DEVELOP GLOBAL LIMITED Venturex Resources Limited (ASX: VXR) advises that it has become aware of a series of applications for Exploration Licences made by MacArthur Minerals (TSX-V: MMS) targeting the potential for hard rock lithium mineralisation on tenements near its 100%-owned Sulphur Springs Copper- Zinc Project in WA's East Pilbara region.
One of these applications directly overlays Venturex's Miscellaneous Licence for its haul road for the Sulphur Springs Project and abuts one of the Sulphur Springs Mining Leases (see Figure 1 attached).
Venturex has advised MacArthur Minerals that it will not object to approval of the Exploration Licence.
The Sulphur Springs copper-zinc deposit is hosted within the highly prospective Shaw River District. This is a major regional geological feature which Macarthur Minerals has postulated could host Lithium mineralisation in rocks similar to those that host the world-class Pilgangoora lithium- tantalum deposit. This deposit is located 7 km to the north-west of Sulphur Springs and is currently being explored and assessed by Pilbara Minerals Limited (ASX: PLS).
While Venturex is not currently aware of any lithium mineralisation on its tenements, the Company has decided to undertake a review of the lithium potential of the Sulphur Springs tenements. This review will initially include a desktop review of available historical data and is expected to be completed by the end of June 2016.
While Venturex remains focused on its base metal projects at Whim Creek and Sulphur Springs, the Company believes the lithium potential at Sulphur Springs to be worthy of further investigation given its proximity to the emerging East Pilbara lithium province and the current high level of market interest in lithium exploration.
JOHN NITSCHKE
Managing Director
For further information, please contact: Investors: John Nitschke / Trevor Hart - Venturex Resources Limited on (08) 6389 7400 or email: admin@venturexresources.com Media: Nicholas Read - Read Corporate on (08) 9388 1474 or email: info@readcorporate.com.au ASX Announcement ASX Code: VXR Released: 3 May 2016 For further details John Nitschke Managing Director T: +61 8 6389 7400admin@venturexresources.com
BoardTony Kiernan
Chairman
John Nitschke
Managing Director
Anthony Reilly
Non-Executive Director
Darren Stralow
Non-Executive Director
Trevor Hart
Company Secretary
Contact DetailsRegistered Office
Level 2
91 Havelock Street West Perth WA 6005
T: +61 8 6389 7400
F: +61 8 9463 7836
admin@venturexresources.com www.venturexresources.com
ABN: 28 122 180 205
About Venturex Resources Limited
Venturex Resources Limited (ASX: VXR) is an exploration and development company with two advanced Copper Zinc Projects near Port Hedland in the Pilbara region of Western Australia. The two projects are the Panorama Project which includes the Sulphur Springs and Kangaroos Caves Resources plus 27km of prospective tenements on the Panorama trend and the Whim Creek Project which includes the Resources at the Whim Creek, Mons Cupri and Salt Creek mines together with the Evelyn project and 18,100 ha of prospective tenements over the Whim Creek basin. Our strategy is to restore the Sulphur Springs Project to shovel ready status, expand the Resources at Whim Creek and Mons Cupri and work with our partners Blackrock Metals to extend and expand the existing 5 tonne per day oxide copper heap leach and SXEW operation at Whim Creek.
Figure 1: Sulphur Springs Mining Leases
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Venturex Resources Limited issued this content on 03 May 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 03 May 2016 01:03:06 UTC. Original document available at http://www.venturexresources.com/investorrelations/Released/160503 ASX Release - Lithium Potential - Final.pdf |
