hi greening, there is no fuss imo, a few here want a miracle immediately, others willing to give it the appropriate time to unfold, read there quartely for a very detailed run down & ask yourself if this is over valued at these levels lol, ill answer that for you NO! market has barely factored in there potential, wait for news to flow the way I see it..
Read the quartely below:
ACN 119678 385 Freemasons Building, 181 Roberts Rd Subiaco WA 6008 PO BOX 186 West Perth WA 6872 T: +61 8 9381 4222 F: +61 8 9381 4211 W: www.ventureminerals.com.au Quarterly Report For the period ending 30 September 2006 Highlights �� Venture Minerals raises $5 million and lists on the ASX �� Ground gravity survey delineates a large Iron Oxide-Copper-Gold- Uranium target within the Churchill Dam Project, South Australia. Governmental approvals and heritage clearances are being finalised in preparation for the Company’s first drill program �� Increased tenure within the Maitland Channel Uranium Project to over 1,300 km2, including 146 km2 adjacent to Redport’s Lake Maitland uranium deposit �� Geological mapping, geochemical sampling and processing of remote sensing data covering the Paulsens South Project indicates over 1.5 km combined strike extent of prospective quartz veins within the Highway Fault Zone �� Processing and imaging of government airborne electromagnetic survey data delineates three strong magnetic-conductive zones up to approximately 3.5 km long within the Renison West tin-tungsten and nickel-sulphide project Venture Minerals Limited First Quarter Activities & Cash Flow 2 Introduction During the September Quarter Venture Minerals Ltd focussed on the Churchill Dam Iron Oxide- Copper-Gold-Uranium (IOCGU) Project in South Australia, the Maitland Channel (uranium and nickel sulphide) and Paulsens South (gold, copper and iron ore) projects in Western Australia. Ground gravity surveying was conducted over the central part of the Churchill Dam IOCGU Project, outlining an exciting north-northwest trending gravity high of approximately 4 milligals magnitude believed to be prospective for Olympic Dam-type IOCGU mineralisation. The core of the gravity high is approximately 12 km long and up to 4 km across. Venture Minerals is finalising both governmental approvals and Aboriginal heritage clearances, in preparation for the Company’s first drill program. During the September Quarter the Company also added highly prospective tenure to the Maitland Channel Uranium Project which now covers over 1,300 km2, including 146 km2 adjacent to Redport’s Lake Maitland uranium deposit (10,747 tonnes of U3O8). Drilling completed in the 1970s between the Lake Maitland Deposit and Venture’s tenure intersected carnotite, the main uranium-bearing mineral in these calcrete deposits. The Maitland Channel Project also includes the Devine Nickel Sulphide Prospect located in the Dingo Range greenstone belt. Drilling in the early 1970’s returned up to 1.3% Ni associated with disseminated sulphides in a series of ultramafic bodies. Geological mapping, rock chip sampling and processing of remote sensing data has delineated approximately 7 km strike extent of a major fault zone within the Paulsens South Project, named the Highway Fault Zone. The Highway Fault Zone is believed to be the same generation as the adjacent Melrose Fault Zone which hosts the Paulsens Gold Mine (Intrepid Mines Ltd). Over 1.5 km combined strike extent of prospective sulphide-bearing quartz veins have been identified within the Highway Fault Zone. Complete results of the September rock chip sampling program are presently awaited. Processing and imaging of government airborne electromagnetic survey data covering part of the Renison West Tin-Tungsten and Ni-Sulphide Project during the period highlights the presence of three strong magnetic-conductive zones up to 3.5 km long adjacent to the Mt Lindsay and Stanley tin-tungsten deposits which are largely untested by drilling. Upcoming exploration activities are to include: �� Drill testing of the Churchill Dam IOCGU target; �� Inspection of radiometric uranium anomalies within the Maitland Channel Project to refine targets for immediate drill testing following the granting of tenure; �� Surface geochemical sampling of the Devine Nickel Prospect in preparation for drill testing of previously identified Ni-sulphide mineralization; �� Further soil and rock chip sampling of the Paulsens South Project for gold and copper mineralization within the Highway Fault Zone; and �� Geochemical sampling and detailed aeromagnetic surveying of the Renison West Project for tin-tungsten and nickel-sulphide targets in preparation for drill testing. Venture Minerals Limited First Quarter Activities & Cash Flow 3 Churchill Dam IOCGU Project, South Australia The Churchill Dam Project (528 km2), part of Venture’s Gawler Craton Project, is situated within the Olympic Dam IOCGU Province, approx. 90 km southwest of the Olympic Dam IOCGU deposit and approximately 95 km west of the Carapateena and Punt Hill (Monax Mining Ltd) IOCGU prospects. The main target is a large untested gravity anomaly in the centre of the project between intersecting northeast and northwest trending geophysical lineaments. Activities during the September Quarter A detailed ground gravity survey covering the central part of the Churchill Dam Project was completed and processed in the September Quarter. The survey was conducted by Haines Surveys Pty Ltd on a 400m by 400 m grid, covering a total area of approximately 65 km2. A northnorthwest trending gravity high of approximately 4 milligals magnitude is outlined by the survey. The core of the gravity high is roughly 12 km long and up to 4 km across. Processing of the new and historic gravity data also indicates the presence of several smaller 0.5-2 km dimension gravity highs which may also be prospective for IOCGU deposits. Other activities included processing and imaging of historic aeromagnetic data, and organising heritage clearances and various governmental approvals in preparation for drill testing of the central gravity high. Maitland Channel Uranium and Nickel Project, Western Australia Venture Minerals’ Maitland Channel Project covers over 125 km of the Tertiary channel system along strike from the Lake Maitland (Redport Limited), Lake Way (Nova Energy Limited) and Yeelirrie (BHP Billiton) calcrete-hosted uranium deposits. The Project is spread over four areas, West Maitland, Southeast Maitland, Irwin and Southeast Yeelirrie, and includes radiometric anomalies analogous to the Lake Maitland deposit. The Maitland Channel Project also includes the Devine Nickel Sulphide Prospect located in the western part the Dingo Range greenstone belt. In the early 1970’s Lone Star Exploration NL encountered 10 feet at 0.75% Ni including an undefined interval grading 1.3% Ni, with adjacent zones on either side reporting 20 feet at 0.45% Ni associated with disseminated sulphides in a series of ultramafic bodies. The nickel sulphide zone intersected by Lone Star Exploration was not followed up and the nickel potential remains inconclusively evaluated. Activities during the September Quarter During the September Quarter the Company increased tenure in the Maitland Channel Uranium Project to over 1300 km2, including 146 km2 adjacent to Redport’s Lake Maitland uranium deposit. Drilling completed in the 1970’s between the Lake Maitland Deposit and Venture’s tenure intersected carnotite, the main uranium-bearing mineral in these calcrete deposits. The Company now plans to conduct ground investigations to determine the source of the radiometric uranium anomalies and to generate drill targets for immediate testing following the granting of tenure. Geological mapping and geochemical sampling of the Devine Nickel Prospect is also planned in preparation for drill testing for nickel sulphides along strike and down dip of the previously identified mineralisation. Venture Minerals Limited First Quarter Activities & Cash Flow 4 Paulsens Project, Western Australia The Paulsens South Project (covering 73 km2) flanks and covers a similar stratigraphic and structural setting to Intrepid Mines Ltd’s Paulsens Gold Mine, (pre-mining combined Indicated and Inferred Resources 1.4 Mt at 11.7 g/t for 540,000oz Au, currently producing 80,000 oz gold per annum) in the Ashburton Mineral Field of Western Australia. Activities during the September Quarter During the period Venture conducted geological mapping, rock chip sampling and processing and interpretation of remote sensing imagery, focusing on the gold and copper mineralization within E08/1457 and iron ore mineralization within E08/1456. Complete results of the rock chip sampling program are presently awaited. The geological mapping program and remote sensing interpretation has delineated approximately 7 km strike extent of a major fault zone within E08/1457, termed the Highway Fault Zone, which is believed to be analogous to the adjacent Melrose Fault Zone, host to the Paulsens Gold Deposit. Upcoming exploration activities include soil sampling and further rock chip sampling to cover approx 3 km strike extent of the Highway Fault Zone. Renison West Project, North West Tasmania The Renison West Project (covering 64 km2) is located in the tin-tungsten and nickel province of western Tasmania within the south-eastern contact metamorphic aureole of the Meredith Granite approximately 10-20 km (in a direct line) from the Rosebery Lead-Zinc-Silver-Gold Mine (Zinifex Ltd) and Renison Bell Tin Mine (Bluestone Tin Ltd). The Meredith Granite is part of a suite of Devonian granites which is very important to tin-tungsten mineralisation, and mined deposits associated with this suite include Renison Bell, Mount Bischoff, Cleveland and King Island. Nickel-sulphide skarns such as the Avebury deposit (11.59 Mt at 1.02% Ni, Allegiance Mining NL) are also developed where the Devonian granites intrude ultramafic rocks. Activities during the September Quarter Government (Tasmanian Geological Survey) airborne electromagnetic (EM) survey data was processed and imaged during the period. The previously identified Stanley and Mt Lindsay tintungsten prospects are clearly represented by coincident magnetic and EM highs reflecting the presence of pyrrhotite and magnetite in these two zones. The new imagery highlights the presence of three strong magnetic-conductive zones up to approximately 3.5 km long and 300 m across which are largely to completely untested by drilling. High resolution heliborne magnetic surveying, geological mapping and surface sampling programs are proposed for the summer field season to validate the geophysical targets in preparation for drill testing. Kingoonya and Harris Bluff, Gawler Craton Projects, South Australia The Kingoonya Project (197 km2) is located within the central Gawler gold province. Calcrete sampling by previous explorers within the Kingoonya Project area indicate broad zones of +5 ppb gold in calcrete anomalism which were never explained by subsequent reconnaissance drill programs. The Harris Bluff Project Harris Bluff (167 km2) is situated within the south-eastern part of the Gawler Craton, an area considered prospective for Pb-Zn and epithermal Au-Ag mineralisation. Very sprse historic drilling in the immediate vicinity of the Project returned up to 180 ppb Au and 6 g/t Ag. There was no field activity on the Kingoonya and Harris Bluff projects during the September Quarter. Venture Minerals Limited First Quarter Activities & Cash Flow 5 Project Generation In addition to work on existing projects during its maiden quarter Venture Minerals has been reviewing additional mineral exploration projects both in Australia and internationally, which may offer value enhancing opportunities to Shareholders. Detailed information on all aspects of Venture Minerals’ projects can be found on the Company’s website www.ventureminerals.com.au. Yours faithfully Andrew Radonjic Managing Director The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Andrew Radonjic, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Andrew Radonjic is a full-time employee of the company. Mr Andrew Radonjic has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Andrew Radonjic consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. F F F F F 800000 mE 6500000 mN 700000 mE 6600000 mN 666666666555555555000000000000000000000000000000000000 mmmEEEEEEEEE 666666666666666666000000000000000000000000000000000000 mmmEEEEEEEEE 666666666555555555444444444000000000000000000000000000000000000 mmmNNNNNNNNN 666666666555555555555555555000000000000000000000000000000000000 mmmNNNNNNNNN CCChhhuuurrrrrrrrrccchhhiiiiiiiiillllllllllllllllll DDDaaammm PPPrrrrrrrrrooojjjjjjjjjeeecccttttttttt ssssssssseeeeeeeeeeeeeeeeee IIIIIIIIInnnnnnnnnssssssssseeeeeeeeettttttttt MMMaaaaaaaaappppppppp OOOLLLYYYMMMPPPIIIIIIIIICCC DDDAAAMMM WWWiiiiiiiiirrrrrrrrrrrrrrrrrrdddaaa WWWeeellllllllllllllllll AAAcccrrrrrrrrrooopppooollllllllliiiiiiiiisss CCCaaarrrrrrrrrrrrrrrrrraaapppaaattttttttteeeeeennnaaa geophysical lineaments Stuart Stuart Transcontinental Transcontinental Railway Railway Figure 1: Churchill Dam Project location on Gravity Image 15 kilometres 0 7.5 30 aaaaaaaaarrrrrrrrreeeeeeeeeaaaaaaaaa cccccccccooooooooovvvvvvvvveeeeeeeeerrrrrrrrreeeeeeeeeddddddddd bbbbbbbbbyyyyyyyyy dddddddddeeeeeeeeetttttttttaaaaaaaaaiiiiiiiiillllllllleeeeeeeeeddddddddd gggggggggrrrrrrrrraaaaaaaaavvvvvvvvviiiiiiiiitttttttttyyyyyyyyy sssssssssuuuuuuuuurrrrrrrrrvvvvvvvvveeeeeeeeeyyyyyyyyy PPPuuunnnttttttttt HHHiiiiiiiiillllllllllllllllll F F IOCGU Mine IOCGU Deposit or Prospect MGA Zone53 GDA94 �� IIIIIIIIInnnssseeettttttttt MMMaaappp 0 2.5 5 kilometres 10 Highway Highway EEELLLLLLLLL333333333555555555111111111111111111 EEELLLLLLLLL333333333555555555111111111111111111 Appendix 5B Mining exploration entity quarterly report + See chapter 19 for defined terms. 30/9/2001 Appendix 5B Page 1 Rule 5.3 Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001. Name of entity VENTURE MINERALS LIMITED ACN Quarter ended (“current quarter”) 119 678 385 30 September 2006 Consolidated statement of cash flows Cash flows related to operating activities Current quarter $A’000 Year to date (3 months) $A’000 1.1 Receipts from product sales and related debtors - - 1.2 Payments for: (a) exploration and evaluation (b) development (c) production (d) administration (197) - - (48) (197) - - (48) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received - - 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other (provide details if material) - - Net Operating Cash Flows (245) (245) Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets - - - - - - 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets - - - - - - 1.10 Loans to other entities - - 1.11 Loans repaid by other entities - - 1.12 Other (provide details if material) - - Net investing cash flows - - 1.13 Total operating and investing cash flows (carried forward) (245) (245) Appendix 5B Mining exploration entity quarterly report + See chapter 19 for defined terms. Appendix 5B Page 2 30/9/2001 1.13 Total operating and investing cash flows (brought forward) (245) (245) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 5,251 5,251 1.15 Proceeds from sale of forfeited shares - - 1.16 Proceeds from borrowings - - 1.17 Repayment of borrowings - - 1.18 Dividends paid - - 1.19 Cost of issuing shares (70) (70) Net financing cash flows 5,181 5,181 Net increase (decrease) in cash held 4,936 4,936 1.20 Cash at beginning of quarter/year to date - - 1.21 Exchange rate adjustments to item 1.20 - - 1.22 Cash at end of quarter 4,936 4,936 Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Current quarter $A'000 1.23 Aggregate amount of payments to the parties included in item 1.2 - 1.24 Aggregate amount of loans to the parties included in item 1.10 - 1.25 Explanation necessary for an understanding of the transactions Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows Nil. 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest Nil. Appendix 5B Mining exploration entity quarterly report + See chapter 19 for defined terms. 30/9/2001 Appendix 5B Page 3 Financing facilities available Add notes as necessary for an understanding of the position. Amount available $A’000 Amount used $A’000 3.1 Loan facilities - - 3.2 Credit standby arrangements - - Estimated cash outflows for next quarter $A’000 4.1 Exploration and evaluation 300 4.2 Development - Total 300 Reconciliation of cash Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. Current quarter $A’000 Previous quarter $A’000 5.1 Cash on hand and at bank - - 5.2 Deposits at call - - 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter (item 1.22) - - Changes in interests in mining tenements Tenement reference Nature of interest (note (2)) Interest at beginning of quarter Interest at end of quarter 6.1 Interests in mining tenements relinquished, reduced or lapsed Nil. 6.2 Interests in mining tenements acquired or increased Nil. Appendix 5B Mining exploration entity quarterly report + See chapter 19 for defined terms. Appendix 5B Page 4 30/9/2001 Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total number Number quoted Issue price per security (see note 3) (cents) Amount paid up per security (see note 3) (cents) 7.1 Preference +securities (description) - - 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buybacks, redemptions - - - - - - - - 7.3 +Ordinary securities 45,000,000 26,250,000 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buybacks 10,000,000 7,500,000 2,500,000 25,000,000 - - - 1,250,000 25,000,000 - 0.01 cents 0.0 cents 10.0 cents 20.0 cents - 0.01 cents 0.0 cents 10.0 cents 20.0 cents - 7.5 +Convertible debt securities (description) - - 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted - - - - - - - - 7.7 Options (description and conversion factor) 6,000,000 1,000,000 - Exercise price 25.0 cents 50.0 cents Expiry date 30 June 2009 30 June 2009 7.8 Issued during quarter 6,000,000 1,000,000 25.0 cents 50.0 cents 30 June 2009 30 June 2009 7.9 Exercised during quarter - - - 7.10 Expired during quarter - - - 7.11 Debentures (totals only) - - 7.12 Unsecured notes (totals only) - - Appendix 5B Mining exploration entity quarterly report + See chapter 19 for defined terms. 30/9/2001 Appendix 5B Page 5 Compliance statement 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4). 2 This statement does give a true and fair view of the matters disclosed. Sign here: ............................................................ Date: 31/10/06 (Company secretary) Print name: Kent Hunter Notes 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report. 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2. 3 Issued and quoted securities. The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Cash Flow Statements apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. == == == == ==
VMS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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