Rooster Talk 73 has Venture Minerals Limited (ASX:VMS, OTC:VTMLF) managing director Andrew Radonjic talking about the recent JV with SensOre Ltd (ASX:S3N) at the Golden Grove North Project.
Venture Minerals, which I have always referred to as a 'targeted diversified mineral explorer' (a term I coined) has done it again. They have found a great partner like SensOre to share in the potential proceeds of a very prospective project.
Venture and SensOre Agree to Farm-In Agreement on Golden Grove North Project.
The Golden Grove North Project
When I first looked at Venture Minerals, I immediately took a liking to the Golden Grove North project. The Golden Grove Mine lies about 10km south of Venture's tenement package. In 2022, Golden Grove has a Mineral Resource of 61.4Mt at 1.7% Cu, 4.0% Zn, 0.7g/t Au and 28 g/t Ag (Source: 29 Metals Limited). The mine is now in a company called 29 Metals Limited which is copper focused.
In my opinion, the region has another Golden Grove hidden. Since the discovery of Golden Grove, there has been a lack of real exploration for the last two decades. Venture has explored and there have been some great results but the company has not expanded their exploration program.
The Vulcan REE Story in Golden Grove
The discovery of the Vulcan REE project has stirred some renewed interest in the Golden Grove area. Venture announced that they had some surface REE numbers late in 2022. What the future holds for the REE potential will now depend on whether Venture sees a need to continue after SensOre drills the initial hole. I am sure Venture will be looking at the outcome with interest.
Venture discovers 12.5% REE mineralisation at Golden Grove North
SensOre Potential
SensOre has been a new revelation recently and I am keen to see what the company comes up with in this region. I have to admit that I don't know much about the company and what they have been doing, but I have heard that they were collaborating with Great Boulder Resources Limited. They had an adjacent project but I am not sure if that is still in the portfolio.
The use of AI is long overdue in this industry. We have come a long way with mineral exploration techniques making some great discoveries recently. With the conversations from Coffee with Samso, I have had the privilege of listening to the changing face of science-enhancing discoveries.
I don't think that it will speed up the development of mining but it will definitely help the targeting and hence the vectoring of targets. My experience in this field has been the use of GIS since the 1990s where we tried to manually layer information to define targets. Interestingly, I found that the adoption of that was also slow and in the early days, it was the case of the lack of information and more imprtantly the lack of good information.
With the recent release of free data acquired by government agencies, I think this has helped companies like SensOre use their technology to splice through the information and generate good exploration targets.
Samso's Conclusion
The concept of using AI, I believe, is going to play a big role in mineral exploration. The early users of this technology are going to generate targets that have been overlooked in the past. When you look at the myriad of projects that are coming up, those projects that are not a rehash of the past should be the most interesting.
If you look at the recent discoveries such as Hemi, which was discovered by De Grey Mining Limited (ASX:DEG) (ASX: DEG), is a classic. Hidden in between the line of old pits is an elephant of a gold deposit. There is also the discovery of a nearly 1M ounce deposit in Kundana (I forget the name) within an area that was drilled intensely. There are many but I think my point is that with carefully manicured data input, something like SensOre will probably do a better job than human means.
This is not to say that the previous people who discovered these deposits were not good, but imagine if they had the technology at that time to help. The farm-in agreement between Venture Minerals and SensOre, to me, is a great partnership. As we all know, this game is all about having the properties.
One of the assets I love about Andrew Radonjic and the team is to come up with great projects. The project generation in Venture is old school and they come up with great ones. The term I have used to describe Venture Minerals, Targeted Diversified Mineral Explorer, is coined as such because all the projects they have are well placed for discovery. As we know, not all projects will have major discoveries but every project has the potential to have a discovery.
To conclude my thoughts, this is a great path forward for both companies and I am looking forward to hearing about discoveries. The AI path of SensOre will give Venture a crack at owning a major discovery without spending additional funds. The Venture projects will give SensOre an opportunity to use their technology on grounds that would not have been available for a crack at discovery.
Tune in to Andrew's thoughts here.
Chapters:
00:00 Start
00:20 Introduction
01:21 Joint venture with SensOre.
03:29 How should investors look at the JV with SensOre?
06:23 SensOre to drill the High Grade Vulcan Rare Earth target.
09:45 Utilising SensOre’s AI and machine learning technologies.
15:05 Conclusion
PODCAST
About Andrew Radonjic
Qualifications: BAppSc (Mining Geology), MSc (Mineral Economics), MAusIMM
Mr. Radonjic is a geologist and mineral economist with over 35 years of experience in mining and exploration, with an initial focus on gold and nickel in the Eastern Goldfields of Western Australia. Andrew has fulfilled a variety of senior roles which gave rise to three gold discoveries, totalling in excess of 3 million ounces in resources and resulting in 1.5 million ounces being produced. Since 2006 Andrew has been an executive director with Venture Minerals, which he co-led during the discovery of the Mount Lindsay Tin-Tungsten deposit in North-West Tasmania. He is also a founding co-director of Blackstone (NYSE:BX) Minerals and the non-executive Chairman of Codrus Minerals.
About Venture Minerals
Venture Minerals Ltd (ASX: VMS) has refocused its approach to developing the Mount Lindsay Tin-Tungsten Project in northwest Tasmania, already one of the world's largest undeveloped Tin-Tungsten deposits. With the recognition of Tin as a fundamental metal to the battery revolution and Tungsten being a critical mineral, Venture has commenced an Underground Feasibility Study on Mount Lindsay that will leverage off the previously completed open-pit feasibility work. At the neighbouring Riley Iron Ore Mine, the mine is prepared for a quick restart should the market conditions become favourable. In Western Australia, Chalice Mining (ASX: CHN) recently committed to the second stage of the JV which requires a further $2.5 million of expenditure over the next two years to earn a further 19% interest (for a total of 70%) in Venture’s South West Project. At the Company’s Golden Grove North Project, downhole EM has delineated a large conductor under High Grade Zinc-Copper-Gold drill intersections within the 5km long Volcanogenic Massive Sulfide Target (NYSE:TGT) Zone, along strike to the world class Golden Grove Zinc-Copper-Gold Mine. Venture has a significant Nickel-Copper-PGE landholding at Kulin with two highly prospective 20-kilometre long Ni-Cu-PGE targets within the Kulin Project.
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