Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has returned high-grade zones of tin-tungsten mineralisation, including a 93-metre intersection, from its new drill program at Mount Lindsay Tin-Tungsten Project in northwest Tasmania.
The drill program is designed to confirm the continuity of high-grade zones and provide additional metallurgical samples as is part of the updated feasibility study for an underground mine with significant results from hole ML339M including:
- 93 metres at 0.5% tin equivalent from 107 metres;
- 12 metres at 1.7% tin equivalent from 113 metres; and
- 54 metres at 0.6% tin equivalent from 113 metres.
Mount Lindsay is already one of the largest undeveloped tin projects in the world, containing more than 80,000 tonnes of tin metal and within the same mineralised body a globally significant tungsten resource containing 3,200,000 MTU (metric tonne unit) of tungsten trioxide
“Multi-decade opportunity”
Venture managing director Andrew Radonjic said: “The first hole of the new drilling program at Mount Lindsay for the recently started underground feasibility study has seen the MacDonald Shoot deliver further high-grade tin and tungsten assay results to confirm the continuity of this high-grade zone.
“Additional drilling on the Main Skarn’s high-grade MacDonald Shoot, followed by similar targeted drilling on the No. 2 Skarn’s high-grade Radford Shoot, is expected to return more high-grade results which will increase the confidence in the resource supporting an underground development.”
“The MacDonald and Radford shoots provide a great foundation for the first stage development for the Mount Lindsay Tin-Tungsten Project whilst exploration will look to extend the life of the asset to a multi-decade opportunity, in keeping with other major mines on the West Coast of Tasmania.”
Drilling program
Venture continues to drill additional holes on the MacDonald Shoot and these will be followed by similar targeted drilling on the Radford Shoot.
Preliminary assay results from ML339M were from a nearby laboratory that generated results using a similar analytical technique for some of the suite of elements that are routinely assayed for on Mount Lindsay drill core with other results including:
- 54 metres at 0.6% tin equivalent from 113 metres;
- 30 metres at 0.5% tin equivalent from 170 metres; and
- 22 metres at 0.6% tin equivalent from 236 metres.
The pulps will now be submitted to the preferred laboratory to provide assays for the missing elements and to check the values reported using the analytical method chosen for the JORC-compliant resource.
Underground feasibility study
The underground feasibility study will advance previous scoping study work and includes additional drilling (currently in progress) to further confirm the continuity of the MacDonald Shoot in the Main Skarn and the Radford Shoot in the No.2 Skarn.
Current drilling will also provide material for finalising a cost-effective, gravity-focused, processing flowsheet to concentrate the high-density minerals cassiterite (tin oxide - 79% Sn) and scheelite (81% tungsten trioxide).
Additional work will include further detailed engineering studies to firm up the mine design and updating of the permit to reflect the change in mining and processing strategies
Furthermore, Venture is building a dedicated team to manage the study program.
Mineralised skarn at 119.9 metres in ML339M.
Critical Minerals Project
The Mount Lindsay Project is already classified by the Australian Government as a Critical Minerals Project with an advanced tin-tungsten asset, which is significantly enhanced by the recent discovery of two new skarn zones, one within the Renison Mine Sequence in the Mount Lindsay area and the other along strike from Mount Lindsay’s main tin deposits.
Mount Lindsay is already one of the largest undeveloped tin projects in the world, containing more than 80,000 tonnes of tin metal and within the same mineralised body a globally significant tungsten resource containing 3,200,000 MTU (metric tonne unit) of tungsten trioxide.
More than 100,000 metres of diamond core drilling has been completed on the project predominately by Venture, which hosts a JORC compliant resource, 70% of which is in the measured and indicated categories.
Mount Lindsay Project: Geology map showing high-grade tin-tungsten targets.
Fundamental to battery revolution
Tin is now recognised as a fundamental metal to the battery revolution and new technology, with the International Tin Association is predicting a surge in demand driven by the lithium-ion battery market, of up to 60,000 tonnes per annum by 2030.
It is listed as a 'Critical Mineral' by numerous countries around the world and is currently trading at ~US$39,000/tonne, which is four times the price of copper at ~US$9,500/tonne.
Furthermore, there is currently approximately one day’s global supply of tin held in stockpiles by the London Metal Exchange (LME).