The drilling, 144km south of Port Hedland in Western Australia,...

The drilling, 144km south of Port Hedland in Western Australia, returned an intercept of 14m grading 5.68% Cu from 111m within a broader 38.2m at 3.49% Cu from 97.8m.
Precious metals assayed from the RC pre-collar returned 8.6m of 1.9g/t Au and 186g/t Ag from 69m within the interpreted gossan zone.
Two further holes have been completed, each intersecting significant widths of semi-massive to massive sulphides and visible copper sulphide minerals with visible chalcocite mineralisation associated with the highest-grade hit.
The second hole intersected 29.3m of semi-massive to massive sulphide from 93.7m, and was terminated in a felsic volcanic sequence containing up to 20% disseminated sulphide that may be related to a footwall feeder system, representing a future exploration opportunity.
A fourth diamond hole is in progress.
Venturex’s drilling is designed to test supergene mineralisation amenable to openpit mining up-dip from the known VMS mineralisation and to provide rock samples for metallurgical test work.
Reilly said the results were “truly spectacular” and validated the results of an earlier engineering strategy that supported development of an A$166 million (US$129 million) mining operation yielding an annual average of 32,000 tonnes of zinc and 12,000t of copper.
The project would generate total pre-tax cashflow of $601 million over the 12-year mine life and payback could be as little as 18 months, the company said.
“We look forward to the ongoing results as the drill programme continues to evaluate the near-surface mineralisation up-dip from the known VMS mineralisation at depth,” Reilly said.
“In the meantime, a field team is on site today at the Whim Creek project to begin our evaluation of the conglomerate-hosted gold potential along strike from the recent [De Grey Mining’s] Loudens Patch discovery.”
Venturex shares have tripled over the past two months with the rise of the Pilbara gold story in nearby leases, leading the junior to announce that its Whim Creek tenements cover the interpreted extension of the prospective stratigraphy, the interpreted contact between the Louden Basalt and the base of the Mallina Formation, which hosts Loudens Patch.
The company’s shares were up 23% in early trade this morning.
*Haydn Black is a reporter at MiningNews.Net