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Ventnor Resources Receives Funding Boost For Greenfields IOCG Exploration

Ventnor Resources (ASX: VRX) has received $125,000 from the Queensland Government to progress exploration at the company's Georgina Project, 200 kilometres southwest of Mount Isa.

Magnetic and gravity anomalies in the area are consistent with deep buried iron oxide copper gold (IOCG) deposits.

These anomalies are larger than those observed at BHP Billiton's (ASX: BHP) Olympic Dam and OZ Minerals (ASX: OZL) Carrapateena deposits in South Australia.

Ventnor has been awarded a drilling grant under the Greenfields 2020 Collaborative Drilling Initiative.

The company will use the money to drill a single 1,200 metre rotary mud pre-collar and NQ diamond tail to test one extensive coincident magnetic and gravity anomaly.

This will follow a program of ground based gravity and magnetic geophysical data collection with 3D inversion modelling to refine the targeting of the drill hole.

Drilling at Georgina is expected to be carried out this year.

Other activities

In 2012, Ventnor is focused on exploring for copper mineralisation at the company's Thaduna and Green Dragon projects, located close to Sandfire Resources' (ASX: SFR) massive Degrussa Deposit in Western Australia.

The projects are located in what appears to be one of the biggest, if not the best, emerging copper districts in Australia.