Here's why the Venturex (ASX:VXR) share price is up 8% today

Good news on copper deposit sees the miner's shares continue to boom.

| More on:

Should you invest $1,000 in G8 Education Limited right now?

Before you buy G8 Education Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and G8 Education Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

happy mining worker fortescue share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Shares in Venturex Resources Ltd (ASX:VXR) are flying out the door today on news of increased mineral resources at the Whim Creek Copper-Zinc joint venture project. At the time of writing, the Venturex share price is up 8.16%, with shares in the mining company swapping hands for 80 cents.

The resource update comes from the project's Whim Creek deposit, which has been found to house 37% more copper than previously estimated.

Whim Creek is a joint venture between Anax Metals Ltd (ASX: ANX) and Venturex. Anax holds 80% of the project, while Venturex has a 20% holding.

As part of the joint venture agreement, Anax will pay for Venturex's interest in the project through to when a decision is made to start mining.

Anax's share price is falling on the news. It's currently down by 9% and its shares are trading for 10 cents.

Let's take a closer look at the news driving the Venturex share price today.

New mineral resources

According to a statement from Venturex, the new mineral resource was discovered through an audit of historical data and a single diamond drill hole.

Both the recording of the data and the drilling were completed by Anax in 2020.

The drill hole's results included 5 metres at 2.43% copper and 1.02% zinc from 52 meters, and 7 metres at 1.19% copper from 60 metres.

Anax now plans to complete field reconnaissance and a review of historical data to find future drilling targets. It states there's an area west of the pit that's a prospect for strike extensions.

Anax is working on feasibility workstreams and hopes to submit a mining proposal for Whim Creek in the third quarter of this year.

Venturex share price snapshot

2021 has been bumper year on the ASX for the Venturex share price.

Currently, the Venturex share price is up 627% year to date. It's also gained a whopping 1,233% since this time last year.

The miner has a market capitalisation of around $331 million, with approximately 425 million shares outstanding.

Motley Fool contributor Brooke Cooper 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.

More on Resources Shares

Miner holding cash which represents dividends.
Dividend Investing

Invested $8,000 in Fortescue shares 5 years ago? Guess how much passive income you've banked!

Fortescue is popular among passive income investors for paying two fully franked dividends per year, even during COVID.

Read more »

Miner looking at a tablet.
Resources Shares

BHP shares are up 9% in a month. Are they still good value?

Is Australia’s largest miner a big opportunity?

Read more »

Three miners wearing hard hats and high vis vests take a break on site at a mine as the Fortescue share price drops in FY22
Resources Shares

Did you catch what happened with the big 3 ASX 200 mining stocks in April?

BHP, Rio Tinto, and Fortescue all reported their latest mining results in April.

Read more »

Miner looking at a tablet.
Resources Shares

After its earnings result, what's Macquarie's price target on Fortescue shares?

Let’s dig into what Macquarie thinks of Fortescue after its quarterly update.

Read more »

Two mining workers on a laptop at a mine site.
Resources Shares

The Mineral Resources share price is down 72% in a year. Time to pounce?

Two top experts ran their slide rules over Mineral Resources shares. Here’s what they found.

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price shoots 15% higher on third-quarter report

The ASX 200 iron ore and lithium giant has released its 3Q FY25 activities report.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Why Macquarie says this ASX 200 mining stock could rocket 67% in a year

Macquarie forecasts a big potential rebound for this diversified ASX 200 miner.

Read more »

Female miner smiling at a mine site.
Resources Shares

3 reasons why the Fortescue share price could still be a buy

Here’s why I view Fortescue as an opportunity.

Read more »