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Ventnor Resources Strikes Further Significant Sulphide Intersections At Thaduna/Green Dragon

Ventnor Resources (ASX: VRX) has received further significant sulphide intersections from the recently deep drilling at its Thaduna/Green Dragon Project.

All of the holes intersected visible copper sulphide mineralisation as well as the continued presence of high grade bornite and primary chalcocite within the mineralised zones.

Bornite contains significant levels (63.3 wt% Cu) of copper and is potentially high grade ore when encountered.

Ventnor had earlier this week noted that one of the deep drilling holes, THDD226 that was drilled to infill a gap in the resource, had intersected 13.5 metres at 3.25% copper.

"We are further encouraged by these recent holes as they have similar mineralogy to previous high grade intersections and extend the known zone," managing director Bruce Maluish said.

He added that Bronite had become the high grade indicator in the deeper drilling and the dominant mineralisation encountered.

"We continue to intersect widths of sulphide that potentially are suitable for economic underground mining," Maluish added.

Assays are also due shortly from the additional four shallow diamond holes which were drilled below the Thaduna pit to provide geotechnical and metallurgical samples and indicate significant widths of mineralisation.

These would be included in an update of the current 142,200 tonnes of copper Resource for Thaduna/Green Dragon.

"We will incorporate these new hits into our updated Resource model to be used in the Bankable Feasibility Study," Maluish said.

Drilling results

THDD235 intersected a +9 metre down hole intersection of strong bornite mineralisation with minor chalcopyrite hosted in variable graphitic shales and greywackes, with the highest grades concentrated in the graphitic shales.

THDD238 intersected a +6 metre down hole intersection of strong bornite mineralisation with minor chalcopyrite hosted in variable graphitic shales and greywackes, with the highest grades concentrated in the graphitic shales

The copper sulphides shown intersected in THDD235, THDD236 and THDD238 support the understanding of the zonation encountered in the mineralising system.

Ventnor noted that THDD236 is at the top of the mineralised system and as a result is predominantly chalcopyrite with only minor amounts of bornite.

Holes THDD235 and THDD238 are further down in the system where bornite is the dominant copper sulphide and in the case of THDD235 primary chalcocite is being deposited.

Thaduna/Green Dragon is located in the Doolgunna district of Western Australia and has a current Resource of 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

A Bankable Feasibility Study is currently underway and is scheduled for completion in the September quarter 2013.

This will focus on detailed mine planning, metallurgical testwork, processing options, confirmed contract rates and operating cost reduction initiatives.

The Scoping Study completed in February had indicated the project will deliver attractive economics with capital expenditure estimated at $70 million and the average operating expenditure expected to be around $1.75 per pound.

This is based on a mine that will produce 15,000 tonnes of contained copper per annum over a 10 year mine life, with high recoveries and concentrate value.

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