Ventnor Resources Limited (ASX:VRX) has announced results from its preliminary due diligence drilling program at the Muchea silica sand project north of Perth. Last month, Ventnor announced it had secured an option to acquire a tenement from Australian Silica, which forms the Muchea project. The results indicate high grades of silica sand, and holds excellent potential for high tonnage resource. The results support Ventnor’s decision to secure an option over the project.
- Aircore and hand auger results received for Ventnor’s preliminary due diligence drill program
- Results indicate high-grades of silica sand
- Excellent potential for high tonnage resource
- Supports decision to secure option over project
Ventnor Resources Limited (Ventnor or Company) (ASX: VRX) is pleased to announce results from its preliminary due diligence drill program at the Muchea Silica Sand Project.
As announced to ASX on 26 March 2018, the Company has, subject to shareholder and regulatory approvals, secured from Australian Silica Pty Ltd (AS) an option to acquire tenement E70/4886 (Tenement), which forms the Muchea Silica Sand Project located 50km north of Perth, Western Australia.
As part of its initial due diligence investigations into the project prior to grant of the option, Ventnor conducted an aircore (AC) and hand auger drilling program within the Tenement area to confirm the potential of the project as indicated by previous work undertaken by AS.
Ventnor’s drilling included an AC drilling program of 46 holes for 522 metres and 43 hand auger holes for 249 metres with an average intercept grade of 99.5% SiO2.
A full analysis of all the quality control data has now been assessed. This analysis validates the drill assay dataset and conforms to the guidelines for reporting under the JORC-2012 code.
Ventnor Managing Director, Bruce Maluish said: “The results of our preliminary due diligence drilling program have confirmed the results provided by Australian Silica and also that this project has the potential for a very large high-grade silica sand resource. It supports and justifies the Company’s decision to secure an option to acquire the underlying tenement.”
He continued, “As part of our due diligence investigations, we have also commenced a comprehensive testwork program to ascertain what products could be produced and marketed from the project and later to support a JORC-2012 compliant Mineral Resource. The testwork program, which is ongoing, will also produce sufficient quantities of products to enable samples to be sent to prospective customers.