Venture Minerals (ASX:VMS) share price rocketing 17% on these record results

Tin, an EV metal, is listed as a critical mineral by numerous nations.

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The Venture Minerals Limited (ASX: VMS) share price is off to the races today.

Shares in the ASX resource explorer are up 16.67% at time of writing, having earlier posted intraday gains as high as 27%.

Below we take a look at the latest drill results that look to be driving ASX investor interest.

What drill results were reported?

The Venture Minerals share price is surging after the company reported a record breaking drill intersection at Mount Lindsay Tin-Tungsten Project, located in Tasmania.

According to the announcement, the  drilling hit "substantial intersections of high-grade mineralisation".

These include 147m at 1% Tin (Sn) and 0.2% Tungsten (WO3) from 90m. That remains open down the hole and Venture is still awaiting further assay results.

The intersection included a high grade zone of 45m at 2.5% Sn and 0.3% WO3 from 93m or 9m at 5.9% Sn and 0.3% WO3 from 183m.

Commenting on the drill results, Venture Minerals' managing director, Andrew Radonjic said:

This new drilling at Mount Lindsay, focused on the high-grade zones, is starting to unveil the exceptional value that Mount Lindsay truly holds. At current metal prices, this 147-metre drill intersection has an average recovered value of AU$680 per tonne, taking into account metallurgical recovery test work from our previous feasibility study. This high value per tonne makes Mount Lindsay a very attractive proposition for underground mining.

The company noted that the Mount Lindsay Project has been classified by the Australian government as a Critical Minerals Project with an advanced Tin-Tungsten asset.

Venture Minerals share price snapshot

Following a strong run into the early winter, the Venture Minerals share price has been struggling since July. Year-to-date shares are down 24%. That compares to a 10% gain posted by the All Ordinaries Index (ASX: XAO) in 2021.

Over the past month the Venture Minerals share price is down 16%.

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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