Mount Lindsay Project, Tin-Tungsten, North West Tasmania

The Mount Lindsay Project (148 sq km), located in north-western Tasmania, is one of the world’s largest tin deposits.

It provides Venture Minerals’ investors with near term exposure to EV Metal and critical minerals markets.

Venture owns 100% of the tenure that hosts both the Mount Lindsay Tin-Tungsten Deposit and all the surrounding prospects.

The resource base at Mount Lindsay is hosted within two magnetite rich skarns (main skarn and the no.2 skarn) which extend over a total strike of 2.8 km 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 1.1 km of strike.

Since commencing exploration on the project in 2007, Venture has completed approximately 83,000m of diamond core drilling, most of which has been used to define JORC compliant resources with ~70% in the measured and indicated categories.

A Feasibility Study with comprehensive metallurgical test work and post-feasibility delivered a very high grade 75% tin concentrate result that is likely to attract price premiums.

The project is located in a world-class mining precinct, within the contact metamorphic aureole of the highly perspective Meredith Granite. It is situated between the world-class Renison Bell Tin Mine (Metals X Ltd/Yunnan Tin Group >231kt of tin metal produced since 1968) and the Savage River Magnetite Mine (operating for > 45 years, currently producing approximately 2.5 Mtpa of iron pellets).

Consumers and investors are becoming extremely focused on ESG-compliant sourcing of tin. Mount Lindsay is well positioned to meet this demand, with access to renewable hydropower, combined with the Company’s commitment to minimizing its footprint, through planned underground mining and waste processing strategies.

Mount Lindsay has excellent access to existing infrastructure including hydropower, water, sealed roads, rail and port facilities.

Exploration drilling at Mount Lindsay on the priority tin target delineated along strike from the high grade Renison Bell Tin Mine successfully intersected two separate lengths of potentially tin bearing sulfide rich, magnetite skarn;
The new skarn discoveries are located within the extension of the Renison Mine Sequence, host to one of the world’s largest and highest grade tin mines;
The new skarn discoveries are located within the extension of the Renison Mine Sequence, host to one of the world’s largest and highest grade tin mines;

Following the discovery of the new skarn system, Venture has immediately committed to a downhole EM program while the Company awaits assay results;
Drilling recommenced at Mount Lindsay Tin-Tungsten Project in May 2021.

Key Project Details

The Mount Lindsay Project is already classified by the Australian Government as a Critical Minerals Project
It is with an advanced Tin-Tungsten asset which is significantly enhanced by the discovery of two new skarn zones: one within the Renison Mine Sequence in the Mount Lindsay area and the other along strike of Mount Lindsay’s main tin deposits.
Tin is now recognised as a fundamental metal to the battery revolution and new technology
The International Tin Association is predicting a surge in demand driven by the lithium-ion battery market of up to 60,000tpa by 2030 (world tin consumption was 328,400t in 2020)
Tungsten is ranked by the British Geological Surveys, US Department of Defence, the European Commission, Japan, Russia and Australia as a ‘critical’ mineral.
The Renison Style Target is a strong EM conductor supported at the surface by tin in soil anomalism and an alluvial Tin Field mined over 100 years ago, a coincidental magnetic anomaly, and is sitting within the same carbonate units and potentially the same fault zone (Federal-Basset Fault) that hosts the Renison Bell Tin Mine (one of the world’s largest and highest grade tin mines) only 12 kms along strike to the southeast.The nickel sulfide target is a very strong EM conductor supported at the surface by nickel in soil anomalism and interpreted on the Wilson River ultramafics.

Resources Statement

Mount Lindsay, North West Tasmania

Note: Reporting to two significant figures. Figures have been rounded and hence may not add up exactly to the given totals. Full details of the estimate are in the ASX release for the Quarterly Report on 17 October 2012. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Notes:

The Sn equivalent formula used to calculate the Sn equivalent values for the Main and No.2 Skarns is as follows: Sn Equivalent (%) = Sn% + (WO₃% x 1.90459) + (mass recovery % of magnetic Fe x 0.006510) + (Cu% x 0.28019). Whereas for the Sn equivalent formula used to calculate the Sn equivalent values for the Stanley River South and Reward Skarns is as follows: Sn Equivalent (%) = Sn% + (WO₃% x 1.65217) + (Cu% x 0.34783);
The mass recovery of the magnetic iron is determined mostly by Davis Tube Results (“DTR”);
The Sn equivalent formula uses a tin metal price of US$23,000/t, an APT (Ammonium Para Tungstate) price of US$380/mtu (1mtu =10kgs of WO₃), a magnetite concentrate price of US$110/t and a copper metal price of US$8,000/t;
Pilot scale metallurgical testwork has been completed on the Main and No.2 Skarns with results indicating the metallurgical recovery for tin is 72%, for WO₃ is 83%, for iron in the form of magnetite is 98% and for copper is 58%. The results of this testwork are stated in the ASX release dated 31 August 2012;
It is the Company’s opinion that the tin, WO₃and copper, as included in the metal equivalent calculations for the Stanley River South and Reward Skarns, have reasonable potential to be recovered for when the Mount Lindsay Project goes into production.

Refer to ‘Australian Critical Minerals Prospectus 2020’ report prepared by the Australian Government represented by the Australian Trade and Investment Commission (Austrade) and Geoscience Australia, October 2020.
A Metric Tonne Unit (‘MTU’) is equal to ten kilograms per metric tonne and is the standard weight measure of tungsten. Tungsten prices are generally quoted as US dollars per MTU of tungsten trioxide (WO₃).
*DATA: International Tin Association, CRU, WBMS

MOUNT LINDSAY PROJECT

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Key Project Details

Resources Statement

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