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Venture Minerals readies for drill testing of large new nickel target

Last updated: 11:49 15 Feb 2023 AEDT, First published: 11:18 15 Feb 2023 AEDT

Venture Minerals Limited -

Venture Minerals Limited (ASX:VMS, OTC:VTMLF) will next week start drill testing a large new nickel target in northwest Tasmania defined by a three-kilometre-long EM conductor supported at the surface by nickel in soil anomalism and interpreted to be within the Wilson River Ultramafics.

Venture has 100% ownership of granted tenure encompassing 13 kilometres of this prospective ultramafic unit near its Mount Lindsay Project.

The new nickel target sits within the same ultramafic belt that hosts the Avebury Nickel Deposit (264,000 tonnes contained nickel in resources), which is just 25 kilometres to the southwest.

Notably, Mallee Resources recently reopened the nearby Avebury Mine and restarted production.

In same belt as Avebury

“The company is excited to be testing this new nickel target within our portfolio of tenements in northwest Tasmania," Venture’s managing director Andrew Radonjic said.

"This large nickel target is defined by a significant EM conductor and anomalous soils results and sits within the same ultramafic belt that hosts the nearby Avebury Nickel Mine that has recently recommenced production.”

Location map of Mount Lindsay Project.

Targeting battery metals

The new target fits into Venture’s strategy of targeting critical minerals for the battery revolution.

Nickel plays a critical enabling role in the energy transition required to reduce CO2 emissions through the deployment of the entire spectrum of clean energy technologies – geothermal, batteries for EVs and energy storage, hydrogen, hydro, wind and concentrating solar power.

The company has also refocused its approach to developing the Mount Lindsay Tin-Tungsten Project, already one of the world's largest undeveloped tin-tungsten deposits.

Tin is a fundamental metal to the battery revolution and tungsten is a critical mineral.

Venture has started an underground feasibility study on Mount Lindsay that will leverage off the previously completed open-pit feasibility work.

In fact, Venture currently has a lot on its plate.

At the neighbouring Riley Iron Ore Mine, the mine is prepared for a quick restart should market conditions become favourable.

In Western Australia, Chalice Mining recently committed to the second stage of the Venture/Chalice JV which requires a further $2.5 million of expenditure over the next two years to earn a further 19% interest (for a total of 70%) in Venture’s South West Project.

At its Golden Grove North Project, downhole EM has delineated a large conductor under high-grade zinc-copper-gold drill intersections within the 5-kilometre-long volcanogenic massive sulphide target zone, along strike to the world-class Golden Grove Zinc-Copper-Gold Mine.

Venture has a significant nickel-copper-PGE landholding at Kulin with two highly prospective 20-kilometre-long nickel-copper-PGE targets within the Kulin Project.

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on 15/12/23