VMS 4.35% 11.0¢ venture minerals limited

venture to fast track follow up drilling at ch

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    Venture to fast track follow up drilling at Churchill Dam
    following significant first up results
    Thursday, 22 March 2007
    Ref:/VMS/606/028
    Australian Stock Exchange
    Exchange Place
    2 The Esplanade
    Perth WA 6000
    Diversified Australian based mineral exploration company Venture Minerals Limited (ASX: VMS) has
    confirmed its intention to fast track further diamond drilling at the Churchill Dam project in South
    Australia following the initial success of recent diamond drilling at the project.
    This initial drilling consisted of two diamond drill holes drilled approximately 1.7km apart, with both
    holes confirming the presence of substantial zones of altered Gawler Range Volcanics (GRV) which are
    the preferred host rocks. The company believes the brecciation and alteration style intersected in the
    first two holes to be consistent with mineralised Iron-oxide-Copper-Gold-Uranium (“IOCGU”)
    systems within the Olympic Dam IOCGU province of South Australia.
    Following the recent completion of these holes, and the initial results received, Venture has decided to
    undertake a significant diamond drill campaign, of at least four holes, in the coming months. The
    company expects to confirm a drill contractor in the coming weeks and commence the drill campaign
    shortly after.
    “When looking for a major mineralised deposit, we need a detailed understanding of geology and the
    alteration system to increase the probability of success,“ Venture Minerals Andrew Radonjic said.
    “We do this by identifying a significant gravity anomaly, then confirming the presence of the preferred
    host rocks and alteration style, before lastly ensuring that the type of mineralisation and grade is
    suitable to the confirmation of a substantial economic resource.”
    “Prior to listing we had identified that the Churchill Dam project was not only in an area recognised for
    its potential for a major mineral deposit, but contained an interesting gravity anomaly.
    “This latest drilling has confirmed the presence of the preferred host rocks and the impending assay
    results will provide further detail as to the mineralisation. Success to date on the project demands
    more drilling, consequently we are fast tracking the follow-up drill program, as this will provide us with
    a greater understanding of the mineral potential of the project.
    In addition, the Company has now committed to extend its detailed ground based geophysical survey to
    cover the entire 17km long, regional anomaly, in order to delineate additional drill targets within the
    interpreted caldera structure. This is expected to start next month (see attached map).

    ACN 119678 385
    Freemasons Building, 181 Roberts Rd
    Subiaco WA 6008
    PO BOX 186 West Perth WA 6872
    T: +61 8 9381 4222
    F: +61 8 9381 4211
    Assay results from the recent drilling are currently being processed, with results expected in the coming
    weeks. These will be advised to the market when received.
    Venture Mineral’s Churchill Dam Project is well situated within the Olympic Dam IOCGU province,
    approximately 95km west of the recently discovered Carrapateena Prospect, 100km northwest of the
    recently discovered Punt Hill Prospect and 90km southwest of the world class Olympic Dam Mine.
    Kind regards
    VENTURE MINERALS LIMITED
    Andrew Radonjic
    MANAGING DIRECTOR
    The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Andrew
    Radonjic, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Andrew Radonjic is a full-time employee of the company. Mr
    Andrew Radonjic has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity
    which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results,
    Mineral Resources and Ore Reserves’. Mr Andrew Radonjic consents to the inclusion in the report of the matters based on his information in the form
    and context in which it appears.
    For further inquiries contact
    Andrew Radonjic John Williams
    Managing Director, Venture Minerals Professional Public Relations
    Phone: 61 8 9381 4222 Phone: 61 8 9388 0944 / 0412 422 636
    Editor’s notes
    Venture Minerals is an Australian diversified explorer with high quality energy and minerals projects,
    including uranium, nickel and gold in Western Australia, copper-gold-uranium in South Australia and tintungsten
    and nickel in Tasmania.
    Churchill Dam sits within the Olympic Dam province of the Gawler Craton. It is approximately 75km
    southwest of the Olympic Dam-Wirrda Well-Acropolis group which is dominated by the world class
    Olympic Dam deposit. Olympic Dam is currently the world’s 17th largest copper and third largest
    uranium producer. Churchill Dam is also 95km west of the recently discovered Carrapateena prospect
    and 100km northwest of the recently discovered Punt Hill prospect.
    Other projects
    The Maitland Channel uranium project in Western Australia has potential for the discovery of calcretehosted
    Uranium mineralisation. The Renison West project in Tasmania is targeting tin and tungsten
    mineralisation in skarn host rocks.
    The Paulsens South project in Western Australia is prospective for gold discoveries - and the Maitland
    Channel and Renison West projects also have potential to host nickel sulphide mineralisation.
 
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