Ventnor Resources (ASX: VRX) which recently impressed with some very high grade copper intersections at the Thaduna and Green Dragon project in phase three drilling, has now raised capital to progress the highly anticipated phase four campaign.
Ventnor placed 5.8 million shares to professional and sophisticated investors at $0.58 to raise around $3.4 million.
The phase four drilling campaign commenced two weeks ago, and will cover 9,000 metres of predominately diamond drilling at both the Thaduna and Green Dragon prospects with associated core logging, cutting, assays and scanning to be completed by April 2012.
The program will also include metallurgical testwork and JORC Resource estimates, along with a preliminary Scoping Study to be completed by June 2012.
Phase three drilling highlights
The recently completed phase three delivered Ventnor the best copper intersections to date from the project, with highlights including:
- 37 metres at 2.61% copper from 111 metres, including 10 metres at 7.53% copper; and
- 62 metres at 2.19% copper from 125 metres, including 32 metres at 3.10% copper.
The outcome from these these discoveries is that they support a conceptual target of deeper primary mineralisation.
To say Thaduna and Green Dragon is strategically located is almost an understatement, with the area rapidly turning into one of the biggest, if not the best, emerging copper districts in Australia.
Highlighting the prospectivity, Sandfire Resources' (ASX: SFR) massive De Grussa project is just 40 kilometres away, with a group of explorers in the region discovering high grade copper during 2011.