In August 2014, Ventnor submitted an application for a new mining tenement adjacent to the Tropicana Gold Mine, jointly owned by AngloGold Ashanti and Independence Group. The tenement, which was duly granted, includes the Black Dragon, Fire Dragon, Silver Dragon and Red Dragon prospects in an area identified as prospective for gold, nickel-copper and other base metal styles of mineralisation. Following the sale of Thaduna/Green Dragon, the Biranup Project has become Ventnor’s primary focus.
In October 2017, Ventnor Resources Ltd announced the acquisition of a new project, Arrowsmith, 270 kilometres north of Perth in Western Australia. Three Exploration Licences, totalling 350 km2, were applied for to explore for construction sand and high-quality silica sand, which are in high demand in the Asia-Pacific region.
Silica sand is the primary component of all types of standard and specialty glass and is also used for metal casting; metal production; chemical production; pain and coatings; ceramics; filtration and water production and oil and gas recovery. Construction sand is the primary structural component in a wide variety of building and construction products.
In October 2013, Ventnor entered into an agreement to sell up to 80% of Thaduna/Green Dragon to Sandfire Resources. By that stage, Ventnor had defined a JORC compliant resource of 7.9 million tonnes grading 1.8% Cu and 3.7g/t Ag for 142,000 tonnes of contained copper and 945,000 ounces of contained silver at the Project. Sandfire acquired an immediate 35% interest in the Project by paying $3 million to Ventnor and was granted an option to increase its holding to 80% in two stages by providing an additional $6 million to fund further exploration and studies.
The original joint venture agreement was superseded in August 2016 when Ventnor agreed to sell the remaining 65% of Thaduna/Green Dragon to Sandfire. Under the revised terms, the consideration for the remaining stake comprised:
a transfer of Sandfire shares to a value of $2,000,000 to Ventnor;
further payment of $1,000,000 if Sandfire proceeds with a decision to mine the Project;
a 2.0% Net Smelter Royalty (NSR) payable up to 90,000 tonnes of copper production; and
an ongoing NSR of 1.0% on copper production above 90,000 tonnes.