In August 2014, Ventnor submitted an application for a new mining tenement adjacent to the Tropicana Gold Mine, jointly owned by AngloGold Ashanti and Independence Group. The tenement, which was duly granted, includes the Black Dragon, Fire Dragon, Silver Dragon and Red Dragon prospects in an area identified as prospective for gold, nickel-copper and other base metal styles of mineralisation. Following the sale of Thaduna/Green Dragon, the Biranup Project has become Ventnor’s primary focus.
The Warrawanda Project is an advanced nickel exploration project located 40km south of Newman in Western Australia’s Pilbara region. Previously identified widespread, near-ore grade nickel intersections are interpreted to indicate the potential to delineate a large tonnage, low-grade nickel deposit. A deep drilling program has been undertaken with targeting determined by an aerial mag and EM survey. No significant assays were intersected but some areas contained elevated levels of sulphide minerals and PGMs.
A hole has been selected for deepening and later DHEM surveys.
In October 2013, Ventnor entered into an agreement to sell up to 80% of Thaduna/Green Dragon to Sandfire Resources. By that stage, Ventnor had defined a JORC compliant resource of 7.9 million tonnes grading 1.8% Cu and 3.7g/t Ag for 142,000 tonnes of contained copper and 945,000 ounces of contained silver at the Project. Sandfire acquired an immediate 35% interest in the Project by paying $3 million to Ventnor and was granted an option to increase its holding to 80% in two stages by providing an additional $6 million to fund further exploration and studies.
The original joint venture agreement was superseded in August 2016 when Ventnor agreed to sell the remaining 65% of Thaduna/Green Dragon to Sandfire. Under the revised terms, the consideration for the remaining stake comprised:
a transfer of Sandfire shares to a value of $2,000,000 to Ventnor;
further payment of $1,000,000 if Sandfire proceeds with a decision to mine the Project;
a 2.0% Net Smelter Royalty (NSR) payable up to 90,000 tonnes of copper production; and
an ongoing NSR of 1.0% on copper production above 90,000 tonnes.