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Why the Venturex (ASX:VXR) share price is surging 7% in afternoon trade

The miner’s shares are continuing to deliver astronomical returns to shareholders…
The post Why the Venturex (ASX:VXR) share price is surging 7% in afternoon trade appeared first on The Motley Fool Australia. –

The Venturex Resources Ltd (ASX:VXR) share price is within sights of breaking its multi-year record today. This comes after the mining company announced an update on its Whim Creek Joint Venture Project.

The company holds a 20% stake in Whim Creek Project, with the remaining 80% interest held by Anax Metals Ltd (ASX: ANX).

Whim Creek discovers extensive anomalies

In today’s statement, Venturex released a Anax presentation advising it has defined multiple cohesive platinum, nickel-copper and gold anomalies at Whim Creek.

The company conducted a soil sampling programme at the Kent Well and Mays Find North Prospects. Notably, no previous sampling had taken historically explored at the site.

Fieldwork, consisting of an initial 3,500 ultrafine soil samples commenced in February 2021 and is now 50% complete. Ultrafine soil sampling is a newly proven soil analysis technique that is ideal for gold and base metals exploration.

The ongoing soil programme has been highly successful and results have generated new nickel-cobalt and platinum anomalies. This coincides with the company’s geological mapping along with geophysical and geochemical surveys.

Once soil surveys and systematic rock chip sampling is completed, both companies will conduct further exploration work. This includes geophysical surveys across these extensive units, followed by drilling.

About the Venturex share price

Investors would be ecstatic with the Venturex share price movement. Over the last 12 months, the company’s shares have accelerated by an astonishing 1,300%. Year-to-date is just as impressive, sitting at a 570% gain.

It’s worth noting that Venturex shares are close to breaking its multi-year high of 82.7 cents achieved in 2012.

Based on today’s price, Venturex presides a market capitalisation of about $517 million, with more than 667 million shares outstanding.

The post Why the Venturex (ASX:VXR) share price is surging 7% in afternoon trade appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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.

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