Venture has acquired a highly prospective land package (288 km2) less than 10 kilometres north of the Golden Grove Camp (Mine), currently Western Australia’s premier location for VMS deposits. In 2002, Golden Grove had an endowment (resources and production) of 40.2Mt @ 1.8% Cu, 0.9% Pb, 7.6% Zn, 103 g/t Ag & 0.8 g/t Au, and in early 2017 EMR Capital purchased the Mine for $US210M.

The Golden Grove North project (approx. 370 km north-northeast of Perth) has not been the focus of VMS exploration for the last 25 years and it is the Company’s goal to use a systematic exploration approach, utilising the latest techniques to explore for VMS style mineralisation.

There are already several compelling target areas throughout the project, including a number of historic shallow gold drill intersections including 10 metres @ 1.4g/t gold from 16m; 8 metres @ 2.1g/t gold from 6m; 6 metres @ 2.3g/t gold from 6m; 3 metres @ 3.6g/t gold from 95 m; and several strong gold and copper surface rock chip sampling results, including 9.4g/t gold, 7.4g/t gold and 6.6% copper; 6.2g/t gold, 5.7g/t gold, 4.0 g/t gold, 3.8g/t gold and 0.1% lead; 7.6% copper and 27g/t silver; 8.0% copper and 2.0% copper; and an extensive land position of interpreted lithologies prospective for VMS style mineralisation for over 25 strike kilometres that remain, due to cover, largely untested. 

Highlights at the Golden Grove North Project include:

  • 288 km2 located less than 10 kilometres from the Golden Grove Mine;
  • 25 strike kilometres of a largely untested, prospective geological sequence for VMS style mineralisation with early exploration success yielding the Vulcan and Neptune VMS targets;
  • EM surveys at Vulcan have discovered four high priority VMS drill targets at and around the Copper-Gold Prospect along strike to the Golden Grove Zinc-Copper-Gold Min);
  • Historic shallow gold drill intersections including 10 metres @ 4g/t gold from 16m, 8 metres @ g/t gold from 6m, 6 metres @2.3g/t gold from 6 metres and 3 metres @ 6g/t gold from 95 metres ;
  • Historic surface rock chip sampling has returned assays including 4g/t gold, 7.4g/t gold & 6.6% copper, 6.2g/t gold, 5.7g/t gold, 4.0 g/t gold, 3.8g/t gold & 3.1% lead, 7.6% copper & 0.1% zinc, 8.0% copper, 2.0% copper, 1.8% copper & 3g/t silver.

Venture entered into a farm-in agreement on the Golden Grove North Project with SensOre Ltd (ASX: S3N) and its subsidiary Exploration Ventures AI Pty Ltd, in collaboration with Deutsche Rohstoff AG. SensOre is to spend up to $4.5m to earn a 70% interest, with Venture to retain the REE mineral rights and an option to claw back up to 10% under the terms of the Farm-in Agreement (“Agreement”).

SensOre has committed to drill testing in the first 12 months a minimum of 300 metres on the Vulcan High-Grade REE drill target following the recent results announced regarding the very high-grade REE surface mineralisation at the Vulcan prospect within the Golden Grove North project. Results included several values over 1% TREO ranging up to 12.5% TREO with 5,460 ppm (0.55%) Praseodymium Oxide (Pr6O11) and 14,575 ppm (1.46%) Neodymium Oxide (Nd2O3).

The new REE target is supported by historical soil sampling originally focused on VMS-style mineralisation that was also assayed for two REEs being La and Ce. Recently completed soil sampling in which the TREE suite was analysed (all 14 Rare Earth elements excluding Promethium plus Yttrium), confirmed and defined the discovery. In addition, Venture’s previously drilled diamond core hole VUDD001 targeting VMS style mineralisation adjacent to the new REE target intersected anomalous La and Ce, but the hole was not drilled deep enough to test this new target.

Golden Grove North Project – Vulcan prospect: Geology Map showing REE Surface Sampling Results

Neptune VMS Target and Priority EM Targets on Interpreted and Surface Geology with Copper RAB Drill intersections and MLEM conductor models

Golden Grove North Project – Geological setting with historic rock chip surface sample results, Vulcan geochemical copper anomaly, Gossan Hill historic geochemical copper anomaly and Venture’s priority VMS targets

Key Terms of the SensOre Earn-in Agreement on the Golden Grove North Project:

  1. SensOre may earn a 51% beneficial interest in the Mineral Rights in the JV Area by sole funding the first $1.5m of Farm-in Expenditure (which includes the Minimum Expenditure and any liability under the Permitted Encumbrances) within the first 2 years of the Farm-in Period on the JV Area,
    1. Expenditure includes a minimum of 300 m RC or diamond core drilling to test the Vulcan REE target (Vulcan Drilling) which must be completed within the first 12 months of the 2 year period, provided that the parties, acting reasonably, may agree that the target has been tested by drilling less than 300m if the results support that assessment.
    2. The 12 month period to complete the Vulcan Drilling is subject to obtaining all necessary land access and approvals under the Mining In the case of any delay in receiving land access and approvals, all parties, acting reasonably, will agree on a suitable extension of the time period to complete the Vulcan Drilling.
  2. SensOre may earn a further 19% beneficial interest in the Mineral Rights in the JV Area by expending a further $3m by the end of the Farm-in Period (with the effect being that, in order to earn both the initial 51% beneficial interest and the further 19% beneficial interest in the Mineral Rights in the JV Area, SensOre must have during the Farm-in Period incurred the Farm-in Expenditure in full).
  3. A clawback under the agreement grants Venture as the tenement holder a one-time option that may only be exercised within the first two years of the Farm-in Period to reduce the beneficial interest in the Mineral Rights in the JV Area which SensOre may earn in the second stage of the farm-in from 19% to 9%.

Golden Grove Camp (Mine)

The Golden Grove Camp, 370 kilometres north-northeast of Perth, is the prime VMS occurrence in the Archean Yilgarn Craton of Western Australia with over twelve deposits discovered over 13 kilometres of strike. The first significant deposit, Gossan Hill (15.9Mt @ 2.6% Cu, 1.5% Zn, 0.2% Pb, 21 g/t Ag & 0.6 g/t Au1) was discovered in 1971, then in 1979 the second substantial find was identified at Scuddles (10.5Mt @ 1.2% Cu, 11.7% Zn, 0.8% Pb, 89 g/t Ag & 1.1 g/t Au1). At the end of 2002, Golden Grove had an endowment (resources and production) of 40.2Mt @ 1.8% Cu, 0.9% Pb, 7.6% Zn, 103 g/t Ag & 0.8 g/t Au1.

In February 2017, EMR Capital purchased Golden Grove for $US210M and states that after 29 years of continuous production, there are over 12 years of mine life in reserve for the 1.7Mt per annum operation2. It is also stated that further expansion will occur through the continued development of its world class Xantho Extended ore body2. As of 30 June 2019, Golden Grove global resources consist of 22.2Mt of zinc ore, 29.4Mt of copper ore, and 0.1Mt of Gold Oxide ore2.

  1. Department of Mines and Petroleum Report 165, VMS Mineralisation in the Yilgarn Craton, Western Australia: A review of known deposits and prospectivity analysis of felsic volcanic rocks by SP Hollis, CJ Yeats, S Wyche, SJ Barnes and TJ Ivanic 2017.