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%.