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Venturex Resources Ltd.
Summary
| Project: | Sulphur Springs | |
|---|---|---|
| Deposit: | Sulphur Springs | |
| Location: | Australia | |
| Commodities: | Copper-Zinc-Silver | |
| Date: | 6/28/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-6-2016: Venturex Resources Ltd. announces a Resource Estimation report for its Sulphur Springs deposit at the Sulphur Springs project. Updated Sulphur Springs ore reserve. Venturex Resources (ASX: VXR – “Venturex”) is pleased to announce an updated Ore | |
| Resources: | (Reserve, Prob.): 7.28Mt @ 1.2% Cu, 3.5% Zn, 14.4g/t Ag (Open pit + Underground) | |
| CP/QP: | [Overall Report]: Mr Donald (Entech Pty Ltd.) | |
| ABSTRACT: | Venturex Resources (ASX: VXR – “Venturex”) is pleased to announce an updated Ore Reserve estimate for its 100%-owned Sulphur Springs CopperZinc Project, located 144km to the south-east of Port Hedland in the East Pilbara. The Ore Reserve, which is based on the updated Mineral Resource Estimate announced last month (see ASX release – 11 May 2016), represents another step in the continued optimisation of the Sulphur Springs Project aimed at improving the value of this already attractive project. Venturex's Managing Director John Nitschke said: "This is another great piece of work by Entech. The reduction in underground mining costs goes straight to the bottom line value of the Sulphur Springs Copper-Zinc Project. “The bulk mining method further reduces the start-up and operational risks of the project. “The lower level of confidence in the Inferred Resource within the underground bulk mining envelope means that we have had to treat this material as waste dilution with no grade. Even after factoring in this 30% dilution of the underground portion of the deposit, the project still satisfies the financial hurdles for a JORC Reserve. “The Inferred Supergene Resource of 880,000 tonnes at mined grade of 3.9% copper that sits on top of the sulphide ore body has not been included in the Reserve. This mineralisation includes enriched secondary copper mineralisation that it expected to be amenable to heap leaching. “Logging of drill samples identified the presence of fine high-grade chalcocite mineralisation that may open up the opportunity to direct ship part of this resource to smelters, as Sandfire Resources did in the early stages of the DeGrussa Copper-Gold Mine in WA and as has been done historically at other operations. “The final phase of the optimisation of Sulphur Springs will be focused on quantifying the value of the Inferred Supergene Resource and, in particular, the potential for a staged development of this greenfields project that Venturex can achieve at current metal prices. This will require proving up this Resource, metallurgical testwork, mining and processing plans and permitting.” | |
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