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Ventnor Resources Hits Copper Up To 6.60% At Green Dragon

Base metals explorer Ventnor Resources (ASX:VRX) has hit high grade copper grading up to 6.60 per cent from latest drilling at Thaduna/Green Dragon project located in the renowned Doolgunna district.

Diamond drill hole GDRC 94 drilled at Green Dragon produced a very healthy 10 metres at 2.28% copper - including 3.22 metres at 6.60% copper from 207 metres down hole.

An upgraded Resource estimate is due in the first quarter.

Ventnor is has copper targets at the historic Thaduna/Green Dragon project, 170 km north of Meekatharra in Western Australia and and 40km east of Sandfire's (ASX:SFX) DeGrussa project.

The Thaduna/Green Dragon copper project has historic mine production; copper mineralisation has been confirmed with three phases of exploration drilling, with a fourth phase underway.

Green Dragon drilling in detail

Today's results confirm a "new" high-grade plunging shoot at Green Dragon.

The results support the visual indications reported recently from an intersection of significant strong bornite mineralisation over 10 metres in a deeper diamond hole drilled below previous highgrade results.

Managing director Bruce Maluish said a key aspect of the latest results was the fact the bornite has been intersected at Green
Dragon.

"The significance of the increasing presence of primary bornite, compared to primary chalcopyrite, lies in the increase in relative contained copper by weight. Chalcopyrite, CuFe2+S2, is 34.6% Cu compared with Bornite, Cu5Fe2+S4, which is 63.3% Cu, a
significant increase in Cu for the same mass of sulphide."

"We know what occurrences of bornite means in the profile of a hydrothermal copper mineralised system from our deeper drilling
at the Thaduna prospect," Maluish said.

"This drill hole was one of the last to be drilled in to the Green Dragon prospect but will be followed up with holes to investigate the potential for mineralisation to continue down plunge.

Results from the latest drilling program will contribute to a new resource, which is expected to be announced this quarter," said Maluish.

In detail

Drilling at Green Dragon to date comprises 94 RC holes for 12,728 metres with four Diamond Tails for 835 metres and 2 HQ Metallurgical diamond holes for 389.6 metres.

A total of 13,953 metres has been drilled over four phases, which commenced in April 2011.

As announced on 27 September 2012, GDRC093 intersected three mineralised structures with results up to 3.22 metres @ 6.60% Cu. Subsequently an additional hole, GDRC094 was completed down dip from GDRC093.

GDRC094 intersected five mineralised black shale horizons within the sedimentary sequence with varying degrees of mineralisation, the best returning 10.0 metres @ 2.28% Cu including 3.35 metres at 4.52% Cu and 2.65 metres at 3.21 % Cu.

The copper sulphide mineralisation seen in GDRC094 is similar to that seen in GDRC093 with high grades associated with bornite and chalcocite replacing bornite mineralisation.

Drilling at Green Dragon to date comprises 94 RC holes for 12,728 metres with 4 Diamond Tails for 835 metres and 2 HQ Metallurgical diamond holes for 389.6 metres.

A total of 13,953 metres has been drilled over four phases, which commenced in April 2011.

As announced on 27 September 2012, GDRC093 intersected three mineralised structures with results up to 3.22 metres at 6.60% Cu. Subsequently an additional hole,

GDRC094 was completed down dip from GDRC093. GDRC094 intersected five mineralised black shale horizons within the sedimentary sequence with varying degrees of mineralisation, the best returning 10.0 metres at 2.28% Cu including 3.35 metres at 4.52% Cu and 2.65 metres at 3.21 % Cu.

The copper sulphide mineralisation seen in GDRC094 is similar to that seen in GDRC093 with high grades associated with bornite and chalcocite replacing bornite mineralisation.

Analysis

An upgraded Resource estimate is due in the first quarter. Further deep drilling planned for Green Dragon Q2 2013.

In late 2012, Ventnor inked a maiden JORC resource of 101,413 tonnes of contained copper at Thaduna/Green Dragon. With a resource upgrade due in Q1, there are catalysts for the Ventnor share price to rebound toward $0.55-$0.60 as the stock appears over-sold.

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