Venture Minerals Ltd (ASX:VMS, OTC:VTMLF) has intersected 16 metres of potentially tin-bearing sulphide-rich, magnetite skarn while drilling at Mount Lindsay Project in Tasmania on a priority tin target along strike from the Renison Bell Mine, one of the world’s highest grade tin mines.
The new skarn discovery is within the extension of the Renison Mine Sequence that hosts the large mine at which mining has spanned over three centuries.
A diamond drilling program was designed to test extensions of this sequence with hole ML337 that returned the 16-metre intersection specifically targeting a coincident electromagnetic (EM) and surface geochemical anomaly.
This anomaly is favourably located on highly prospective carbonate units that typically dominate the Renison Mine Sequence.
The drilling was planned following airborne electromagnetic (EM) surveying and the company will now undertake a down-hole EM program to identify sulphide-rich targets while awaiting assay results.
Opportunity to add to resource base
Venture managing director Andrew Radonjic said: “Immediate success from the first exploration drilling at Mount Lindsay since 2013, has seen the discovery of a substantial skarn system immediately along strike from one of the world’s most significant and high-grade tin mines and adjacent to Venture’s Mount Lindsay Tin Deposit located within Australia’s premier tin district.
“The discovery of a potential new tin-bearing skarn system so close to the company’s flagship tin deposit delivers Venture an excellent opportunity to add to the already significant resource base at Mount Lindsay.”
Shares have been as much as 13.3% higher intra-day to 9.4 cents.
Critical minerals project
The Mount Lindsay Project, an advanced tin-tungsten asset, is classified as a critical minerals project by the Australian Government.
This is enhanced by the discovery of a new skarn zone and high priority drill targets within the Renison Mine Sequence in the Mount Lindsay area.
Mount Lindsay Project: Geology map showing high-grade tin-tungsten targets.
Mount Lindsay is one of the largest undeveloped tin projects in the world, having more than 80,000 tonnes of tin metal and within the same mineralised body a globally significant tungsten resource containing 3.2 million metric tonne units of tungsten trioxide.
Radonjic said: “Consumers and investors are becoming extremely focused on ESG-compliant sourcing of tin.
“Mount Lindsay is well-positioned to meet this demand, being in an ESG compliant jurisdiction, with access to renewable hydropower, combined with the company’s commitment to minimising its carbon footprint, through planned underground mining and processing strategies.”
Fundamental to battery revolution
Tin is recognised as a fundamental metal to the battery revolution, and International Tin Association is predicting a surge in demand to 60,000 tonnes per annum by 2030, mainly on higher demand from the lithium-ion battery market.
Tin is currently trading near record highs at US$33,000/tonne, which is four times the price of copper.