Preheat your oven to 400 F.
Heat 2 teaspoons of oil in a nonstick large skillet over medium-high heat. Sprinkle venison with salt and pepper, and sear rack on both sides until caramelized, about 3-4 minutes per side.
Transfer the pan to the center of the oven and bake until the meat reaches an internal temperature of 125 F for medium rare, about 11-14 minutes.
Transfer venison to plate and cover with tin foil.
Return the pan to medium heat and add in the remaining 1/2 teaspoon of oil and shallot. Sauté for about 60-90 seconds before adding in the cherries and brandy.
As soon as you have added in the brandy, tip the pan so that the liquid catches the flame and ignites. Allow the alcohol to burn off, about 60-90 seconds.
Add in the rosemary, broth and the cherry juice and bring to a boil over high heat. Once boiling, reduce heat to a medium-low, and simmer until the liquid has reduced by at least half, about 6-8 minutes.
Once reduced, add the preserves and balsamic to the pan and stir to dissolve.
Turn off the heat, swirl in the cold butter until melted and season with salt and a generous amount of pepper to taste.
To serve, slice the venison between the bones. Arrange the venison chops on a plate and drizzle with the sauce.