Venture Minerals Share Price Surging on ‘Significant’ Gold System
The Venture Minerals Ltd [ASX:VMS] share price is up 11.29% to 6.9 cents per share at time of writing thanks to the confirmation of a significant gold system at its Kulin Project.
Excitement around VMS grew in December in combination with a rebound in the gold price and good progress being made across its projects.
Production is set to begin soon at its Riley Iron Ore Mine in northwest Tasmania, with its nearby Mount Lindsay Tin-Tungsten Project garnering renewed focus thanks to strong tin prices.
Chalice Mining Ltd [ASX:CHN] has recently committed to spend up to $3.7 million in VMS’s South West Project, to advance previous exploration completed by VMS to test a Julimar lookalike Nickel-Copper-PGE target.
Maiden drill program commences at Kulin
VMS has not wasted any time to further its exploration program at its Kulin Project in WA.
A recently completed trenching program over some of the high order gold in soil anomalies at Kulin delivered substantial mineralised intervals of up to 31 metres at 1.0 grams of gold per tonne (g/t) and 20 metres at 0.6g/t.
VMS say trenching has now confirmed that multiple gold targets have been discovered at the Kulin Project.
While the gold grading doesn’t seem very impressive, consider this:
Kulin is located in an emerging WA gold province which already host several major gold deposits such as Boddington 30 million-plus ounces (currently Australia’s second largest gold producer), Edna May 2.2 million ounces, Katanning 1.2 million ounces and Tampia 0.7 million ounces.
The explorer believes the broad, mineralised gold zones in the trenches also suggest there is significant potential for intersecting broad zones of gold mineralisation at depth.
Which the current drilling program is designed to test.
Should you put VMS on your watchlist?
The explorer has continued to reward its shareholders this year, capping off what was a strong performance in 2020.
With VMS looking to being iron production in the near future, their shares are looking quite attractive.
Without sounding too much like a broken record, there is a lot to like about a small-cap explorer with some good potential projects that also generate revenue to fund further exploration.
You can read about a few of other explore/producers that are doing the same here.
Notice their share price actions over the past 12 months too.
VMS’s Managing Director, Andrew Radonjic, nicely summarises the explorer’s outlook:
‘The Company is looking forward to generating drill results from Kulin in the coming weeks following the completion of its maiden diamond drilling program.
‘Venture will then immediately follow on with the continuation of drilling at its priority exploration Project at Golden Grove North, as it looks to target extensions to the recent drill intersections of up to 7% Zinc, 1.3% Copper and 2.1g/t Gold at Orcus and other newly identified, strong EM conductors situated along the Volcanic Massive Sulphide Target Zone.
‘This new phase of exploration in Western Australia is poised to generate significant news flow for shareholders over the coming months.’
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For The Daily Reckoning Australia