The Venture Minerals Limited (ASX: VMS) share price has dropped in morning trade after starting today’s session in the green. At the time of writing, shares in the mining explorer are trading at 12.7 cents, down 2.3%.
Let’s take a look at what the company announced today and why investors appear undecided on the Venture Minerals share price.
Landholding acquisition
Earlier today, Venture Minerals updated the market on the company’s nickel-copper-platinum (Ni-Cu-PGE) landholding.
According to the update, Venture has expanded its Ni-Cu-PGE portfolio following the acquisition of a highly prospective tenure at the company’s Kulin Project.
Venture said it secured two highly prospective 20-kilometre-long Ni-Cu-PGE targets as part of the acquisition, effectively doubling the company’s Ni-Cu-PGE portfolio.
The Venture Minerals portfolio includes the South West Ni-Cu-PGE Project, currently joint-ventured with Chalice Mining Ltd (ASX: CHN).
Venture Minerals managing director Andrew Radonjic commented;
Venture has made some excellent acquisitions around the Kulin Project, which sees the company now control a highly sought-after ground position in close vicinity to the recently discovered Julimar Ni-Cu-PGE deposit.
Venture Minerals completes maiden drill program
In addition to the acquisition update, Venture Minerals also provided results from a maiden drill program at Kulin.
The results delivered a gold intersection with mineralised intervals to 18 metres @ 0.6 g/t gold (Au) from 329 metres. Higher grade zones were also found at 9 metres @ 1.2 g/t Au from 338 metres and 3 metres @ 3.4g/t Au from 341 metres.
More on Venture Minerals
Venture Minerals is a mining explorer that is looking to make the transition to producer.
The company has various operations including its Riley Iron Ore mine in northwest Tasmania and Tin-Tungsten Project at Mount Lindsay.
As noted previously, the company’s joint venture in Western Australia is the location of the South West Nickel-Copper-PGE Project. Chalice Mining has already committed up to $3.7 million to the project.
Overall, the Venture Minerals share price has enjoyed a stellar year thus far. Since the start of 2021, shares in the mining explorer are trading more than 139% higher.
The post The Venture Minerals (ASX:VMS) share price has slipped today. Here’s why appeared first on The Motley Fool Australia.
Should you invest $1,000 in Venture Minerals right now?
Before you consider Venture Minerals, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Venture Minerals wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of May 24th 2021
More reading
- The best and worst ASX gold shares to own so far in 2021
- The Chalice Mining (ASX:CHN) share price is falling 8% today
- The 5 best ASX shares of FY21 revealed
- Chalice Mining (ASX:CHN) share price flops on demerger of gold assets
- Why a2 Milk, Chalice Mining, IDP Education, & Imugene are charging higher
Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/3zInLC6
Leave a Reply