic mine production; copper mineralisation has been confirmed with three phases of exploration drilling, with a fourth phase underway.

Green Dragon drilling in detail

Today's results confirm a “new” high-grade plunging shoot at Green Dragon.

The results support the visual indications reported recently from an intersection of significant strong bornite mineralisation over 10 metres in a deeper diamond hole drilled below previous highgrade results.

Managing director Bruce Maluish said a key aspect of the latest results was the fact the bornite has been intersected at Green
Dragon.

“The significance of the increasing presence of primary bornite, compared to primary chalcopyrite, lies in the increase in relative contained copper by weight. Chalcopyrite, CuFe2+S2, is 34.6% Cu compared with Bornite, Cu5Fe2+S4, which is 63.3% Cu, a
significant increase in Cu for the same mass of sulphide.”

“We know what occurrences of bornite means in the profile of a hydrothermal copper mineralised system from our deeper drilling
at the Thaduna prospect,” Maluish said.

“This drill hole was one of the last to be drilled in to the Green Dragon prospect but will be followed up with holes to investigate the potential for mineralisation to continue down plunge. 

Results from the latest drilling program will contribute to a new resource, which is expected to be announced this quarter,” said Maluish.

In detail

Drilling at Green Dragon to date comprises 94 RC holes for 12,728 metres with four Diamond Tails for 835 metres and 2 HQ Metallurgical diamond holes for 389.6 metres. 

A total of 13,953 metres has been drilled over four phases, which commenced in April 2011.

As announced on 27 September 2012, GDRC093 intersected three mineralised structures with results up to 3.22 metres @ 6.60% Cu. Subsequently an additional hole, GDRC094 was completed down dip from GDRC093. 

GDRC094 intersected five mineralised black shale horizons within the sedimentary sequence with varying degrees of mineralisation, the best returning 10.0 metres @ 2.28% Cu including 3.35 metres at 4.52% Cu and 2.65 metres at 3.21 % Cu. 

The copper sulphide mineralisation seen in GDRC094 is similar to that seen in GDRC093 with high grades associated with bornite and chalcocite replacing bornite mineralisation.

Drilling at Green Dragon to date comprises 94 RC holes for 12,728 metres with 4 Diamond Tails for 835 metres and 2 HQ Metallurgical diamond holes for 389.6 metres. 

A total of 13,953 metres has been drilled over four phases, which commenced in April 2011.

As announced on 27 September 2012, GDRC093 intersected three mineralised structures with results up to 3.22 metres at 6.60% Cu. Subsequently an additional hole, 

GDRC094 was completed down dip from GDRC093. GDRC094 intersected five mineralised black shale horizons within the sedimentary sequence with varying degrees of mineralisation, the best returning 10.0 metres at 2.28% Cu including 3.35 metres at 4.52% Cu and 2.65 metres at 3.21 % Cu. 

The copper sulphide mineralisation seen in GDRC094 is similar to that seen in GDRC093 with high grades associated with bornite and chalcocite replacing bornite mineralisation.

 

Analysis


An upgraded Resource estimate is due in the first quarter.  Further deep drilling planned for Green Dragon Q2 2013. 

In late 2012, Ventnor inked a maiden JORC resource of 101,413 tonnes of contained copper at Thaduna/Green Dragon. With a resource upgrade due in Q1, there are catalysts for the Ventnor share price to rebound toward $0.55-$0.60 as the stock appears over-sold.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.


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Sun, 03 Feb 2013 23:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/44594/ventnor-resources-hits-copper-up-to-660-at-green-dragon-53201.html
<![CDATA[News - Ventnor Resources' fires up drilling at Thaduna/Green Dragon ]]> https://www.proactiveinvestors.co.uk/companies/news/44171/ventnor-resources-fires-up-drilling-at-thadunagreen-dragon-52706.html

Ventnor Resources (ASX: VRX) is back drilling at the highly prospective Thaduna/Green Dragon Copper Project in Western Australia following the break over Christmas, with the company targeting a high grade shoot identified in drilling from the December quarter 2012.

The initial program of seven holes comprising 4,000 metres is expected to take 7-8 weeks to complete. Pads were prepared prior to the Christmas break and the drill rig has commenced the first hole.

At the end of 2012 work commenced on an updated resource model for the Thaduna deposit, which is expected to be announced to be released in early March quarter 2013.

Drilling to date at Thaduna comprises 221 reverse circulation holes for 29,149 metres with 65 diamond holes or tails for 13,949 metres, totaling 43,098 metres.

Bruce Maluish, managing director of Ventnor, said the drill program will follow up the high grade results reported in the previous quarter.

“We are able to confidently plan these holes now based on our understanding of the structural controls identified in the drilling to date.

“Our expectations are for a continuation of the high grade shoot down plunge. Drilling has recommenced with an initial seven-hole program which may be extended subject to the mineralisation we intersect.”

The project is strategically located in the renowned Doolgunna district, 170 kilometres north of Meekatharra and 40 kilometres east of Sandfire Resources' (ASX: SFR) DeGrussa project.


Late 2012 highlights

In December 2012 Ventnor announced the results of THRC220, which returned 9.16 metres at 8.57% copper and 27.2g/t silver from a predominantly bornite rich intersection with chalcocite overprinting of the bornite.

The picture (above) highlights the current long section which shows the intersection in THRC220 and the seven proposed diamond drill holes spaced 80 metres by 80 metres across the projected high grade shoot extension.

Included on the longsection are three diamond holes, THDD222, 223 and 224 which were drilled just prior to the Christmas break and we are awaiting assays.

A Fixed Loop EM survey was conducted down holes drilled adjacent to the interpreted DHEM conductor to better locate the anomaly. A drill hole is planned to be targeted at the conductor and will be undertaken this quarter.


Thaduna updated resource model pending

At the end of 2012 work commenced on an updated resource model for the Thaduna deposit, with assays still with the laboratory, but it is anticipated the updated Resource will be completed early in the March quarter 2013.

The resource will include holes drilled late 2012 with outstanding assays and extend the Resource to 450 metres vertically below the surface.

Ventnor inked a maiden JORC resource estimate of 101,413 tonnes of contained copper for its Thaduna/Green Dragon Copper project in October 2012.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 22 Jan 2013 04:52:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/44171/ventnor-resources-fires-up-drilling-at-thadunagreen-dragon-52706.html
<![CDATA[News - Ventnor Resources roars with highest ever grades at Thaduna/Green Dragon ]]> https://www.proactiveinvestors.co.uk/companies/news/43111/ventnor-resources-roars-with-highest-ever-grades-at-thadunagreen-dragon-51455.html

Ventnor Resources (ASX: VRX) continues to deliver outstanding results from the highly prospective Thaduna/Green Dragon project in Western Australia, and today has impressed with the highest grade intersection to-date.

Diamond drill tail THRC220 discovered; 15 metres at 5.49% copper, including 9.16 metres at 8.57% copper from 497 metres down hole.

The results also support the visual indications reported from the deep drilling program last month, and confirm an intersection of strong bornite mineralisation over 11 metres.

Importantly the drilling provided confirmation of continuity of the high-grade shoot, with Ventnor to continue with further deep drilling at Thaduna early in the New Year.

Bruce Maluish, managing director, said the latest assay results confirm the best diamond core intersections from the project, including the single highest grade received to date.

“This intersection confirms that we now have continuous copper mineralisation from surface to approximately 440 vertical metres below surface, and supports our understanding of the mineralisation profile and structural controls of this typical hydrothermal copper mineralised system,” Mr Maluish said.

“We don’t believe this is an isolated intersection and expect this style of mineralisation to continue down plunge.”

Drilling is still underway into this zone and these drill results will underpin a resource below the expected open cut pit, to be accessed by underground mining.


Drilling program

Ventnor will take a break from drilling for Christmas from mid-December 2012, and will recommence mid-January 2013 when a further six holes have been planned to be drilled into the high grade shoot.

Drilling to date at Thaduna has comprised 221 reverse circulation holes for 29,041 metres with 62 Diamond Tails for 12,348 metres, totalling over 30,000 metres.



The long-section above clearly shows the significance of the intersection in THRC220. Not only is the intersection over 130 metres vertically below the indicated Resource limits.

It contains the single highest grade assay to date at the project, namely 0.74 metres at 17.15% copper and 46.8g/t silver from 499.5 metres, and is the highest grade +1% intersection drilled at Thaduna: 9.16 metres at 8.57% copper and 27.2g/t silver.

In terms of copper metal THRC220 returned around 90 copper per cent by metres, which is significantly higher than was indicated from the drilling up dip.


Analysis

It was only just over a month ago when Ventnor inked a maiden JORC resource of 101,413 tonnes of contained copper at Thaduna/Green Dragon, which is set to be upgraded in the March quarter of 2013.

The upgrade will be a price driving catalyst for Ventnor - and the upgrade could be a sizeable one considering the since the cutoff date for the resource the company has generated an additional 15 infill and extensional intersections.

These intersections will be used to generate an updated resource model, which will include holes such as THRC220 (from today) and extend the resource below 450 metres vertical. 

Not to be forgotten - there will be new deep drilling results in the area of today's highest grade intersection to date, and if the impressive results continue - then the current $0.48 share price will be a thing of the past with the potential very high for a positive upside re-rating.

Ventnor remains well-funded with close to $4.6 million in cash at the end of September 2012.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 12 Dec 2012 05:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/43111/ventnor-resources-roars-with-highest-ever-grades-at-thadunagreen-dragon-51455.html
<![CDATA[News - Ventnor Resources unearths deep copper find at Thaduna/Green Dragon ]]> https://www.proactiveinvestors.co.uk/companies/news/42156/ventnor-resources-unearths-deep-copper-find-at-thadunagreen-dragon-50285.html  

Ventnor Resources’ (ASX: VRX) deep drilling at its flagship Thaduna/Green Dragon Copper Project in Western Australia has uncovered further encouraging copper mineralisation in drill core in a high grade shoot beneath the Thaduna pit.

Logging and observations indicate that significant sulphide mineralisation has been encountered over a 28-metre intersection with strong bornite mineralisation over 11 metres.

While the mineralisation is visually estimated it is reported as one of the best diamond core intersections to date on the project, showing high grade copper mineralisation 150 metres below the deepest hole in the current resource.

As a result the company is now an additional three 500-metre deep diamond holes in the current quarter to cover the strike length of the interpreted high grade shoot.

Bruce Maluish, managing director, commented that the drilling continues to meet expectations with a significant intersection of copper mineralisation with strong bornite mineralisation over 11 metres at about 440 vertical metres below surface.

“This intersection has validated our decision to drill deeper down plunge from the mineralisation we have defined in our resource.

“We will complete the second proposed deep drill hole program into the EM anomaly and then drill another three holes at targets approximately 380 vertical metres to confirm the continuity down plunge.

“These holes have the potential to add significantly to the recently reported maiden resource. This hole adds another exciting chapter to the development of this project and underpins the company’s decision to drill deeper.”


Extensive exploration

Drilling to date at Thaduna comprises 221 reverse circulation holes for 29,041 metres with 60 diamond tails for 11,345 metres, totalling 40,386 metres.

Ventnor committed to two deep-hole drilling programs below the Thaduna pit targeting an electromagnetic conductor (Thaduna Deeps 1) and also down dip of the drill defined mineralisation (Thaduna Deeps 2). 

The Thaduna Deeps 2 drillhole has now been completed, with assays expected in around four to six weeks depending on interruptions during the Christmas period.

Thaduna Deeps 1 is yet to be drilled and is expected to be completed before the end of the year.

Results for these recent holes and an additional 12 which were not included in the resource estimation will be included in an update to the JORC resource in the March quarter of 2013.

The Thaduna/Green Dragon Project located north of Meekatharra hosts an Indicated and Inferred Resource of 6.33 million tonnes at 1.6% copper and 2.77g/t silver for 101,413 tonnes of contained copper and 563,000 ounces of silver.

This resource is only up to a depth of 240 metres, with Ventnor fast proving up the potential for an extension of the resource well beyond that at depth.

Importantly, the company is sufficiently funded to continue advancing the Thaduna/Green Dragon Project, with around A$5.4 million cash in the bank at the end of August 2012.

Following last month’s delivery of a maiden resource for the project, Ventnor is now planning a Scoping Study for Thaduna based on an initial production rate of 500,000 tonnes per annum, producing 12,000 tonnes per annum of contained copper.

Meanwhile, Green Dragon has the potential to be an open cut mine and likely to be supplemental feed for Thaduna. 


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Wed, 14 Nov 2012 01:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/42156/ventnor-resources-unearths-deep-copper-find-at-thadunagreen-dragon-50285.html
<![CDATA[News - Ventnor Resources inks maiden JORC resource at Thaduna/Green Dragon Copper project ]]> https://www.proactiveinvestors.co.uk/companies/news/41712/ventnor-resources-inks-maiden-jorc-resource-at-thadunagreen-dragon-copper-project-49739.html

Base metals company, Ventnor Resources (ASX:VRX), has inked a maiden JORC resource estimate of 101,413 tonnes of contained copper for its Thaduna/Green Dragon Copper project located north of Meekatharra, Western Australia.

The estimation was undertaken by Cube Consulting.

A total Indicated and Inferred Resource of 6.33 Mt at 1.60% copper and 2.77 g/t silver for 101,413 tonnes of contained copper and 563koz of silver has been estimated for both deposits at a nominal 0.5% cut off grade.

Ventnor Resources managing director Bruce Maluish said, “This is a milestone event for the project and will allow the company to progress to a scoping study for the open cut potential of this Resource.” 

“We have completed in excess of 38,000 metres of drilling on the project since listing last February and the bulk of this drilling has contributed to the Resource estimate”, he said.

In addition to the drilling included in this resource there are 10 more diamond holes awaiting assays, or to be drilled, at Thaduna and 2 diamond holes at Green Dragon awaiting assays. 

The company will also commence the drilling of 2 deep diamond holes targeting possible depth extensions. 

Significantly, a Resource upgrade is already in the offing in early 2013 which would increase today's maiden resource to incorporate this extra drilling.

Background to JORC Resource estimate

Added to the Cube estimated resource is some of historic stockpiled material which remains from the open cut mining operation which concluded in 1971. 

The estimate is based on an estimate by Barrack Mines Ltd who in November 1989 conducted RC drilling, grab sampling and auger drilling over the various stockpiles at Thaduna to estimate the summary included in the Resource. 

Thaduna

A total of 136 RC and Diamond holes have been used in the Resource estimation for the Thaduna deposit. Six wireframe domains were created to constrain the mineralisation which has a total drilled strike length of 1,650 metres to a maximum vertical depth of 360 metres.

Green Dragon

A total of 70 RC holes have been used in the Resource estimation for the Green Dragon deposit. Eight wireframe domains were created to constrain the mineralisation which has a total drilled strike of 500 metres to a maximum vertical depth of 220 metres

Resource Estimation Summary – Thaduna and Green Dragon

The resource estimate is based on a compilation of 303 Reverse Circulation drill holes completed to date by Ventnor Resources Ltd. Of these drill holes, 208 belong to the Thaduna Deposit (of which 49 have Diamond tails) and 95 belong to the Green Dragon Deposit (of which 2 have Diamond tails). 

An additional Diamond drill hole was also completed on the Green Dragon Deposit from the surface.

Analysis

This is a significant day for Ventnor Resources with a copper resource of over 100,000 tonnes of contained copper at Thaduna/Green Dragon. 

As importantly, there are "triggers" for a stock re-rating for Ventnor due to recent and current drilling and assays not yet included in this resource that are likely to be announced in early 2013.

Further catalysts include:  progression to a Scoping Study to determine the open cut potential of this Resource. 

Proactive Investors can see momentum re-building, with drilling as well as milestone progression and share price growth back to $0.60-$0.75.

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Wed, 31 Oct 2012 00:47:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/41712/ventnor-resources-inks-maiden-jorc-resource-at-thadunagreen-dragon-copper-project-49739.html
<![CDATA[News - Ventnor Resources unfurls 15.9% grade copper at Thaduna/Green Dragon ]]> https://www.proactiveinvestors.co.uk/companies/news/41537/ventnor-resources-unfurls-159-grade-copper-at-thadunagreen-dragon-49532.html

Cashed up Ventnor Resources (ASX:VRX) has revealed widths and high grade shoots up to 15.90% copper from laboratory assays from drilling under the Thaduna pit at its flagship project in Western Australia.

The laboratory assays for hole THRC207 that confirm previous visual estimates show today's result is a remarkable intersection of:

- 10 metres at 6.65% copper, 35.4 g/t Ag including 9.4 metres at 7.07% copper, 37.7g/t Ag, with individual sample grades as high as 15.90% copper and 108g/t silver.

Tellingly, a maiden JORC resource for Thaduna/Green Dragon being undertaken by Cube Consulting is also imminent.

Latest results further demonstrate the continuity of high grade copper mineralisation at Thaduna/Green Dragon Copper Project which is located 170km north of Meekatharra, Western Australia.

Managing director Bruce Maluish commented that field observations of bornite in diamond core continue to produce plus 5% copper intersections.

“These are the type of intersections that we are following up to investigate the underground mining potential and we will continue to drill deeper while we keep getting these high grade and sulphide rich zones.

"We are also committing to two deeper step-out holes. One will be targeting the projected down plunge high grade zone at 500 metres vertical depth and the other will investigate a recently identified EM anomaly at 450 metres vertical depth,” he said.

“We also have results pending on an extensive metallurgical testwork program to follow up on initial float testwork and QemScan studies,” Maluish said.

Detail

Drilling to date at Thaduna comprises 218 RC holes for 29,083 metres with 55 Diamond Tails for 9,430 metres, totaling 38,513 metres.

On 27 September 2012 it was announced that significant mineralisation had been intersected in the diamond tail of THRC207 over 10 metres. 

It was also announced that a Geophysical survey team had been mobilised to site to undertake a Down Hole Electromagnetic (DHEM) survey on these and other holes as well as a Fixed Loop Electromagnetic (FLEM) survey in the central Thaduna area.

The laboratory assays for THRC207 confirm the visual estimates that this is an exceptional intersection. The assays returned 10 metres at 6.65% Cu, 35.4 g/t Ag, above a 0.2% Cu cut off, including 9.4 metres at 7.07% Cu, 37.7g/t Ag, above a 1% Cu cut off, with individual sample grades as high as 15.90% Cu and 108g/t Ag

Resource Estimate

In August 2012 Cube Consulting were engaged to undertake an independent estimation of the maiden JORC compliant Resource for the Thaduna and Green Dragon Copper deposits.

The Resource models will be created using 208 RC and diamond drill holes at Thaduna and 93 RC holes at Green Dragon.

Geophysics

The modeling of the Geophysical survey has also been received. The DHEM survey undertaken in THRC207 showed a strong in-hole response and the most significant off-hole conductor seen to date. 3D modeling of this and surrounding surveyed holes has indicated a strong DHEM conductor extending below the high grade intersection in THRC207 at depth.

Metallurgical testwork program

Consultant ALS Ammtec has commenced a comprehensive metallurgical testwork program.

A series of 48 samples comprising reverse circulation and diamond drill core have been selected from varying depths and mineralisation styles across the Thaduna/Green Dragon Copper Project. 

The testwork includes: determination of comminution and beneficiation parameters for crushing/milling flowsheet design, assessment of multiple flotation regimes to produce a saleable copper concentrate at optimal grades and recoveries. In addition assessment of suitability to heap leaching crushed run of mine material. Detailed mineralogy via QEMSCAN of feed, concentrate and reject streams is scheduled to commence in November.

Ventnor had cash of $4.6 million at September end.

Analysis

These laboratory assays for THRC207 that confirm the visual estimates show this is an exceptional intersection. This type of intersection will assist Ventnor to investigate the underground mining potential at Thaduna. With deep drilling to commence in Q4 2012 there are catalysts ahead.

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Wed, 24 Oct 2012 23:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/41537/ventnor-resources-unfurls-159-grade-copper-at-thadunagreen-dragon-49532.html
<![CDATA[News - Ventnor Resources hits high grade copper at Thaduna/Green Dragon, maiden resource pending ]]> https://www.proactiveinvestors.co.uk/companies/news/163285/ventnor-resources-hits-high-grade-copper-at-thadunagreen-dragon-maiden-resource-pending-33905.html Ventnor Resources (ASX: VRX) has discovered more very high grade copper from a previously announced high-grade shoot under the Thaduna pit, hosted within the Thaduna/Green Dragon Copper Project in Western Australia.

A maiden resource is pending for the project. The project is 40 kilometres east of Sandfire’s Resources (ASX: SFR) DeGrussa project.

The full potential of the project is still being realised, with significant copper sulphide intersected, with mineralisation extended at Green Dragon.

New highlights from reverse circulation drilling at Thaduna include:

- 3 metres at 3.52% copper, including 0.64 metres at 13.76% copper;
- 13.3 metres at 2.50% copper, o including 1.5 metres at 4.48% copper, and 5.3 metres at 4.53% copper; and
- 8 metres at 4.12% copper, including 5.0 metres at 6.28% copper.

Over at Green Dragon best results included:

- 17 metres at 2.95% copper, including 8.0 metres at 4.52% copper, and 4.0 metres at 3.00% copper; and
- 5 metres at 4.44% copper, including 3.2 metres at 6.60% copper.

Bruce Maluish, managing director, commented on the latest discoveries: “These high-grade deeper intersections with significant copper sulphide minerals will be followed up with further drilling.

“We are also intersecting sulphides including bornite at the Green Dragon prospect with the potential of extending the identified mineralisation to the west, which is being followed up with additional drill holes.

“We are encountering the highest grades and most significant sulphides in the project to
date.”

The Thaduna/Green Dragon copper project is located 170 kilometres north of Meekatharra in the Doolgunna district.

 

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Thu, 27 Sep 2012 17:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163285/ventnor-resources-hits-high-grade-copper-at-thadunagreen-dragon-maiden-resource-pending-33905.html
<![CDATA[News - Ventnor Resources asks for trading halt, Thaduna Green Dragon drill results ]]> https://www.proactiveinvestors.co.uk/companies/news/163284/ventnor-resources-asks-for-trading-halt-thaduna-green-dragon-drill-results-33884.html Ventnor Resources (ASX: VRX) has been granted a trading halt this morning pending the release of Phase Four drilling results from the Thaduna Green Dragon copper project in Western Australia.

Ventnor recently extended the Phase Four drilling program after last months oversubscribed placement to institutions and sophisticated investors raised around $4 million.

The funds were allocated to drill to a depth of 300 metres - which follows the recent significant assays and intercepts discovered in bornite copper mineralisation.

These highlights from the beginning of August included; 5 metres at 7.00% copper, including 2.7 metres at 11.72% copper and 29.7 g/t silver at a 5% copper cutoff; 9.5 metres at 4.40% copper; and 13 metres at 3.57% copper.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 1st October 2012.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Thu, 27 Sep 2012 09:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163284/ventnor-resources-asks-for-trading-halt-thaduna-green-dragon-drill-results-33884.html
<![CDATA[News - Ventnor Resources raises A$4m in oversubscribed placement to advance Thaduna Green Dragon ]]> https://www.proactiveinvestors.co.uk/companies/news/39375/ventnor-resources-raises-a4m-in-oversubscribed-placement-to-advance-thaduna-green-dragon-47020.html

Ventnor Resources (ASX: VRX) is ready to extend phase four drilling at the highly prospective Thaduna Green Dragon copper project after being oversubscribed for a placement of shares.

The company will issue 7.3 million shares at $0.55 to raise around $4 million, and has been made to institutions and sophisticated investors.

The funds will be used to extend the fourth phase of drilling at the Thaduna/Green Dragon to a depth of 300 metres - which follows the significant assays and intercepts of bornite copper mineralisation.

These highlights from the start of the month included; 5 metres at 7.00% copper, including 2.7 metres at 11.72% copper and 29.7 g/t silver at a 5% copper cutoff; 9.5 metres at 4.40% copper; and 13 metres at 3.57% copper.

The extended drilling program will include a further 15 holes for 6000 metres have been planned with drillpads and sumps prepared, and will be predominately diamond drilling with reverse circulation drilled pre-collars and diamond tails.

Preparations for the new program is progressing rapidly, with the drill on site and five pre-collars have been drilled. The program will take around six to eight weeks, with assays to follow after that.


JORC Resource in September 2012 quarter

Ventnor is forecasting a JORC Resource at Thaduna/Green Dragon in the September quarter 2012, which will be followed by a preliminary Scoping Study. Importantly - many mining permit studies completed.

Highlighting the potential of the project, it is strategically located just 40 kilometres east of Sandfire Resources’ (ASX: SFR) massive DeGrussa project.

Another plus is the historical production which was completed over four decades ago, with Thaduna producing 30,290 tonnes at 8.7% copper, and Green Dragon 9,100 tonnes at 5.2% copper.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Mon, 20 Aug 2012 03:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/39375/ventnor-resources-raises-a4m-in-oversubscribed-placement-to-advance-thaduna-green-dragon-47020.html
<![CDATA[News - Ventnor Resources preparing for an equity raising, granted trading halt ]]> https://www.proactiveinvestors.co.uk/companies/news/39255/ventnor-resources-preparing-for-an-equity-raising-granted-trading-halt-46893.html Ventnor Resources (ASX: VRX) has been granted a trading halt by the ASX pending details of an equity raising, with the company's shares placed in pre-open.

Ventnor has not yet indicated where the potential new funds will be allocated, but the company is currently nearing the completion of the fourth phase of drilling at the Thaduna/Green Dragon Project - with a JORC Resource forecast for the September quarter.

A preliminary Scoping Study will then follow, along with development options to be considered.

The project is located in a highly prospective area of Western Australia, and is just 40 kilometres from Sandfire Resources' (ASX: SFR) massive De Grussa project.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 20th August.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Thu, 16 Aug 2012 00:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/39255/ventnor-resources-preparing-for-an-equity-raising-granted-trading-halt-46893.html
<![CDATA[News - Ventnor Resources unleashes new high grade zone hosting 5m at 7% copper at Thaduna ]]> https://www.proactiveinvestors.co.uk/companies/news/38697/ventnor-resources-unleashes-new-high-grade-zone-hosting-5m-at-7-copper-at-thaduna-46256.html

Ventnor Resources (ASX: VRX) has discovered a new high grade zone of strong bornite mineralisation central to the Thaduna prospect, which is part of the Thaduna/Green Dragon Copper Project in Western Australia.

The latest diamond drilling highlights reinforce the substantial exploration potential at the project, which is strategically located in the Doolgunna district - just 40 kilometres east of Sandfire Resources’ (ASX: SFR) massive DeGrussa project.

High grade intersections include:

- 5 metres at 7.00% copper, including 2.7 metres at 11.72% copper and 29.7 g/t silver at a 5% copper cutoff;
- 9.5 metres at 4.40% copper;
- 10 metres at 3.26% copper;
- 4.6 metres at 5.83% copper;
- 2.5 metres at 7.36% copper;
- 13 metres at 3.57% copper;
- 5 metres at 4.94% copper;
- 6 metres at 4.78% copper; and
- 10 metres at 3.28% copper.

Importantly with the new high-grade discovery, the strong bornite mineralisation as the primary sulphide has resulted in higher copper grades.

Bruce Maluish, managing director, commented: “The significance of the increasing presence of primary bornite, compared to primary chalcopyrite, lies in the increase in relative copper by weight %.

"Chalcopyrite, CuFe2+S2, is 34.6% Cu compared with Bornite, Cu5Fe2+S4, is 63.3% Cu, an increase of 183% in Cu for the same mass of sulphide."


MORE TO COME

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Wed, 01 Aug 2012 01:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/38697/ventnor-resources-unleashes-new-high-grade-zone-hosting-5m-at-7-copper-at-thaduna-46256.html
<![CDATA[News - Ventnor Resources intercepts 7.53% copper, best intersections at Thaduna ]]> https://www.proactiveinvestors.co.uk/companies/news/163283/ventnor-resources-intercepts-753-copper-best-intersections-at-thaduna-24450.html Ventnor Resources (ASX: VRX) continues to impress from the third drilling campaign at the strategically located Thaduna and Green Dragon project, and has today delivered the market the best copper intersections to date.

Phase three reverse circulation highlights from the Thaduna prospect include:

- 37 metres at 2.61% copper from 111 metres, including 10 metres at 7.53% copper; and
- 62 metres at 2.19% copper from 125 metres, including 32 metres at 3.10% copper.

The outcome from the latest discoveries is that they support a conceptual target of deeper primary mineralisation.

Bruce Maluish, managing director, commented on the outstanding drilling intersections, and said:

“The last phase of reverse circulation and diamond drilling has discovered the primary mineralisation at Thaduna. Deeper holes have increased our understanding of the geology and dimensions of the deposit.

“These results also contribute significantly to the grade and extent of the mineralisation and increase the potential contained copper inventory.”


More results pending

The phase three drilling program comprised an extensive 134 reverse circulation holes for almost 18,000 metres, and importantly for investors, a large amount of the results are still pending - along with two diamond tails.


Exploration continues with phase four

Highlighting just how quickly exploration at the project is progressing, Ventnor already has the phase four program underway, with coring having commenced.

This program will focus on deeper diamond core drilling down dip and along strike at both prospects, along with some reverse circulation infill drilling, covering a total of around 9,000 metres.

Maluish added, “The new program is extending many of the previously drilled reverse circulation holes into the primary mineralisation and will investigate the potential for deeper mineralisation.”


Thaduna geology

A review of the geology underneath the Thaduna pit identified by Ventnor include intersections of broad zones of primary mineralisation made at various positions.

Importantly - these holes, as well as the recently received assays, have allowed for the development of a conceptual target for the deeper primary mineralisation that is becoming evident.

The mineralisation is hosted in a varying sedimentary stratigraphy of silts, shales, fine grained sandstones and greywacke. Key units within a lower grade sequence host high grade mineralisation which may also act as marker beds to the stratigraphy.

The surface oxide expression of the mineralisation, largely mined in the historic pit, transitions through the supergene secondary sulphide chalcocite to the primary sulphide chalcopyrite.

The near surface expression of the mineralisation is not directly above the underlying primary mineralisation, which Ventnor said may be due to remobilisation during weathering and subsequent intermittent supergene deposition.


Strategically located

To say Thaduna and Green Dragon is strategically located is almost an understatement, with the area rapidly turning into one of the biggest, if not the best, emerging copper districts in Australia.

Highlighting the prospectivity, Sandfire Resources' (ASX: SFR) massive De Grussa project is just 40 kilometres away, with a group of explorers in the region discovering high grade copper during 2011.

Analysis

Clearly, these results plus previous results show that Ventnor has something special at Thaduna and Green Dragon which further drilling will unfurl over time.

 

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Tue, 24 Jan 2012 10:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/163283/ventnor-resources-intercepts-753-copper-best-intersections-at-thaduna-24450.html
<![CDATA[News - Ventnor Resources gains A$1.9m funding for Thaduna and Green Dragon drilling ]]> https://www.proactiveinvestors.co.uk/companies/news/163282/ventnor-resources-gains-a19m-funding-for-thaduna-and-green-dragon-drilling-20052.html Ventnor Resources (ASX: VRX) has exited a voluntary suspension after announcing a capital raising program, with the funds to progress the highly prospective Thaduna and Green Dragon Prospects.

Ventnor has received firm commitments to place 5.4 million shares at $0.36, providing gross proceeds of A$1.94 million - which can be made under the company's share placement capacity.

The funds will be allocated to complete the third phase of drilling at the high grade and highly prospective Thaduna and Green Dragon copper prospects, where spectacular copper intersections have recently been made.

These included 5 metres at 4.2% copper from 30 metres, and 3 metres at 4.5% copper from 121 metres at Thaduna, along with 2 metres at 9% copper from 85 metres, and 12 metres at 5.1% copper from 80 metres at Green Dragon.

The significance of the company's two prospects is that they are located in what is shaping up as a major copper province.

This is supported by high grade copper-oxide intersections from the nearby Sipa Resources (ASX: SRI), and of course Sandfire Resources' (ASX: SFR) massive DeGrussa Project which hosts 14.6 million tonnes at 4.6% copper and 1.6g/t gold).


Ventnor - the next step

The company is planning an extensive up to 12,000 metre reverse circulation drilling program, which will be supplemented with 1,000 metres of diamond drilling.

This will incorporate some metallurgical testwork.

Pending the outcome of this program, it is anticipated that the company will then commence environmental and ground water studies ahead of a Scoping Study on Thaduna and Green Dragon.

 

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Tue, 27 Sep 2011 14:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163282/ventnor-resources-gains-a19m-funding-for-thaduna-and-green-dragon-drilling-20052.html
<![CDATA[News - Ventnor Resources: Maiden high grade copper resource in the making ]]> https://www.proactiveinvestors.co.uk/companies/news/163281/ventnor-resources-maiden-high-grade-copper-resource-in-the-making-19068.html The dream run for newly listed Ventnor Resources continues with further spectacular copper intersections from the flagship Thaduna and Green Dragon Prospects situated 40 kilometres east of Sandfire Resources'  (ASX:SFR) DeGrussa Project (14.6Mt @ 4.6%, 1.6 g/t gold).

This follows hot on the heels of high grade copper-oxide intersections from Sipa Resources Ltd (ASX: SRI) at the nearby Enigma Copper Deposit (Thaduna Copper Project, ASX Announcement, 19/8/2011). It appears the region is turning into a copper province.

The Thaduna Prospect returned high grade intersections including;

- 5 metres @ 4.2% Cu from 30 metres downhole and

- 3 metres @ 4.5% Cu from 121 metres downhole.

Significantly the last phase of RC drilling also extended the strike length of the known copper mineralisation along strike to the north. Mineralisation remains open along strike and at depth. Similarly at Green Dragon, the second phase of RC drilling returned numerous potentially ore grade intercepts including;

- 2 metres @ 9% Cu from 85 metres downhole and

- 12 metres @ 5.1% Cu from 80 metres downhole.

Aside from the high-grade copper intercepts this campaign also identified previously undetected mineralisation in both the hanging and footwalls.

Proactive Investors considers that these projects are shaping up to be high-grade open pittable copper deposits consisting of multiple shoots up to 15 metres in thickness. The proximity to DeGrussa suggests potential for a toll treat operation, or if results continue, a stand-alone operation providing contained copper exceeds 150,000-200,000 tonnes.
 
An impressive start given the Company has only drilled approximately 8,000 metres for what Proactive Investors considers has outlined somewhere in the vicinity of 50,000 tonnes of contained copper.
 
The Company is currently planning 8,000-12,000 metre RC drilling program, supplemented with 1,000 metres of diamond drilling which will incorporate some metallurgical testwork. Pending the outcome of this program, it is anticipated that the Company will commence environmental and ground water studies ahead of a Scoping Study on Thaduna and Green Dragon. 

Our peer analysis indicates a target price of 42 cents per share immediately on the basis of our target JORC Resource of 50,000 tonnes of contained copper with a target of 80 cents within 12 months based on JORC resources of 100,000 tonnes of contained copper. This may well surprise on the upside.

INVESTMENT CASE
Exceptional Targets: Recent RC drilling at Thaduna and Green Dragon have confirmed their potential to host high-grade potentially economic copper mineralisation that may be suitable for either toll treat (to DeGrussa) or a stand-alone operation. Proactive Investors believes a maiden JORC Resource in excess of 75Kt of contained copper is likely this calendar year.

Known Geology: Given that both Thaduna (30,290 tonnes @ 8.7% Cu) and Green Dragon are both historical mines with untested intersections at depth, the opportunity presented Ventnor Resources with a walk up start. Given the mines are broadly located on the same structure as DeGrussa, exploration can be targeted towards known mineralising structures.

Undervalued: We consider there is immediate upside to +40 cents per share (based on 50Kt of contained Cu) with a 12 month target of 80 cents per share (based on 100Kt of contained Cu) based on our peer comparison

Drilling Imminent: Ventnor Resources is gearing up for an aggressive 8,000-12,000 metre RC and 1,000 metre Diamond drilling program which has an excellent probability of further extensions at Thaduna and Green Dragon both along strike and down dip. Environmental and water studies are also likely to commence as a precursor to a Scoping Study.

Why Doolgunna-Goodin Dome Region? The 2009 discovery of DeGrussa which now stands at 14.6Mt @ 4.6% copper and 1.6 g/t gold for approximately 800,000 tonnes of Copper (equiv) provides investors with around A$6.70 Billion reasons to look for more! Enough said!

Directors & Management: The Company is well placed to gain maximum leverage from this exciting discovery. Managing Director Bruce Maluish has 30 years mining and mineral exploration experience.

 COMPANY OVERVIEW

Ventnor Resources was listed on ASX in March 2011 with a focus on copper at Thaduna/Green Dragon (Copper), nickel at Warrawanda and Nickel Hills (Pilbara, Western Australia) and base metals and gold in the Georgina Basin (Mount Isa region, Queensland). Figure 1 sets out the Company’s tenement portfolio.

Since listing, the Company has enjoyed remarkable success with its first two phases of drilling at the flagship Green Dragon/Thaduna Projects. Proactive Investors considers a maiden resource in excess of 50K tonnes of contained copper is possible this calendar year

EXPLORATION OVERVIEW: Thaduna and Green Dragon Projects

Location and Access

The abandoned 700 metre long, 80 metre wide Thaduna Copper Mine (Figure 2) is situated approximately 40 kilometres west of Sandfire Resources’ DeGrussa Project (14.6 Mt @ 4.6% Cu, 1.6 g/t Au) and is accessed from the Great Northern Highway by a dirt road for approximately 35km, and then by tracks for another 12km.

The 330 metre long, 70 metre wide Green Dragon Prospect is located just 5 kilometres north of Thaduna.

Previous Exploration and Mining

Thaduna produced 30,290 tonnes @ 8.7% Cu and has stockpiles of 48,400 tonnes @ 2.7% Cu and tailings of 20,500 tonnes @ 2.5% Cu. The nearby Green Dragon (Figure 3) project was operated as a satellite deposit at the same time as Thaduna. In addition, the Ricci Lee copper mine, 3km south-southwest of the Thaduna Mine, was worked from 1942 to 1970 for a production of 2,912 tonnes of ore and concentrates containing 287 tonnes of copper. The Rooney Mine, 5km north-northwest of Thaduna, produced a small tonnage of cupreous ore, approximately 110 tonnes @ 7.7% Cu from small underground workings and a 3-m-deep pit.

Open cut mining and limited underground mining took place from 1955 to 1971.
Reconnaissance exploration during the 1970’s was successful in outlining three copper-anomalous close to the two mines. Successive phases of Diamond drilling in the mid 1960’s and in the late 1980’s/early 1990’s were intersected relatively narrow copper mineralisation beneath the Thaduna and Green Dragon open pit including a best intercept of 9 metres downhole @ 5.22% Cu.

Limited metallurgical testwork in 1993 showed relatively poor flotation tests but encouraging heap leach results with more than 80% of the Cu recoverable over a 70-100 day leach.

Geology and Mineralisation
Mineralisation at Thaduna/Green Dragon comprises high-grade, shear hosted shoots and lower-grade disseminated mineralisation up to 20 metres wide in places. Strong alteration zones of chlorite (after hematite) introduced by hydrothermal fluids envelope the mineralisation. The mineralisation is totally oxidised to a depth of around 50 metres. Secondary copper minerals include chrysocolla, malachite, azurite and cuprite with a supergene zone to 90 metres vertical depth containing chalcocite and lesser covellite. Chalcopyrite and bornite are the dominant copper bearing minerals in the primary zone.

The controlling structures appear to be two graphitic shears trending 90° and 60° which are mineralised with cuprite-chalcocite-malachite at their intersection and form a 50 metre long shoot striking broadly east-west. Two other sub-parallel shoots returned elevated copper from drilling with widths ranging from 0.5-5.2 metres. Supergene mineralisation is found to a vertical depth of 53m.

Recent Exploration
Since listing earlier this year, the Company has drilled just over 8,000 metres of RC at Thaduna and Green Dragon with a view to following up historical high-grade drill intercepts. This latest phase of RC drilling by Ventnor Resources has extended mineralisation both along strike and down dip in addition to identifying multiple lodes which have the potential to significantly enhance the resource and in turn the project economics of the deposit

Thaduna
Highlights from the 2Q 2011 RC program which targeted historic intercepts (including 10 metres @ 5.4% Cu from 97 metres) included;

16 metres @ 3.5% Cu from 80 metres downhole, 4 metres @ 4.4% Cu from 87 metres downhole, and 7 metres @ 5.7% copper from 757 metres downhole


The second phase - 44 hole, 5,432 metre program tested a 1.5 kilometre strike length to a depth of 150 metres. Over 21 holes returned high grade intercepts (+1% Cu over +2 metres) with better results including;

5 metres @ 4.2% Cu from 30 metres downhole 3 metres @ 4.5% Cu from 121 metres downhole 5 metres @ 5.1% Cu from 100 metres, 4 metres @ 3.9% Cu downhole, and 11 metres @ 5.6% from 100 metres downhole

Mineralisation remains open along strike to the north, south and at depth with Figures 6-10 show many of these high grade intercepts remain open up and down dip.

In particular the northernmost section on section 7176540mN is 130 metres north of the existing Thaduna pit with two holes (THRC013 with 4 metres downhole @ 3.5% Cu and THRC021 with 5 metres downhole @ 4.2% Cu) intersecting shallow mineralisation which remains open up and down dip.

THRC 041 is the deepest drillhole at Thaduna at 250 metres down hole (around 190 metres vertical depth), and all mineralised lodes appear to be open both up and down dip as well as along strike to the north.

Green Dragon
The recent program tested a strike length of 500 metres to a depth of up to 130 metres with 26 holes for 3,020 metres. 16 RC holes intersected high-grade mineralisation (>1% Cu) with generally good continuity between sections-an observation that has only now become apparent. The highlight of this phase was the intersection of multiple zones of mineralisation that remain open to the north, south, and up and down dip along the known trace of mineralisation.

Another interesting point is the intersection of an additional high-grade footwall zone which brings the total mineralised zones to three. A further zone has also been intersected on 774900mE and will be the subject of follow up drilling over the next few months. The shallow orientation also brings recently identified footwall zones into play with potential to add significantly to a JORC Resource.

The highest grades were intercepted below 774940mE with four holes, GDRC004, 020, 021, 025, intersecting three zones with the highest grades situated on the main lode and footwall positions. Holes GDRC021 and 025 intersected higher grades on the footwall zone.

OTHER PROJECTS

Warrawanda Nickel Project (Pilbara, Western Australia): The project is located approximately 40km south of Newman and is prospective for nickel-cobalt laterites, chrome and nickel sulphide mineralisation (Mt Keith style) and comprises an apparent 17km of lightly tested ultramafic rocks.

The Warrawanda South Greenstone Belt, which hosts the Warrawanda Project, is a 30-km-long, 200-800m-wide, easterly trending ultramafic body with in excess of 70 drill intersections >0.2% Ni in laterite.

Results from a recent 2,800 metre RC drill program targeting EM and magnetic anomalies over the Warrawanda and Nickel Hills prospects is anticipated shortly. The program was targeting large-tonnage, low-grade disseminated sulphide Ni deposits.

Nickel Hills Project (Pilbara, Western Australia): Situated just 8 kilometres north of Warrawanda, the project comprises two Exploration Licenses covering around 82km2. Pacminex explored Nickel Hills in the early 1970s and three copper anomalies were identified. This included limited drilling over the ultramafic intrusion contact. One hole was reported to contain the nickel sulphides violarite, millerite and heazelwoodite.

The Warrawanda North Greenstone Belt which hosts the Nickel Hills Project consists of an east-trending BIF, shale, schistose amphibolite and serpentinite. The tenements are mostly underlain by ultramafic lithologies. Drilling in the 1970s Pacminex reported nickel sulphide intercepts. The target is an ultramafic-mafic contact interpreted to be the base of a thick ultramafic volcanic flow. SRK have also confirmed the presence of gossanous sulphide float at surface. It is likely that the Company will commence exploration over previously identified high- grade zones in the coming quarter.

Georgina Basin (Mount Isa Region, Queensland): The Project is situated approximately 200 kilometres southwest of Mount Isa, a world class Ag-Pb-Zn, iron-oxide copper-gold (“IOCGU”) and massive sulphide province. Ventnor Resources’ tenements have no outcrop of prospective rocks of the Mount Isa Inlier with the Proterozoic sequences covered by post-Proterozoic sedimentary basins. Geophysical surveys in 2008 highlighted several magnetic and gravity features broadly consistent with a concealed IOCG model.

RISK ANALYSIS

Follow-up drilling may not demonstrate sufficient continuity down-dip, up-dip and along strike to allow the calculation of a JORC Inferred Resource The relatively small tenement holdings may cap the resource upside of Thaduna and Green Dragon with upside more limited to down plunge extensions which may require higher stripping ratios (and therefore higher mining costs) or more capital intensive underground mining methods The Company is primarily exposed to copper (and to a lesser extent at this stage, nickel) which has weakened from recent highs of just over US$10,000/tonne in February 2011, however on Friday (26/08/2011) copper ended higher for a fourth straight day as investors banking on second half demand revival from China and longer term supply tightness increased purchases. Proactive Investors therefore sees more upside risk for copper in coming months Further declines in equity markets may continue to put pressure on junior resource companies as investors switch out of “risk” into perceived safe haven investments such as cash, gold and counter cyclical equities. Our medium term view is that the risk premium has been eroded for many junior resource companies and we see near term upside A strengthening Australian dollar (as funds flow back into riskier currencies) may make the price of copper in local (Australian) currency terms less attractive. This could have negative influences on Australian copper miners however it is more relevant to producing companies

PEER ANALYSIS AND ESTIMATE OF VALUE

We have excluded ASX listed companies such as OZ Mining Limited, PanAust Limited, Anvil Mining Limited and Aditya Birla Minerals Ltd as they are currently in production and not directly comparable to Ventnor Resources situation. We have however incorporated (Figure 17, Table 1) companies such as Sandfire Resources (ASX: SFR), CuDeco Limited (ASX: CDU), Haviliah Resources Limited (ASX: HAV), Hillgrove Resources Limited (ASX: HGO), Rex Minerals Limited (ASX: RXM), Discovery Metals (ASX: DML) Altona Mining (ASX: AOH) which are still in the exploration, feasibility study or pre-development phase. We have also taken into consideration the recent trade sale by Exxco Resources Ltd (ASX: EXM) of the Cloncurry Copper Project for A$175 million which valued the 630Kt of copper (Equiv) at around A$275/tonne. We also anticipate Voyager mineral (market capitalisation A$130 million) to come out with a high-grade copper resource shortly from its KM Porphyry Copper Project in Brazil shortly.

Company

EV/T Cu equiv ($)

Resource Tonnage (Mt)

Cu Equiv (Mt)

EV ($m)

Discovery Metals Ltd

$1,496.01

17.00

0.33

$488.71

Rex Minerals Ltd

$107.41

217.00

1.83

$196.87

Hillgrove Resources Ltd

$376.83

32.20

0.34

$126.76

Havilah Resources Ltd

$30.44

92.00

1.24

$37.61

Exco Resources Ltd

$279.54

61.00

0.63

$175.78

Sandfire Resources Ltd

$1,348.10

14.60

0.84

$1,133.18

Cudeco Limited

$401.04

118.50

1.07

$427.71

*Ventnor Resources Ltd

$114.04

1.00

0.05

$5.70

Intrepid Mines Ltd

$102.54

990.00

7.25

$743.86

Altona Mining Ltd

$197.39

150.70

1.05

$208.23

*Assumes maiden JORC Resource of 50Kt of contained copper

A note of caution is the relatively small size of our Ventnor Resources compared to these piers (roughly 6-12% of Sandfire Resources based on scenarios of 50-100K tonnes of contained copper). Our comparison focuses on total JORC resources at this stage. We note that Sandfire’s high grade and large tonnage will warrant a premium valuation.

Ventnor certainly looks cheap on EV/Resource multiples, however resource growth may be somewhat less rapid than DeGrussa (Sandfire) for example.

We derive a peer group average enterprise value per resource tonne contained copper of $490/tonne, with the higher grade deposits such as Sandfire Resources and Discovery Metals attracting a premium. In contrast, lower grad/larger tonnage deposits such as Intrepid Mines Tuju Bukit deposit (990Mt @ 0.40% Cu) have been discounted by the market.

On this basis, and upon initiation of a scoping study, applying our average EV metric of $490, we derive an enterprise value of around A$25 million or around A$0.42 representing an approximate premium to the current share price of 91%. We anticipate that the maiden resource may well be in excess of 100,000 of contained copper which would equate to a Ventnor Resources share price approaching A$0.80 based on similar metrics. Clearly a resource approaching 150,000-200,000 tonnes of copper would push valuations higher as this is the approximate tonnage required to justify a stand-alone operation.

 

To download a full copy of the report, please click here

 

Disclaimer / Disclosure
This report was produced by Proactive Investors Pty Ltd, which is a Corporate Authorised Representative of RM Capital Pty Ltd (AFSL 221938). Proactive Investors received a fee for the compilation and distribution of the research report. Proactive Investors has made every effort to ensure that the information and material contained in this report is accurate and correct and has been obtained from reliable sources. However, no representation is made about the accuracy or completeness of the information and material and it should not be relied upon as a substitute for the exercise of independent judgment. Except to the extent required by law, Proactive Investors does not accept any liability, including negligence, for any loss or damage arising from the use of, or reliance on, the material contained in this report. This report is for information purposes only and is not intended as an offer or solicitation with respect to the sale or purchase of any securities. The securities recommended by Proactive Investors carry no guarantee with respect to return of capital or the market value of those securities. There are general risks associated with any investment in securities. Investors should be aware that these risks might result in loss of income and capital invested. Neither Proactive Investors nor any of its associates guarantees the repayment of capital.

WARNING: This report is intended to provide general financial product advice only. It has been prepared without having regarded to or taking into account any particular investor’s objectives, financial situation and/or needs. Accordingly, no recipients should rely on any recommendation (whether express or implied) contained in this document without obtaining specific advice from their advisers. All investors should therefore consider the appropriateness of the advice, in light of their own objectives, financial situation and/or needs, before acting on the advice. Where applicable, investors should obtain a copy of and consider the product disclosure statement for that product (if any) before making any decision.
DISCLOSURE: Proactive Investors and/or its directors, associates, employees or representatives may not effect a transaction upon its or their own account in the investments referred to in this report or any related investment until the expiry of 24 hours after the report has been published. Additionally, Proactive Investors may have, within the previous twelve months, provided advice or financial services to the companies mentioned in this report. As at the date of this report, the directors, associates, employees, representatives or Authorised Representatives of Proactive Investors and RM Capital may hold shares in Ventnor Resources Limited.

 

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Wed, 31 Aug 2011 10:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163281/ventnor-resources-maiden-high-grade-copper-resource-in-the-making-19068.html
<![CDATA[News - Ventnor Resources soars on "Degrussa style" intersections at Thaduna and Green Dragon project ]]> https://www.proactiveinvestors.co.uk/companies/news/163280/ventnor-resources-soars-on-degrussa-style-intersections-at-thaduna-and-green-dragon-project-19053.html Ventnor Resources (ASX: VRX) has returned outstanding drill results identifying copper mineralisation from second phase of drilling at the Thaduna and Green Dragon copper project, 40 kilometres east of Sandfire Resources' (ASX:SFR) Degrussa project in Western Australia.

Best intercepts from current drilling at Thaduna prospect included:

- 5 metres at 4.21% copper from 30 metres;
- 3 metres at 4.47% copper from 121 metres;
- 5 metres at 5.10% copper from 100 metres;
- 4 metres at 3.85% copper from 122 metres; and
- 11 metres at 5.57% copper from 100 metres.

Additional copper mineralisation was discovered along strike 300 metres north of the existing Thaduna pit.

Meanwhile at Green Dragon Prospect, there was confirmed significant and continuous copper mineralisation with intersections from the second phase of drilling including:

- 2 metres at 9.00% copper from 85 metres downhole
- 4 metres at 2.98% copper from 44 metres;
- 4 metres at 7.86% copper from 60 metres;
- 5 metres at 6.07% copper from 80 metres;
- 12 metres at 5.07% copper from 64 metres; and
- 5 metres at 5.93% copper from 88 metres.

Ventnor Resources managing director Bruce Maluish said, “The success of the drilling program has revealed, in my opinion, the most significant copper results in the Doolgunna District, since Sandfire’s DeGrussa discovery, and justifies Ventnor’s aggressive exploration program.”

“The mineralisation is open along strike, down dip and to surface and Ventnor is planning an additional drill program with the intent to determine a maiden JORC Resource for a scoping study to be completed in the March 2012 quarter,” Maluish said.

The Thaduna and Green Dragon Copper Project is located 170 kilometres north of Meekatharra, WA, in the Doolgunna district and within the Late Proterozoic Yerrida Basin.

In June/July 2011, Ventnor Resources completed a 6,020 metre reverse circulation drilling program at the Company’s Thaduna and Green Dragon copper project. The program followed up the significant results from the initial 2,762 metre drill program, results of which were announced 30th May 2011. A total of 46 new holes were drilled; 26 holes for 3,520 metres at Thaduna and 20 holes for 2,420 metres at Green Dragon.

At Thaduna, two holes from the April 2011 drilling program, THRC006 and THRC009, were extended 60m and 20m respectively, both of which intersected the intended mineralisation.

The purpose of this drilling program was to extend the known mineralisation along strike and down dip from mineralisation intersected in the previous program. The program has been successful and now provides a platform for a Resource definition drilling program which is currently being planned and will be undertaken in the December 2011 quarter.

A total of 44 holes for 5,432 metres have now been completed at Thaduna. A strike length of 1,500 metres has been tested to a maximum depth of 150 metres vertically below the surface. Of the 44 holes drilled, 33 intersected significant mineralisation (+0.2% copper over 2 metre minimum) and 21 holes intersected high-grade (HG) values (+1% copper over 2 metre minimum).

Drilling to date has had a better than 80% success rate intersecting significant mineralisation. The mineralisation remains open to the north, south, to surface and at depth along the entire 1,500 metres strike of current known mineralisation.


Green Dragon Prospect

A total of 26 holes for 3,020 metres have now been completed at Green Dragon. A strike length of 500 metres has been tested to a maximum depth of 130 metres vertically below the surface.

Of the 26 holes drilled, 22 intersected significant mineralisation (+0.2% copper over 2 metre minimum) and 16 holes intersected high-grade (HG) values (+1% copper over 2 metre minimum) with some holes with multiple high-grade intersections.

In fact every hole has intersected mineralisation better than 0.1% copper over 2m. The drilling at Green Dragon has been very successful in intersecting significant copper mineralisation.

The multiple zones of mineralisation remain open to the north, south, to surface and at depth along the 500 metre strike of current known mineralisation.


Conclusions

This latest drilling program has confirmed the potential for economic mineralisation at Thaduna and Green Dragon. Early interpretations show a series of hydrothermal veins with copper and associated silver mineralisation.

The current geological understanding is that the mineralisation occurs in fault zones controlled by regional scale sinistral faulting, as well as associated local scale structures, within a sediment host rock.

Further structural geological studies are required which may give rise to additional exploration targets.

Ventnor intends to conduct a JORC Resource definition drilling program on the two project areas. It is expected that this will entail drilling of between 8,000 – 12,000m of reverse circulation drilling plus up to 1,000m of diamond core for metallurgical testwork and geotechnical assessment.

The drilling is expected to be undertaken in the December 2011 quarter.

Subject to on-going drilling results the Company will also commence environmental assessment work as well as waste rock characterisation and ground water studies to support a preliminary scoping study.

 

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Mon, 29 Aug 2011 10:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163280/ventnor-resources-soars-on-degrussa-style-intersections-at-thaduna-and-green-dragon-project-19053.html
<![CDATA[News - Ventnor Resources in pre-open pending Thaduna Green Dragon Copper Project results ]]> https://www.proactiveinvestors.co.uk/companies/news/163279/ventnor-resources-in-pre-open-pending-thaduna-green-dragon-copper-project-results-18971.html Ventnor Resources (ASX: VRX) has been granted a trading halt by the ASX pending the release of further drill results from the Thaduna/Green Dragon Copper Project, with the company's shares placed in pre-open.

The project is based in Western Australia, 175 kilometres north of Meekatharra.

Sandfire Resources' (ASX:SFX) De Grussa discovery is located just 40 kilometres west of Thaduna/Green Dragon. 

In first pass drilling by Ventnor in May, there were significant results. They included 16 metres at 3.47% copper from 80 metres; 4 metres at 4.37% copper from 87 metres and 7 metres at 5.70% copper from 75 metres.

Highlighting the prospectivity of the area, Thaduna had historic production of 30,290 tonnes at 8.7% copper, with Green Dragon 9,100 tonnes at 5.2% copper.

 

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Thu, 25 Aug 2011 15:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163279/ventnor-resources-in-pre-open-pending-thaduna-green-dragon-copper-project-results-18971.html
<![CDATA[News - Ventnor Resources awarded A$100,000 grant to expand nickel drilling in the Pilbara ]]> https://www.proactiveinvestors.co.uk/companies/news/163278/ventnor-resources-awarded-a100000-grant-to-expand-nickel-drilling-in-the-pilbara-17025.html Ventnor Resources (ASX: VRX) has been awarded a A$100,000 drilling grant by the Western Australia State Government under the Co-Funding Industry Drilling Program for the Warrawanda nickel project in the Pilbara.

The grant is a very proactive step for the company, which only hit the ASX boards a couple of months ago after a successful IPO.

Bruce Maluish, managing director of Ventnor, said, “We welcome support from the State government as it gives companies like us an extra incentive to drill in under explored areas.”

The state's program is designed to fund high quality, technical and economically based projects which promote new exploration concepts and technologies.

The Western Australian Government designed the grant to support innovative drilling by companies in greenfield areas, where additional drilling and promotional activities have the potential to lead to new discoveries.

Ventnor recently completed an airborne EM geophysical survey over the Warrawanda and Nickel Hills prospects.

 

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Fri, 10 Jun 2011 09:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163278/ventnor-resources-awarded-a100000-grant-to-expand-nickel-drilling-in-the-pilbara-17025.html
<![CDATA[News - Ventnor Resources drilling extends copper mineralisation at Doolgunna project ]]> https://www.proactiveinvestors.co.uk/companies/news/163277/ventnor-resources-drilling-extends-copper-mineralisation-at-doolgunna-project-16705.html Ventnor Resources (ASX: VRX) has extended the copper mineralisation at the Thaduna and Green Dragon Copper Project in Western Australia, after receiving results from initial reverse circulation drilling. 

Results showed drilling intersected copper that is open down dip and along strike in both directions, extending beyond the historic mining area.

The drilling targeted copper below the existing pits at a nominal depth of 60 to 100 metres confirming mineralisation.

Highlights include:

- 5 metres at 7.19% copper;
- 7 metres at 5.70% copper; and
- 16 metres at 3.47% copper.

Bruce Maluish, managing director of Ventnor, said “we will now be moving ahead next quarter with a further phase of drilling to test the immediate extensions.”

At the Thaduna Prospect, within the project, the results have added mineralisation to the north of the pit indicating the extension of another lode after 18 reverse circulation drill holes were drilled along an 800 kilometre strike length.

The company has hit copper in the hanging wall west of the pit at the Green Dragon Prospect that may indicate a new zone of mineralisation after drilling six reverse circulation drill holes along 300 metres of strike length.

Thaduna and Green Dragon was previously mined for copper, with oxide ore having been mined until 1971 from shallow pits.

The project is located 170 kilometres north of Meekatharra in the Doolgunna district of Western Australia.

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Mon, 30 May 2011 16:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/163277/ventnor-resources-drilling-extends-copper-mineralisation-at-doolgunna-project-16705.html