The Venturex Resources Ltd (ASX: VXR) share price has once again become in focus after breaking into uncharted territory today.
This comes despite the mining company not making any new announcements since the beginning of the week.
During midday trade, Venturex shares reached an all-time high of 87.5 cents. However, some profit-taking from investors has led its shares to slightly retrace to 86.5 cents, up 8.13%.
What’s been driving Venturex shares higher?
In its latest update, Venturex presented a basic overview of its operations and funding capability at the Diggers & Dealers Mining Forum on Monday.
The company highlighted a couple of agendas in its presentation, namely changing the company’s name from Venturex to “Develop”. The mining outfit stated that it will focus on building an underground capability whilst achieving decarbonisation.
The company’s flagship asset, Sulphur Springs, contains key elements such as copper, zinc and silver. These clean metals will help push the world’s efforts on decarbonising the environment.
In addition, Venturex noted that its Sulphur Springs strategy is progressing with $10 million committed into a drilling program. It is expected that drilling will lead to upgrading the majority of the company’s Inferred Resource to the Indicated Category. This increases the level of geological knowledge and confidence of Sulphur Springs containing probable Ore Reserves.
The drilling program will form a part of a resource update in June 2022. Final project approvals are anticipated to be obtained sometime in the second half of next year.
Venturex is aiming for Sulphur Springs to become a bankable project by end of 2022.
Quick take on Sulphur Springs
Located 144 kilometres south east of Port Hedland, Western Australia, the Sulphur Springs project contains copper, zinc and silver deposits.
A Definitive Feasibility Study (DFS) was completed in 2018 which identified the project as economically strong. The site has a combined total Mineral Resource of 13.8 million tonnes grading 1.5% copper, 3.8% zinc and 17 grams per tonne of silver.
The initial mine life is expected to be around 10-plus years.
Venturex share price summary
Over the last 12 months, the company’s shares have accelerated by an astonishing 1,300%, reflecting positive investor sentiment.
Based on today’s price, Venturex presides a market capitalisation of about $588 million, with more than 680 million shares outstanding.