Venturex copper-zinc project gets nod from EPA

Venturex Resources has received the all-important nod of approval from the EPA after the WA Government body completed its assessment of the Sulphur Springs copper-zinc project in the Pilbara...
3rd April 2020
Resources Rising Stars

Venturex Resources has received the all-important nod of approval from the EPA after the WA Government body completed its assessment of the Sulphur Springs copper-zinc project in the Pilbara (reports The West Australian).

The EPA has now submitted a detailed report to the Minister for the Environment, making the positive recommendation for the company’s flagship mining project to proceed.

Venturex Executive Director Mr Anthony Reilly said: “Achieving the EPA approval recommendation is a major achievement for Venturex and marks a key milestone towards the potential development of the Sulphur Springs Project.”

The Sulphur Springs copper-zinc project is located 144km south-east of Port Hedland in Western Australia and includes the Sulphur Springs and Kangaroo Caves deposits.

The project hosts a total mineral resource of 17.4 million tonnes grading a solid 1.3% copper, 4.2% zinc and 17g/t silver that Venturex said will be developed through both open pit and underground mining at a processing rate of 1.25 million tonnes per annum.

“Sulphur Springs is an impressive project with an average annual free cash-flow before tax of some $80 million a year over an “initial” mine life of nearly 12 years,” Birney wrote.

“The project’s CAPEX isn’t too bad either at $169 million and the internal rate of return of 51% crosses the magical 50% mark,” he added.

“Sulphur Springs also has a wealth of exciting exploration prospects with more than 27 kilometres worth of blue-sky ground along the “Panorama Trend”. Geologists have pegged this trend as highly prospective, with mineral-rich Gossan’s mapped on the ground and also visible from satellites.”

Late last year, the company detailed seven high priority, drill-ready targets with the Breakers prospect being one of the most interesting looking. It was discovered by a Geologist walking across the ground who picked up a malachite-copper-rich gossanous sample, which assayed up to a whopping 36.7% copper and 36% zinc.

Limited historical drilling here was carried out during the 1990’s and some holes hit ore grade intercepts such as 22 meters grading 4.16% zinc, 0.94% lead and 10.3 grams per tonne silver.

Venturex conducted some first pass drilling last year and hit some cracking numbers, including an 18m section grading 7.75% zinc, 2.03% lead, 0.25% copper and 22.8g/t silver from 155m down hole.

That hole was drilled 50m away from the historical hole that held the 22m intercept, which will make for a lot of excitement if the field team can join the dots.

 

Subscribe to the RRS Weekly Wrap

© 2020 Resources Rising Stars All Rights Reserved