Venture Minerals (ASX:VMS) has been granted a mining lease for its Mt Lindsay Tin/Tungsten Project in Tasmania and will now seek State and Commonwealth environmental approvals.
The company will also continue to evaluate financing options for future development of the project.
Work is continuing to evaluate the exploration potential surrounding Mt Lindsay that could deliver high grade mineralisation and add to its Reserve base.
Mt Lindsay has a total Resource of 13 million tonnes grading 0.7% tin equivalent at a 0.45% cut-off.
This was defined by about 83,000 metres of diamond core drilling carried out by Venture since 2007 and is hosted within two magnetite rich skarns that extend over a total strike of 2.8 kilometres and remain open at depth.
The project is located between the world class Renison Bell Tin Mine that has produced 200,000 tonnes of tin since 1960 and the Savage River Magnetite Mine that has operating for 45 years and currently produces about 2 million tonnes per annum of iron pellets.
Mt Lindsay has excellent access to existing infrastructure including hydro-power, water, sealed roads, rail and port facilities.
In 2012 the resource base at Mt Lindsay was the subject of a Bankable Feasibility Study, which concluded that the project was robust in terms of margin per tonne and internal rate of return.
The study entertained a 1.75Mtpa operation, producing concentrates of tin, tungsten, copper and magnetite.
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.