The Venture Minerals (ASX: CYC) share price is sliding today following the company’s release of its Sydney presentation. Here’s the lowdown.
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Venture Minerals Limited (ASX: VMS) shares are sliding lower today after the company released its presentation from the Sydney Resources Roundup conference. At the time of writing, the Venture Minerals share price is trading 6% lower at 11.75 cents.
In earlier trade, the company’s shares were actually up by 8% before giving back those gains and then some.
As its name suggests, Venture Minerals is focused on the exploration and development of mineral resources. It’s currently exploring in Western Australia for copper- lead-zinc at the Thor Prospect, nickel-copper at the Odin Prospect, and gold-nickel-copper-cobalt at the Caesar Project, among others.
The Venture Minerals share price is in the red today after the company outlined its current progress on multiple projects. Its Riley iron ore processing plant has now been built on schedule and within budget. The first shipment of ore out of the plant is expected in the second quarter of this year. The company is hoping the quick turnaround will allow it to capitalise on record-high iron ore prices.
Venture Minerals has also commenced an electromagnetic survey program on what it calls a ‘Julimar lookalike’ drilling target at its South West nickel and copper project.
Meanwhile, drilling has confirmed up to 7% zinc deposits from the company’s first assays at the Orcus prospect and, at Golden Grove North, follow-up drilling has commenced.
According to Venture Minerals, the trench results at Kulin also have confirmed a “significant gold system” but the company is still awaiting results from its maiden drill program. Judging by today’s Venture Minerals share price action, it seems some investors have decided not to wait around for these results.
In today’s presentation, there was also some news on the renewable energy front. Venture Minerals reported it has advanced its Mount Lindsay tin and tungsten project, which “provides near-term exposure” to electric vehicle (EV) market demand for rare earth metal and the critical minerals markets. Tungsten is considered a critical mineral by the Australian Government.
According to the company’s presentation, “EV and critical minerals demand drives re-assessment of the high-grade tin and tungsten resource base at Mount Lindsay.”
Venture also added that it is “uniquely positioned with Mount Lindsay being one of the largest undeveloped tin projects in the world, containing in excess of 80,000 tonnes of tin metal. Mount Lindsay also hosts, within the same mineralised body, a globally significant tungsten resource containing 3.2 million metric tonne units of tungsten.”
Venture Minerals share price snapshot
Despite today’s falls, the Venture Minerals share price has boomed in the past month, gaining more than 95%. It’s also up by 135% year to date and 488% over the past year. Based on the current valuation, the company has market capitalisation of $157 million.
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Motley Fool contributor Lucas Radbourne-Pugh 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.