Venture Minerals Limited (ASX:VMS, OTC:VTMLF) joint venture (JV) partner Chalice Mining Ltd (ASX:CHN, OTCQB:CGMLF) has recommenced its electromagnetic (EM) survey over Venture’s South West nickel-copper-platinum group element (PGE) property.
Chalice will pick up where it left off in June with a geophysical survey — the first chapter in a JV agreement that’s targeting Venture’s Thor target, a 20-kilometre-long magnetic anomaly that could look like Chalice’s own Julimar asset.
Julimar made headlines earlier this week with the largest platinum group element discovery in Australian history and the biggest nickel sulphide find in more than two decades.
Chalice is hoping to find further success at Venture’s property, with the rest of the EM survey targeting a region with 13 delineated, highly conductive anomalies.
What’s more, both projects sit within WA’s highly prospective West Yilgarn nickel-copper-PGE province, which runs roughly 1,200 kilometres long and around 100 kilometres wide.
Aiming for another Julimar
Speaking to the resurrected survey, Venture managing director Andrew Radonjic said: “The board is pleased to see the recommencement of our JV partner Chalice Mining’s ground EM program …
“This next phase is targeting the area where Venture’s own airborne EM survey delineated 13 anomalies, suggesting the current survey is highly likely to generate further bedrock conductors and potentially high priority drill targets.
“What is most exciting is the opportunity this gives to Venture shareholders with Chalice potentially drilling these conductors early next year with the aim of making another Julimar discovery.”
Joint venture agreement
Under their joint venture agreement, both Venture and Chalice are dedicated to exploring what could be a Julimar lookalike.
The ongoing EM survey is just the first part of this agreement, with further activity planned to better define the Thor target’s prospectivity.
Essentially, Chalice can earn up to a 70% interest in South West by spending $3.7 million on exploration over four years.
If the multi-billion-dollar explorer wants to bring in the drill rigs, it needs to expend $1.2 million by July 29, 2022 (including a $300,000 payment by the end of this month) to earn 51%.
To move to a 70% stake in the South West project, Chalice needs to spend a further $2.5 million.
EM campaign at Thor
With spring in full swing, Chalice is returning to the field after its late April surveying program was halted in June because of wet weather.
During the program’s initial third, Chalice defined new EM anomalies over the South West property.
What’s more, they bore a similar strength to the conductors that yielded wide and significant palladium intervals during the early drilling phase at Chalice’s Julimar nickel-copper-platinum group element (PGE) discovery.
In addition, one of the new EM anomalies lies within 10 metres of a previously drilled hole, which intersected 86 metres of disseminated sulphides with anomalous levels of PGE mineralisation.
Fast forward to today, and the remaining EM survey will hone in on 13 anomalies, previously defined by Venture’s own program.
These targets lie within the southern 6.5 kilometres of the prospective, 20-kilometre Julimar lookalike.
Chalice will follow up any resultant bedrock conductors from the EM program with soil geochemistry to define potential drill-ready targets.
In 2018, only two of the anomalies were tested with single drill holes in Venture’s maiden campaign.
Promisingly, however, the last hole at Thor intersected 2.4 metres of massive sulphide, averaging 0.5% copper, 0.05% nickel, 0.04% cobalt and anomalous gold and palladium.
At the nearby Odin target, nickel and copper sulphides were intersected within a highly prospective mafic-ultramafic unit that extends over 10 kilometres of strike.
This finding was further supported by surface sampling activities, which fielded impressive nickel and copper geochemical anomalies.
As the new year approaches, Venture will keep the market informed of any updates on the Thor target.