High-Grade Zone at Venture’s Tin-Tungsten Project Is Growing

The first hole of Venture Minerals' new drilling confirms the continuity of the high-grade zone at its Mount Lindsay tin-tungsten project in Tasmania. Hole ML339M intersected 93 metres of mineralization grading 0.5% over 107 metres, including a high-grade zone of 12m at 1.7% tin equivalent from 113m.

Venture Minerals' Mount Lindsay project is already one of the world's largest undeveloped tin projects, containing over 80,000 tonnes of tin metal and 3.2 million metric tonnes of tungsten, much of it in the indicated and measured categories with high confidence intervals.

Tin is a critical mineral that is in short supply, with only one day's global supply in stock on the London Metal Exchange. It is currently trading at about $39,000 per tonne, more than four times the price of copper at $9,500 per tonne.

Andrew Radonjic, the company's managing director, said, "The first hole of the new drilling program at Mount Lindsay for the recently commenced underground feasibility study has seen further high-grade tin and tungsten assay results from MacDonald Shoot to confirm the continuity of this high-grade zone."

"Additional drilling of the high-grade MacDonald Shoot in the Main Silica followed by similar directional drilling of the high-grade Radford Shoot in the No. 2 Skarn is expected to yield additional high-grade results, which will increase confidence in the resources supporting the underground development."

"The MacDonald and Radford properties provide an excellent base for the first phase of development of the Mount Lindsay tin-tungsten project, while exploration work will look at opportunities to extend the life of the asset into the decades, in line with other major mines on Tasmania's west coast."

The drill program was designed to confirm the continuity of the high-grade zone and provide additional metallurgical samples as part of the company's latest feasibility study. Assay results for ML339M were obtained from a nearby laboratory that routinely assayed a number of elements from Mount Lindsay drill core using similar analytical techniques and produced results.

These slurries will now be submitted to the preferred laboratory to provide assay results for the missing elements and to check the values reported here using the analytical methods selected for the JORC resource. Venture Minerals' drilling will also provide material to finalize a cost-effective, gravity-focused process to concentrate the high density minerals cassiterite (tin) and scheelite (tungsten).

Additional work will include further detailed engineering studies to determine the mining design and update permits to reflect changes in mining and processing strategies.