The Venture Minerals Limited (ASX: VMS) share price is soaring today, up almost 10% at the time of writing. This follows a positive update from the explorer on its joint venture with Chalice Mining Ltd (ASX: CHN).
The Venture Minerals Share price is currently swapping hands at 4.5 cents apiece, up 9.76%. Let's take a look at the latest exploration announcement from Venture.
What did Venture announce today?
In today's release, Venture advised that its joint venture partner Chalice Mining has spent $300,000 on the South West Nickel-Copper-Platinum Group Elements Project in Western Australia.
This marks the completion of the first stage of the joint venture between the two companies.
Under the terms of the agreement, Chalice can earn up to 70% if it spends $3.7 million exploring the targets over a 4-year period. The project is located 240km south of Perth in the Balingup Metamorphic Belt.
Venture stated that said most of the exploration was at its 20km long Thor target, a "Julimar lookalike magnetic anomaly interpreted to be mafic-ultramafic intrusive complex".
What did management say?
Venture managing director Andrew Radonjic said with the completion of the detailed EM survey, the company was eagerly awaiting the survey results:
The knowledge gained from Chalice's Julimar discoveries will be a huge advantage in determining which conductors should be drilled first and this no doubt increases the probability of bringing a discovery forward.
This is the main reason why Venture decided to partner with Chalice on this project as it clearly increases the chances of success which benefits all of the company's shareholders.
Venture share price snap shot
The Venture share price is up 12.82% over the past 12 months, although Venture shares have dropped 10% since January this year. Shares in the mineral exploration company reached a high of 15.5 cents on 15 June.
At today's share price, Venture has a market capitalisation of roughly $63.8 million.