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Venture Minerals Ltd.
Summary
| Project: | Riley | |
|---|---|---|
| Deposit: | Riley | |
| Location: | Australia | |
| Commodities: | Iron-Silica-Aluminium-Phosphorus | |
| Date: | 6/19/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 19-6-2019: Venture Minerals Ltd. announces a Resource Estimation report for its Riley deposit at the Riley project. Resource updated to JORC 2012 guidelines. Venture Minerals Limited (ASX code: VMS) (“Venture” or the “Company”) is pleased to announce that | |
| Resources: | (Reserve, Prob.): 1.8Mt @ 57% Fe | |
| CP/QP: | [Resources]: Andrew Radonjic (Internal) | |
| ABSTRACT: | Venture Minerals Limited (ASX code: VMS) (“Venture” or the “Company”) is pleased to announce that as part of the ongoing Riley Iron Ore mining study update1, the Company has upgraded the previous resource to meet the guidelines of the JORC Code 2012 (refer Table One). This coincides with release of the tender documents to be released this coming week to contractors for the mining, processing and haulage components of the Riley DSO Project, from which the resultant prices will be used in the updating of the mining study. As part of the mining study update, the ore reserves will also be upgraded to JORC Code 2012 so that a decision to recommence mining can be made at the earliest opportunity by the Board. Following a favourable study outcome and a decision to mine, Venture’s goal is to commence iron ore production in Q4 2019. The Company takes this opportunity to remind shareholders that the entitlement offer closes this Friday the 21st June 2019. At the completion of the entitlement offer, the Company expects that it will apply to the ASX for the Attaching Options to be listed shortly thereafter. Shareholders applying for new shares under the entitlement offer will receive 1 Attaching Option (exercisable at 3.5c per Share)for every 2 New Shares subscribed and thus have tradeable options shortly after the close of the offer. | |
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