Venturex on rise again with high-grade copper hits
13th October 2017
Resources Rising Stars
Shares in Venturex Resources kicked up after it announced a high-grade copper hit from a diamond drill hole at its Sulphur Springs project 144km south-east of Port Hedland, reports The West Australian.
The company reported 38.2m at 3.49 per cent copper from 97.8m including an interval of 14m at 5.98 per cent copper from 111m.
Two further holes have been completed, each intersecting copper mineralisation while a fourth hole is in progress.
The drill program is designed to test mineralisation amenable to open pit mining up-dip from the known volcanogenic massive sulphide mineralisation and to provide samples for metallurgical test-work.
Venturex’s executive director Anthony Reilly said the company looked forward to ongoing results as its drill program continued to evaluate near-surface mineralisation.
Shares in Venturex were up 0.3¢, or 20 per cent, to 1.8¢ at 10.45am after touching 1.9¢ in earlier trade.
Last month, shares in Venturex ran hard after it announced it would review its Whim Creek project in the Pilbara for potential Witwatersrand-style gold targets, effectively linking itself to the Pilbara gold rush narrative.
Mr Reilly said a field team was on site today at Whim Creek today to begin the company’s evaluation of conglomerate-hosted gold potential along strike from the recent discovery by De Grey at its neighbouring Loudens Patch prospect.
The Pilbara gold rush started when Artemis Resources and its exploration joint venture partner, Canada’s Novo Resources, began discovering gold nuggets in shallow trial pits at the Purdy’s Reward prospect south of Karratha.
The two company’s believe the so-called Fortescue Group of rock may be geologically and historically linked to the massive Witwatersrand gold basin in South Africa.
“With the ongoing base metal drilling program and an ongoing review of the gold potential at Whim Creek, investors can look forward to strong news flow from the company,” Mr Reilly said.
Venturex counts Northern Star Resources (20.22 per cent) and Hong Kong-based Regent Pacific Group (18.27 per cent) among its major shareholders.
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