Location Map for Mount Lindsay Tin-Tungsten Deposit, Riley Iron Ore Mine & Livingstone DSO Deposit

Introduction

The Mount Lindsay Project (178 km2) is located in north-western Tasmania within the contact metamorphic aureole of the highly prospective Meredith Granite. The project sits between the world-class Renison Bell Tin Mine (Metals X Ltd/Yunnan Tin Group >230kt of tin metal produced since 1968) and the Savage River Magnetite Mine (operating for >50 years, currently producing approximately 2.5 Mtpa of iron pellets). Mount Lindsay has excellent access to existing infrastructure, including hydropower, wind power, water, sealed roads, and rail and port facilities.

Venture owns 100% of the tenure that hosts the Mount Lindsay Tin-Tungsten Deposit and the surrounding prospects.  Mount Lindsay is one of the largest undeveloped tin projects in the world, containing in excess of 80,000 tonnes of tin metal and within the same mineralised body a globally significant tungsten resource containing 3,200,000 mtu (metric tonne unit)1 of WO3. 

In October 2023, the Government announced an A$2 billion expansion of the Critical Minerals Facility, bringing the total financing available under the Facility to A$4 billion. Further, in December 2023, the Australian Government updated its Critical Minerals List and introduced a new Strategic Materials List, (including Tin) recognising the importance of certain materials in the global transition to net zero and in broader strategic applications2.

Tin is now recognised as a fundamental metal to the battery revolution and new technology. The International Tin Association recently stated “As the awareness of tin’s importance grows, so too will the need to secure supply”. The organisation highlighted the scale of new investment required to meet the expected surge in demand. It estimates that $1.4 billion is needed to deliver 50,000 tpa more tin by 2030” (world tin consumption was 380,600t in 2023).




Mount Lindsay Project: Geology Map showing High Grade Tin-Tungsten Targets and Tin-Boron Skarns

Studies - Tin and Boron

Curtin University has been named the first of Australia’s Trailblazer universities to receive a share of more than $242 million in federal government funding, to develop a research commercialisation hub to turn research outputs into breakthrough services, products and businesses. Curtin is leading the Resources Technology and Critical Minerals Trailblazer hub which is part of the recently announced Federal Government’s Trailblazer Universities Program.

Venture’s recent study work identified the potential for additional, large-scale quantities of tin and boron throughout the greater Mount Lindsay skarn system. The tin-boron zones are in the form of borate minerals and have not previously been assessed in any mining studies at Mount Lindsay. The borate minerals containing a large amount of Boron, a critical mineral in the solar panel industry, not only occur within the current Mount Lindsay resource base, but also occur extensively throughout the numerous skarns surrounding the Company’s current tin-tungsten deposits. The quantum of Boron within the Mount Lindsay deposits, and surrounding exploration Targets areas can be highlighted by the drill intersections released in Venture’s ASX Announcement dated 13 April 2023.

The Mount Lindsay deposits, and the surrounding exploration target areas are all defined as skarn style mineralisation and are closely analogous to well-known large skarn deposits in Russia and China, which contain the same borates that exist at Mount Lindsay. The CSIRO study confirmed that both China and Russia commercially extract large volumes of boron and iron from these deposits, initial testwork by CSIRO returned results suggesting the recovery of tin from the borates was commercially possible.

Boron is now included in the European Commission’s Critical Raw Materials Act and is considered vital to the green energy transition. In addition to boron’s use in solar panels, up to 50kg of boron material is required in the construction of Electric Vehicles. Currently Australia does not produce boron, but instead relies on supply from large producers such as Turkey, which comes with potential disruption and the risk of political instability.

Boron (Borates) is on the European Commission’s list of minerals to feed the green energy transition in the recently released Critical Raw Materials Act (CRMA) and is also on Japan’s Critical Minerals list1, and importantly is not produced in Australia. Over 80% of the World’s Boron is produced by two companies Rio Tinto (Boron Mining Operations in California, USA since 1927) and Eti Maden AS (State owned Enterprise of Turkey) which produce over 50%. Ioneer (ASX: INR, Market Cap of A$590 million as at 15 August 2023) is looking to develop Rhyolite Ridge Project in Nevada (INR released a JORC Total Mineral Resource of 459.5 Million Tonnes @ 0.46%2 Boron on 31 October 2017), whilst 5E Advanced Materials (ASX: 5EA, Market Cap of A$150 million as at 15 August 2023) is commissioning the plant for the Boron Americas (Fort Cady) Complex in California (5EA released a JORC Total Mineral Resource of 120.4 Million Tonnes @ 2.02% Boron2 on 3 December 2018), both are being touted as a replacement for the Rio Tinto USA based mine supply as the reserves diminish.

Recent Activities

A soil sampling program was completed over tin targets west of Mount Lindsay with assays and field checks pending.

Final Assays from additional analyses are pending from SR001 which tested a Nickel Target defined by a three kilometre long EM conductor supported by nickel in soil anomalism and interpreted to be within 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, WO3 and 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.
  1. 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.
  2. 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).
  3. *DATA: International Tin Association, CRU, WBMS