Ventnor Resources (ASX: VRX) has received assays from follow up drilling at the Thaduna/Green Dragon project, which indicate silver assay values up to 36g/t silver.
Thaduna is located 40 kilometres east of Sandfire’s (ASX: SFR) Degrussa project in Western Australia.
The results are from samples submitted from the first two drill programs and undertaken during April and July 2011 and assayed for silver, gold, platinum, palladium and mercury.
Ventnor recently unfurled some very robust intersections that included: 5 metres at 4.2% copper from 30 metres, and 3 metres at 4.5% copper from 121 metres at Thaduna, along with 2 metres at 9% copper from 85 metres, and 12 metres at 5.1% copper from 80 metres at Green Dragon.
This week, Ventnor received firm commitments from investors to place 5.4 million shares at $0.36, to raise $1.94 million.
Ventnor Resources managing director Bruce Maluish said, “the presence of silver in the copper intercepts will add value to the recovered copper concentrate and the lack of contaminants will not detract from the value.”
The assay results also confirmed a correlation between copper and silver assays and the presence of gold. In addition, the assays confirmed no concentrate contaminant minerals with inconsequential assays of mercury, lead, zinc and bismuth.
There are negligible amounts of any precious metals other than silver at Thaduna and Green Dragon relative to the copper mineralisation.
Ventnor has commenced a review of the previous metallurgical testwork and production reports and concluded that the work was disjointed, incomplete and inconclusive even though it investigated both flotation and acid leach options with varied copper recoveries up to 80% with up to 35% copper in concentrate.
The testwork and prior production had also been limited to heavily weathered chalcocite ore from the shallow 30-15 metre pits.
“The next drill program is currently planned for early October and will include collection of samples for a metallurgical testwork program to be completed by the March 2012 quarter and will determine the preferred recovery process,” Maluish said.
The Company’s flagship Thaduna and Green Dragon Copper Project is located 170 kilometres north of Meekatharra, WA, in the Doolgunna district and within the Late Proterozoic Yerrida Basin.
It is proximal to the Jenkins (Goodin) Fault and has been targeted for copper mineralisation in fault controlled lodes. The project was previously mined for copper, with oxide ore produced until 1971 from shallow, 30 metre deep pits
Ventnor’s Exploration activities during 2011 has completed 8,452 metres of RC drilling at the Thaduna and Green Dragon copper project.
The purpose of this drilling program was to explore for copper mineralisation at both prospects.
Multi element assays have been completed for 47 elements and additional gold, PGE’s, Hg and silver assays have been received for selected samples and the
copper intersections.
Ventnor said, "It is early days in the exploration of the Thaduna and Green Dragon copper projects. Mining at the project area ceased almost 40 years ago with little definitive work having been carried out since the 1960’s."
Drilling completed by Ventnor to date has been RC and typically shallow, the mineralisation intersected has predominantly been supergene and oxide minerals,
with chalcocite as the dominant copper mineral.
Phase 3 Drilling Program
A definitive genetic model for the copper mineralisation has not been determined at Thaduna and Green Dragon due to the early stage in the exploration process.
Copper deposits across the world are many and varied and it may be limiting if an inappropriate genetic model is used to guide drill planning.
It is expected that a stronger understanding of a possible genetic model will be generated from the Phase 3 Drilling Program. The drilling program which will
commence in October 2011.
Significantly, it is expected that from the results of this drilling program the company will be able to calculate a JORC compliant Mineral Resource and a subsequent Scoping Study on the development of a Mining Operation.
Thaduna is located 40 kilometres east of Sandfire’s (ASX: SFR) Degrussa project in Western Australia.
The results are from samples submitted from the first two drill programs and undertaken during April and July 2011 and assayed for silver, gold, platinum, palladium and mercury.
Ventnor recently unfurled some very robust intersections that included: 5 metres at 4.2% copper from 30 metres, and 3 metres at 4.5% copper from 121 metres at Thaduna, along with 2 metres at 9% copper from 85 metres, and 12 metres at 5.1% copper from 80 metres at Green Dragon.
This week, Ventnor received firm commitments from investors to place 5.4 million shares at $0.36, to raise $1.94 million.
Ventnor Resources managing director Bruce Maluish said, “the presence of silver in the copper intercepts will add value to the recovered copper concentrate and the lack of contaminants will not detract from the value.”
The assay results also confirmed a correlation between copper and silver assays and the presence of gold. In addition, the assays confirmed no concentrate contaminant minerals with inconsequential assays of mercury, lead, zinc and bismuth.
There are negligible amounts of any precious metals other than silver at Thaduna and Green Dragon relative to the copper mineralisation.
Ventnor has commenced a review of the previous metallurgical testwork and production reports and concluded that the work was disjointed, incomplete and inconclusive even though it investigated both flotation and acid leach options with varied copper recoveries up to 80% with up to 35% copper in concentrate.
The testwork and prior production had also been limited to heavily weathered chalcocite ore from the shallow 30-15 metre pits.
“The next drill program is currently planned for early October and will include collection of samples for a metallurgical testwork program to be completed by the March 2012 quarter and will determine the preferred recovery process,” Maluish said.
The Company’s flagship Thaduna and Green Dragon Copper Project is located 170 kilometres north of Meekatharra, WA, in the Doolgunna district and within the Late Proterozoic Yerrida Basin.
It is proximal to the Jenkins (Goodin) Fault and has been targeted for copper mineralisation in fault controlled lodes. The project was previously mined for copper, with oxide ore produced until 1971 from shallow, 30 metre deep pits
Ventnor’s Exploration activities during 2011 has completed 8,452 metres of RC drilling at the Thaduna and Green Dragon copper project.
The purpose of this drilling program was to explore for copper mineralisation at both prospects.
Multi element assays have been completed for 47 elements and additional gold, PGE’s, Hg and silver assays have been received for selected samples and the
copper intersections.
Ventnor said, "It is early days in the exploration of the Thaduna and Green Dragon copper projects. Mining at the project area ceased almost 40 years ago with little definitive work having been carried out since the 1960’s."
Drilling completed by Ventnor to date has been RC and typically shallow, the mineralisation intersected has predominantly been supergene and oxide minerals,
with chalcocite as the dominant copper mineral.
Phase 3 Drilling Program
A definitive genetic model for the copper mineralisation has not been determined at Thaduna and Green Dragon due to the early stage in the exploration process.
Copper deposits across the world are many and varied and it may be limiting if an inappropriate genetic model is used to guide drill planning.
It is expected that a stronger understanding of a possible genetic model will be generated from the Phase 3 Drilling Program. The drilling program which will
commence in October 2011.
Significantly, it is expected that from the results of this drilling program the company will be able to calculate a JORC compliant Mineral Resource and a subsequent Scoping Study on the development of a Mining Operation.
No comments:
Post a Comment