The Venture Minerals Limited (ASX: VMS) share price has dropped in morning trade after starting today's session in the green. At the time of writing, shares in the mining explorer are trading at 12.7 cents, down 2.3%.
Let's take a look at what the company announced today and why investors appear undecided on the Venture Minerals share price.
Earlier today, Venture Minerals updated the market on the company's nickel-copper-platinum (Ni-Cu-PGE) landholding.
According to the update, Venture has expanded its Ni-Cu-PGE portfolio following the acquisition of a highly prospective tenure at the company's Kulin Project.
Venture said it secured two highly prospective 20-kilometre-long Ni-Cu-PGE targets as part of the acquisition, effectively doubling the company's Ni-Cu-PGE portfolio.
Venture Minerals managing director Andrew Radonjic commented;
Venture has made some excellent acquisitions around the Kulin Project, which sees the company now control a highly sought-after ground position in close vicinity to the recently discovered Julimar Ni-Cu-PGE deposit.
Venture Minerals completes maiden drill program
In addition to the acquisition update, Venture Minerals also provided results from a maiden drill program at Kulin.
The results delivered a gold intersection with mineralised intervals to 18 metres @ 0.6 g/t gold (Au) from 329 metres. Higher grade zones were also found at 9 metres @ 1.2 g/t Au from 338 metres and 3 metres @ 3.4g/t Au from 341 metres.
More on Venture Minerals
Venture Minerals is a mining explorer that is looking to make the transition to producer.
The company has various operations including its Riley Iron Ore mine in northwest Tasmania and Tin-Tungsten Project at Mount Lindsay.
As noted previously, the company's joint venture in Western Australia is the location of the South West Nickel-Copper-PGE Project. Chalice Mining has already committed up to $3.7 million to the project.
Overall, the Venture Minerals share price has enjoyed a stellar year thus far. Since the start of 2021, shares in the mining explorer are trading more than 139% higher.