(MENAFN- ProactiveInvestors - Australia) Ventnor Resources' (ASX: VRX) deep drilling at its flagship Thaduna/Green Dragon Copper Project in Western Australia has uncovered further encouraging copper mineralisation in drill core in a high grade shoot beneath the Thaduna pit.
Logging and observations indicate that significant sulphide mineralisation has been encountered over a 28-metre intersection with strong bornite mineralisation over 11 metres.
While the mineralisation is visually estimated it is reported as one of the best diamond core intersections to date on the project, showing high grade copper mineralisation 150 metres below the deepest hole in the current resource.
As a result the company is now an additional three 500-metre deep diamond holes in the current quarter to cover the strike length of the interpreted high grade shoot.
Bruce Maluish, managing director, commented that the drilling continues to meet expectations with a significant intersection of copper mineralisation with strong bornite mineralisation over 11 metres at about 440 vertical metres below surface.
"This intersection has validated our decision to drill deeper down plunge from the mineralisation we have defined in our resource.
"We will complete the second proposed deep drill hole program into the EM anomaly and then drill another three holes at targets approximately 380 vertical metres to confirm the continuity down plunge.
"These holes have the potential to add significantly to the recently reported maiden resource. This hole adds another exciting chapter to the development of this project and underpins the company's decision to drill deeper."
Extensive exploration
Drilling to date at Thaduna comprises 221 reverse circulation holes for 29,041 metres with 60 diamond tails for 11,345 metres, totalling 40,386 metres.
Ventnor committed to two deep-hole drilling programs below the Thaduna pit targeting an electromagnetic conductor (Thaduna Deeps 1) and also down dip of the drill defined mineralisation (Thaduna Deeps 2).
The Thaduna Deeps 2 drillhole has now been completed, with assays expected in around four to six weeks depending on interruptions during the Christmas period.
Thaduna Deeps 1 is yet to be drilled and is expected to be completed before the end of the year.
Results for these recent holes and an additional 12 which were not included in the resource estimation will be included in an update to the JORC resource in the March quarter of 2013.
The Thaduna/Green Dragon Project located north of Meekatharra hosts an Indicated and Inferred Resource of 6.33 million tonnes at 1.6% copper and 2.77g/t silver for 101,413 tonnes of contained copper and 563,000 ounces of silver.
This resource is only up to a depth of 240 metres, with Ventnor fast proving up the potential for an extension of the resource well beyond that at depth.
Importantly, the company is sufficiently funded to continue advancing the Thaduna/Green Dragon Project, with around A$5.4 million cash in the bank at the end of August 2012.
Following last month's delivery of a maiden resource for the project, Ventnor is now planning a Scoping Study for Thaduna based on an initial production rate of 500,000 tonnes per annum, producing 12,000 tonnes per annum of contained copper.
Meanwhile, Green Dragon has the potential to be an open cut mine and likely to be supplemental feed for Thaduna.
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