West Coast Project, Tasmania
The Tasmanian Operations are located in northwest Tasmania approximately 125km south, by sealed road, from the Port of Burnie. The tenement exploration area covers 148km² encompassing the south and eastern margins and metamorphic aureole of the Meredith Granite. The Meredith Granite is part of a suite of Devonian granites which are associated with several world class tin deposits including Renison Bell Tin Mine (Metals X Ltd/Yunnan Tin Group >231kt of tin metal produced since 1968), Mount Bischoff and Cleveland. In addition to the tin deposits the granites are also associated with iron deposits (Savage River Magnetite Mine operating for > 45 years, currently producing approximately 2.5 Mtpa of iron pellets), nickel deposits (Avebury), and poly-metallic deposits (Rosebery - operating for +75 years).
The region has all necessary infrastructure in place with the operations located in close proximity to:
- a sealed road,
- existing rail (with spare capacity) via a sealed road,
- existing port facilities (with spare capacity) via 100km of rail,
- high voltage hydropower,
- abundant water, and
- existing mining support towns - Tullah (20kms east) & Rosebery (15kms east-south-east).
The Tasmanian Operations host three projects with the Company’s focus on the Mt Lindsay Tin-Tungsten Project plus two nearby DSO hematite projects. The three projects that make up the Operations are:
- Mt Lindsay Tin-Tungsten Project
- Riley DSO Hematite Project
- Livingstone DSO Hematite Project
Location Map for Mt Lindsay Tin-Tungsten Deposit/Riley DSO Deposit/Livingstone DSO Deposit
Mt Lindsay Tin-Tungsten Project
Exploration commenced on the Mt Lindsay Project in 2007 for skarn hosted tin-tungsten-magnetite mineralisation. Since then Venture has completed approximately 83,000m of diamond core drilling and defined a JORC compliant Measured, Indicated and Inferred Resources.
Resource Statement Mt Lindsay Tin-Tungsten Project Tasmania
The resource base at Mt Lindsay is hosted within two magnetite rich skarns (Main Skarn and the No.2 Skarn) which extend over a total strike of 2.8kms and remain open at depth. Additional indicated and inferred resources have been defined at the Reward and Stanley River South Prospects, which extend over an additional 1.1km of strike.
In 2012 the resource base at Mt Lindsay was the subject of a Bankable Feasibility Study (“BFS”) which entertained a 1.75 million tonne per annum operation, producing concentrates of tin, tungsten, copper and magnetite. The study delivered an NPV8 of A$143m from a 9 year mine life with a capital cost estimate of A$198m. Full details of the reserve statement and BFS outputs and a list of assumptions are in the ASX announcement of 7 November 2012.
On 3rd July 2014, the Tasmanian Minister of Mines granted a mining lease over the Mt Lindsay Tin-Tungsten Project.
Mt Lindsay Exploration
Venture has focussed its efforts on identifying additional high grade tin-tungsten targets in close proximity to the Mt Lindsay Deposit. The low cost exploration work is part of a broader strategy focussed on identifying high grade mineralization within trucking distance of the existing deposit that has the potential to further strengthen the economics of the Mt Lindsay Project.
The Company has successfully defined eight new targets considered prospective for high grade tin/tungsten mineralization as well as targets prospective for copper and nickel mineralization. These targets are hosted within the broader skarn units identified throughout the Mt Lindsay area of which to date only 10% have been drill tested.
Initially, Venture successfully identified three new prospects, located only 2km south west of the Mt Lindsay Deposit. These were defined by electromagnetic (“EM") anomalies extending over a combined strike length of 4.5km. One of these new anomalies was partially tested by one previously drilled hole intersecting 2m @ 1.1% tin (Refer ASX announcement 23 October 2014), suggesting the area has potential for high grade tin mineralization. This is further supported by being adjacent to the interpreted northern extension of the Federal-Bassett Fault, which is the dominant structure for mineralization at the world class Renison Tin Mine located only 15km to the south of Mt Lindsay.
The Company then defined an additional target next to the three new prospects with a coincident EM and geochemical anomaly which is situated within the granted mining lease. The new prospect is also favourably located within a fold in the northern extension of the Renison Mine Sequence.
Following on, Venture identified a further four prospects defined by a series of EM targets as well as coincident EM and geochemical anomalies. Two of these targets are situated within the Company’s granted mining leases and are hosted within the broader skarn units identified throughout the Mt Lindsay area.
Venture continues to work on identifying new target areas in close proximity to the Mt Lindsay Deposit.
Mt Lindsay | recently identified exploration targets