Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has acquired and identified new priority rare earth element (REE) targets in Western Australia as part of its strategy to expand the company’s exposure into the REE space, with a particular focus on the clay-hosted REE mineralisation type.
Recent acquisitions include a 511 square kilometre tenement package adjacent to the company’s Vulcan Prospect, host to high-grade REE up to 125,165 ppm TREO.
The new project known as Brothers contains surface laterite samples grading up to 1,864 ppm combined REE and is close to a historic drill hole that intersected 4 metres at 2,103 ppm TREO within clays.
Venture has also acquired an 809 square kilometre tenement package, known as the ‘Bandy’ Project, which hosts combined REE laterite results up to 2,704 ppm from the same State Government dataset, which is the highest value recorded from government sampling in the area.
Looking ahead, planning is well advanced for follow-up drilling programs on both of the new REE targets as well as the recently discovered high-grade REE target at the Vulcan prospect within the Golden Grove North project.
Location of Venture’s REE projects and targets in Western Australia.
Building quality REE portfolio
Venture managing director Andrew Radonjic said: The addition of four new clay-hosted REE targets in Western Australia demonstrates the company’s focused approach to building a portfolio of high-quality REE projects.
“The discovery of new rare earth projects in Australia is critical, as we manage the threat of China limiting supply to the rest of the world.
“Prior to the acquisition and identification of these new REE targets, Venture had already discovered the very high-grade and soon-to-be drilled Vulcan REE target in WA, as well as REE targets at both Cruncher and Reward within the Mount Lindsay Project.
“Venture believes building a quality portfolio of REE projects gives the shareholders valuable exposure to an important and fast-growing sector.”
READ: Venture Minerals opts to pursue boron as well as tin and tungsten at Mount Lindsay
In addition to the new acquisitions, Venture has also identified coincident laterite REE lanthanum and cerium results and conductivity anomalies at its Kulin Project.
Airborne survey at Kulin
Venture recently completed a 1,365 line-kilometre AEM survey using Geotech Ltd’s versatile time-domain electromagnetic (VTEM™ Max) geophysical system at Kulin.
The conductivity anomalies were coincidental with anomalous REEs lanthanum and cerium soil values over several kilometres within the northern and southern areas of the project.
The new coincident anomalies are considered high-priority, clay-hosted, REE targets warranting follow-up drill testing at the earliest opportunity.
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