Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has uncovered a significant rare earth element (REE) target now known as the Jupiter prospect at the Brothers Project in Western Australia.
The discovery forms part of a 40-square-kilometre area characterised by a coincident gravity and magnetic anomaly, hosting extensive REE-rich clays.
Shallow, open mineralisation
This finding, made following reconnaissance aircore drilling, indicates a strong correlation between the magnetic and gravity anomalies and high-grade total rare earth oxide (TREO) results near the surface.
The discovery suggests the potential for a substantial REE resource and has prompted the company to hatch a plan for further exploration.
Drilling conducted so far is shallow and concludes in mineralisation, making it easily accessible for future exploration efforts.
Initial results include 28 metres at 2,246 parts per million (ppm) TREO, containing 23% mixed rare earth oxides (MREO), including 11 metres at 3,008 ppm TREO, also with 23% MREO in one-metre splits.
These results meet the criteria for high-grade TREO mineralisation.
The project is strong on environmental credentials, with a life-cycle assessment indicating low emissions of 8.3 kilograms of carbon dioxide per tonne of lithium hydroxide monohydrate produced.
Access a bonus
The Brothers project is strategically positioned for development, being in regional WA, with good access to infrastructure and proximity to major ports and refining facilities.
Venture Minerals has actively pursued its REE prospects at Brothers and Jupiter represents a significant milestone in the company's REE exploration journey.
In other news from Brothers, Venture has met its expenditure requirements for the first stage of the Iron Duke Joint Venture (JV) at the project, earning a 51% interest in the prospect.
The company is now advancing to the second stage, where it plans to invest an additional $500,000 within the next 24 months to earn 70% of the two tenements.
This next phase includes a short reverse circulation (RC) drilling program and extensive shallow drilling aimed at delivering a maiden clay-hosted REE resource in the coming two to three months.
Venture's efforts align with the Australian Government's Critical Minerals Strategy, which is co-investing in major mining companies in the region.
The company is particularly buoyed by the government’s considerable co-investment in nearby projects owned by Iluka Resources Ltd and Lynas Rare Earths Ltd.