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 Au1, 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.
Venture recently completed the maiden drill program at the Golden Grove North Project along with a ground-based EM program over the Vulcan area which confirmed the fourth and now the highest priority VMS Drill Target (named Orcus) which sits within the tenement acquired in the previous quarter that already boasts a VMS style drill intersection of 22m @ 0.76 g/t Au, 0.64% Cu & 1.3% Zn from 38m to bottom of hole, including 10m @ 1.0g/t Au, 0.74% Cu & 2.1% Zn from 50m to bottom of hole. Orcus sits on trend between the two other high priority VMS drill targets of Vulcan North and Vulcan West.
Venture’s first drill hole (ORRC001) at Orcus intersected 33 metres of disseminated to semi-massive sulfides with Cu and Zn at the Company’s highest priority VMS Drill Target at Golden Grove North, ORRC002 intersected 23 metres of disseminated to semi-massive sulfides with Cu and Zn, 50 metres down-dip of ORRC001, and ORRC003 has intersected 69 metres of disseminated and semi-massive sulfides with Cu and Zn, 50 metres down-dip of ORRC002. Results from reconnaissance style drilling at the Orcus prospect have confirmed a VMS System with assays of up to 7% Zinc and with all three holes returning strong zones of VMS style mineralisation as follows:
ORRC001 – 5m @ 1.3% Zn, 0.54% Cu, 1.1 g/t Au & 7 g/t Ag from 59m,
incl. 1m @ 6.1% Zn, 1.3% Cu, 0.80 g/t Au & 22 g/t Ag from 59m.
ORRC002 – 2m @ 4.4% Zn, 0.87% Cu, 0.94 g/t Au & 17 g/t Ag from 100m,
incl. 1m @ 7.6% Zn, 1.0% Cu, 0.17 g/t Au & 20 g/t Ag from 101m.
ORRC003 – 2m @ 2.4% Zn, 0.34% Cu, 1.0 g/t Au & 4 g/t Ag from 152m,
incl. 1m @ 4.2% Zn, 0.47% Cu, 1.6 g/t Au & 8 g/t Ag from 152m.
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 is over 12 years of mine life in reserve for the 1.7Mt per annum operation2. It is also stated that further expansion will take place 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.
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
Cross Section through the Orcus priority VMS drill target