CRI - Critica Limited

[kevro]

Hi Greggy, still none the wiser. Have copies and attached the relevent section from their website and the nickel is only mentioned in the last 3 lines of the Maitland section and does not even refer to it by name, that being Devine.

Maitland Channel Project, Western Australia
The Maitland Channel Project consists of one granted Exploration Licence, eight Exploration Licence applications and two Prospecting Licence applications located in the North Eastern Goldfields of Western Australia.

The Maitland Channel Project covers approximately 140 km of the Tertiary channel system. Outside of the Maitland Channel Project area, the same channel system hosts the Lake Maitland, Lake Way, Centipede and Yeelirrie calcrete-hosted uranium deposits.

The Maitland Channel Project tenure is spread over four areas:

West Maitland – covers 15 km of palaeochannel including the un-drilled western extension of the Lake Maitland radiometric Uranium anomaly. Redport Limited’s Lake Maitland deposit is 13 km east of the project area. Drilling to the west of the Lake Maitland deposit by Mt Isa Mines and BP Minerals in the 1970’s intersected carnotite, the main source of uranium mineralisation in calcrete-hosted uranium deposits.
Southeast Maitland – includes 24 km of the Maitland Palaeochannel approximately 46 km to the southeast of the Lake Maitland deposit. The project includes an un-drilled radiometric Uranium anomaly.
Irwin – covers 47 km of the Maitland Palaeochannel flanking Lake Irwin, 130 km to the southeast of the Lake Maitland deposit. The Exploration Licence applications include un-drilled radiometric anomalies in an area analogous to the Lake Maitland deposit.
Southeast Yeelirrie – 70 km down-channel from the large Yeelirrie deposit and contains 54 km of the same channel system. Broad spaced regolith sampling in this area by the GSWA returned a similar uranium level as that achieved by the GSWA’s closest sample (11 km) to the Yeelirrie deposit. The Southeast Yeelirrie tenements include undrilled radiometric anomalies.

In the early 1970’s Lone Star Exploration NL (Lone Star) drill tested some ultramafic bodies encountering nickel and copper anomalism associated with several ultramafic sills or flows. The mineralisation that remains shows potential for nickel sulphide within the project area.

 

[greggy]

Hi Greggy, still none the wiser. Have copies and attached the relevent section from their website and the nickel is only mentioned in the last 3 lines of the Maitland section and does not even refer to it by name, that being Devine.

Maitland Channel Project, Western Australia
The Maitland Channel Project consists of one granted Exploration Licence, eight Exploration Licence applications and two Prospecting Licence applications located in the North Eastern Goldfields of Western Australia.

The Maitland Channel Project covers approximately 140 km of the Tertiary channel system. Outside of the Maitland Channel Project area, the same channel system hosts the Lake Maitland, Lake Way, Centipede and Yeelirrie calcrete-hosted uranium deposits.

The Maitland Channel Project tenure is spread over four areas:

West Maitland – covers 15 km of palaeochannel including the un-drilled western extension of the Lake Maitland radiometric Uranium anomaly. Redport Limited’s Lake Maitland deposit is 13 km east of the project area. Drilling to the west of the Lake Maitland deposit by Mt Isa Mines and BP Minerals in the 1970’s intersected carnotite, the main source of uranium mineralisation in calcrete-hosted uranium deposits.
Southeast Maitland – includes 24 km of the Maitland Palaeochannel approximately 46 km to the southeast of the Lake Maitland deposit. The project includes an un-drilled radiometric Uranium anomaly.
Irwin – covers 47 km of the Maitland Palaeochannel flanking Lake Irwin, 130 km to the southeast of the Lake Maitland deposit. The Exploration Licence applications include un-drilled radiometric anomalies in an area analogous to the Lake Maitland deposit.
Southeast Yeelirrie – 70 km down-channel from the large Yeelirrie deposit and contains 54 km of the same channel system. Broad spaced regolith sampling in this area by the GSWA returned a similar uranium level as that achieved by the GSWA’s closest sample (11 km) to the Yeelirrie deposit. The Southeast Yeelirrie tenements include undrilled radiometric anomalies.

In the early 1970’s Lone Star Exploration NL (Lone Star) drill tested some ultramafic bodies encountering nickel and copper anomalism associated with several ultramafic sills or flows. The mineralisation that remains shows potential for nickel sulphide within the project area.

Hi Kevro,

If I could be tongue in cheek for a tick, its amazing how many companies are all of a sudden increasing their focus on nickel just when the nickel price has run so hard. It should be interesting to see what VMS comes up with.
You've shown real guts thus far in holding on for so long. Good luck with your stake.
DYOR

 

[kevro]

What is annoying right now Greggy is that the first hole took about 14 days to complete. This second hole is at approximately day 30. They have gad a few mechanical problems I believe but I'll be dead by the time they complete 4 holes that they are contracted for.

Wondering if this is good or bad. Could they be making sure that they are looking at what they they went looking for. Bad news would have been released a while ago. Any thoughts out there.

 

[Speedbird675]

Ann. out .. nothing zazzy in particular, SP taking a beating (again!!), maybe a top up opp. (DYOR pls).

I am continuing to hold for a few more holes.

Got this info from Crosshair Exploration and Mining - a Canadian Mob.

www.crosshairexploration.com/i/pdf/CXX_PowerPoint_April_4_2006.pdf

Page 16, drilling details of Olympic Dam from June 1975 to Dec 1976 as follows:

RD1 - 38m 1.05% Cu
RD3 - Barren
RD4 - Barren
RD5 - 92m 1.01% Cu
RD6 - Barren
RD7 - Barren
RD8 - 14m 1.20% Cu
RD9 - 94m 0.38% Cu
RD10 - 170m 2.12% Cu

With holes RD5 and 10 being in the Hematite and Granite rich breccias.

 

[greggy]

What is annoying right now Greggy is that the first hole took about 14 days to complete. This second hole is at approximately day 30. They have gad a few mechanical problems I believe but I'll be dead by the time they complete 4 holes that they are contracted for.

Wondering if this is good or bad. Could they be making sure that they are looking at what they they went looking for. Bad news would have been released a while ago. Any thoughts out there.

Hi Kevro,

VMS is often slow in making announcements. Its hard to know where VMS's directors are coming from sometimes. I'm still watching with interest from the sidelines.
DYOR

 

[Speedbird675]

Mining News, Tuesday 20 March

Churchill boosts Venture's confidence

Rebecca Lawson

Tuesday, 20 March 2007

PERTH-based Venture Minerals has received a confidence boost following the
drilling of its second hole at its Churchill Dam project in South Australia, with
managing director Andrew Radonjic keen on fast-tracking exploration.
The hole is the second to be drilled into a 17km-long gravity anomaly and intersected over 180m of alteration consistent with iron oxide-copper-gold-uranium system. Radonjic told MiningNews.net that the significance of both holes is that it suggests the gravity anomaly represents a large, hematite-rich alteration system consistent with other IOCGU style
deposits.

"Its importance is that it gives us more confidence that we have an area that has a greater probability of discovering an IOCGU type of deposit like a Prominent Hill or Olympic Dam," Radonjic said.

"If we start getting some results that indicate that the alteration holes have elevated values of copper, gold, silver, uranium or rare earths, then it just puts another tick in the box saying yes hang on, the ability of the system to hold the mineralised deposit increases dramatically."

Venture has also completed geological logging and sampling of the first hole, with assays expected in the next few weeks.

Radonjic said the company is keen to fast-track exploration given the firmer commodity prices, with the company now committed to extending its detailed ground-based geophysical survey to cover the entire 17km-long anomaly to delineate additional drill targets.

"There is more of an appetite for testing these sort of features, because [for] one they're deep but the rewards are very high," Radonjic said. The first hole was drilled by Venture last month and intersected 130m of brecciated and
hematite-altered Gawler Range Volcanics.

Churchill Dam is in the Olympic Dam IOCGU province of SA.

Shares in Venture shed 5.5c to 40c at midday trading today.

 

[greggy]

Mining News, Tuesday 20 March

Churchill boosts Venture's confidence

Rebecca Lawson

Tuesday, 20 March 2007

PERTH-based Venture Minerals has received a confidence boost following the
drilling of its second hole at its Churchill Dam project in South Australia, with
managing director Andrew Radonjic keen on fast-tracking exploration.
The hole is the second to be drilled into a 17km-long gravity anomaly and intersected over 180m of alteration consistent with iron oxide-copper-gold-uranium system. Radonjic told MiningNews.net that the significance of both holes is that it suggests the gravity anomaly represents a large, hematite-rich alteration system consistent with other IOCGU style
deposits.

"Its importance is that it gives us more confidence that we have an area that has a greater probability of discovering an IOCGU type of deposit like a Prominent Hill or Olympic Dam," Radonjic said.

"If we start getting some results that indicate that the alteration holes have elevated values of copper, gold, silver, uranium or rare earths, then it just puts another tick in the box saying yes hang on, the ability of the system to hold the mineralised deposit increases dramatically."

Venture has also completed geological logging and sampling of the first hole, with assays expected in the next few weeks.

Radonjic said the company is keen to fast-track exploration given the firmer commodity prices, with the company now committed to extending its detailed ground-based geophysical survey to cover the entire 17km-long anomaly to delineate additional drill targets.

"There is more of an appetite for testing these sort of features, because [for] one they're deep but the rewards are very high," Radonjic said. The first hole was drilled by Venture last month and intersected 130m of brecciated and
hematite-altered Gawler Range Volcanics.

Churchill Dam is in the Olympic Dam IOCGU province of SA.

Shares in Venture shed 5.5c to 40c at midday trading today.

VMS has fallen again today and is nearly back in my buying range. I will be watching this one closely as it may soon represent a buying opportunity IMO.
DYOR

 

[stockpile]

Has the trail gone cold with this mob? Noticed when I got home this evening stock has been halted, pending announcement. Anyone have thoughts on if we can expect the assay results of the first drill hole?

*disc holding

 

[kevro]

Word on the street is that there is fund raising on the way. Heard 30c & 33c quoted but nothing official. These deep holes they drill cost a fortune.

 

[speves]

Or the assay results from hole one are about to be released. Either way I can't see the need for a halt ...........so maybe something else.

 

[jens_k]

Announcement 12 April 2007

Venture Minerals to raise $2.1m to accelerate exploration at Churchill Dam

West Perth-based minerals explorer Venture Minerals Ltd has announced plans to raise $2.1 million through a placement to fund exploration of the Churchill Dam Iron-Oxide Copper-Gold Uranium project in South Australia.

The placement will be completed under a short-form prospectus.

Australian based mineral exploration company Venture Minerals Ltd is pleased to announce that the Company has arranged the placement of 6.5 million ordinary shares in the Company to raise $2,145,000. The shares will be issued at a cost of 33 cents which is at a 7% discount to the 10 day weighted average share price up to the close of market Thursday, 5 April 2007.

Perth based securities firm Max Capital Pty Ltd will act as manager to the placement. Part of the managers' remuneration will be the issue of 150,000 listed options with an exercise price of 25 cents, expiring on 30 June 2008. Settlement of the placement is expected to be on or about 19 April 2007.

The funds raised will be used for exploration at the Churchill Dam IOCGU project in the Gawler Craton of South Australia. The Company has recently drilled two RC/Diamond holes into the project, both intersecting at least 150m of altered Gawler Range Volcanics. The Company believes the brecciation and alteration style intersected in the first two holes is consistent with mineralised IOCGU systems within the Olympic Dam province of South Australia. Assay results on the first two holes are pending.

The success from the first two holes have encouraged the Company to proceed with an aggressive 4 - 8 hole program of diamond drilling at the project expected to cost up to $2m. The funds raised from the Placement will be used to finance this program.

The Placement will be completed under a short-form prospectus, and as such will not be restricted to sophisticated investors.

This announcement effectively lifts the trading halt that the Company requested on Tuesday, April 10 2007.

The Company is not aware of any reason why the ASX would not allow trading to recommence immediately.

good job kevro

 

[stockpile]

2nd that, nice tip kevro great stuff.

 

[kevro]

Not really, second hand info.

Wonder if they wanted to get this done before releasing assays on 1st hole in case they are not real flash. (or maybe they know there not real flash). Might wait for the first assays before buying in again.

But then again someone heard from a broker that the small fundraising was oversubscribed through the brokers 3 times. They must have had a carrott to lure them in, maybe a preview of the assays, I wonder. Think I'm getting cynical in my middle years.

 

[Sean K]

I've been following this sparodically and missed why it took the dive. What's going on there? CD looks to be the key project. The initial drilling looked great, what's the story with the sp??

 

[kevro]

Hi Kennas,

Market didn't like second drill report but why I don't know. It found the stuff they were looking for and a lot shallower with sulphide traces in both holes. I've seen Geo's sounding a little bemused buy the market reaction. Other companies such as MOX (I think that was the example used) have produced a hole report worse than VMS and gone up.

There was a conspiracy theory as well that think the sell down was planned with a few well placed and timed sell orders going in and setting off stop losses and basically set off a panic.

Still holding my oppies and will look again after the assays are released.

Kevro

 

[stockpile]

SP climbing this morning on no ann... bit of speculation on upcoming news perhaps?

 

[jens_k]

Assay results should be released within this week, I think

 

[greggy]

I've been following this sparodically and missed why it took the dive. What's going on there? CD looks to be the key project. The initial drilling looked great, what's the story with the sp??

Hi Kennas,

I tried to buy back into this one when it went down to the 33c mark but missed out. Around that price I thought it was reasonable value IMO. I feel that when the initial Churchill Dam results came out traders over reacted on the positive side and the share price has now come back to a more reasonable level IMO. I feel that every stock has its price. Even in this bull market there are still overlooked stocks around. Its just a matter of finding them and that's the hard part.
DYOR.

 

[Sean K]

Essay results were due for the first hole 1-2 weeks, and second hole 2-3 weeks from broker presentation released 4 April. It's now 20 April, which is, um, 16 days I think. So, results for both holes should be imminent.

(I've taken a bite)

 

[stockpile]

Kennas I also find it encouraging that the sp has remained buoyant even following the fundraising ann last week. I am not at my personal computer so don't have chart handy, but I remember looking at it yesterday and the macd still looks very healthy for further progress and this on small volumes. The next couple of weeks are looking positive.