Venture Minerals Limited (ASX:VMS, OTC:VTMLF) achieved considerable progress in FY21 across a strong portfolio of diverse mineral resource projects in Australia.
The explorer-turned-producer is focused not only on its flagship Tasmanian projects but also on its Western Australian portfolio of assets, including the joint venture with Chalice Mining Ltd (ASX:CHN, OTCQB:CGMLF) on its South West Project and its highly prospective 100%-owned Kulin and Golden Grove North projects.
Riley Ore Mine production advanced
The 100%-owned Riley Iron Ore Mine is 10 kilometres from the Mount Lindsay tin-tungsten deposit and occurs as a rich pisolitic and cemented laterite.
The deposit constitutes 2 million tonnes of indicated resource at 57% iron content, with another 1.6 million tonnes of probable resource again at 57% iron content.
VMS commenced construction of a Wet Screening Plant at the Riley deposit late in the September 2020 quarter following an initial mining and dry screening program which successfully produced 2,000 tonnes of high specification product.
As of the end of FY21, the installation phase of the plant construction was completed and the power station operational. The Wet Screening plant is well advanced with ore mining having commenced.
Once a state of steady production is achieved the next phase of the commissioning process will involve continuous ore haulage and delivery of saleable product to the Port of Burnie, followed by the final phase of loading the shipment.
The first shipment of iron ore from the Port of Burnie was completed post-June 30 and is a key milestone for the company, but Venture acknowledges the iron ore and global shipping markets continues to be volatile and has, therefore, decided to place the mine in a temporary suspension.
Read: Venture Minerals completes first commercial shipment from Riley Iron Ore Mine
Mount Lindsay Tin-Tungsten Project
The northwest Tasmania-based Mount Lindsay’s resource base hosts two magnetite-rich skarns which extend over a total strike of 2.8 kilometres and remain open at depth.
Venture holds 100% of the project, which has access to existing infrastructure including hydropower, water, sealed roads, and rail and port facilities.
Approximately 83,000 metres of diamond core drilling has been completed with more than 70% in the measured and indicated categories. A feasibility study was also completed with comprehensive metallurgic test-work and post-feasibility delivering high grade 75% tin concentrate.
Given that tin and tungsten are at five-year highs on the market, Venture is well placed to capitalise on the gains.
The company hopes to provide critical metals for the electric vehicle industry in a location conducive to ESG compliant tin-tungsten production with access to renewable hydropower.
Watch: Coffee with Samso: Venture Minerals - the birth of the green tin story