Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has set itself apart from the rest of the pack, with a record result representing the highest-grade clay-hosted rare earth element (REE) intersection unearthed so far in Australia.
The big one, which sent shares soaring by 50.00% in early trade, was 48 metres at 3,025 parts per million (ppm) total rare earth oxide (TREO), with further smaller intersections assaying up to 10,266 ppm and 20,538 ppm TREO respectively.
The results come from a stage one resource definition drilling program at the Jupiter Rare Earths prospect in Western Australia, in the first batch of assays returned from the drilling program.
Importantly, the intersections contain high levels of valuable magnet rare earth oxides (MREO) up to 3,288 ppm neodymium, 788 ppm praseodymium, 674 ppm dysprosium, 101 ppm terbium, and “extremely low” radioactive components of thorium and uranium.
Record breaking REE clay results
“These record breaking ultra-high grade REE clay results, for Jupiter, place us well above our peers in terms of both grade and scale. What’s incredible is that these results are not isolated,” Venture Minerals managing director Andrew Radonjic said.
“They confirm consistent grades over 2,000 ppm TREO in broad widths of 20-30 meters in 96% of the holes and that is sitting within zones of around 60 metres over 1,000 ppm TREO.”
“We have lots of news flow to come, with further results pending for our maiden resource drill program.
“This drilling is widely spaced and down the track we will be working on infill drilling with the potential to uncover more impressive grades.
“Most drilling will be shallow aircore and RC, so its highly cost-effective. Keep in mind that these results cover a small area of our enormous, 40-square-kilometre target and you can certainly understand that Jupiter is shaping up to be an incredibly impressive project.”
Notable assays
The full assays from this record-breaking round of drilling include:
- 28 metres at 1849 ppm TREO from 40 metres;
- 30 metres at 3,142 ppm TREO from 56 metres, including 12 metres at 4,673 ppm and 2 metres at 10,266 ppm TREO;
- 32 metres at 1,637ppm TREO from 50 metres, including 14 metres at 2,313 ppm TREO;
- 60 metres at 1,487 ppm TREO from 12 metres, including 4 metres at 2,046 ppm TREO;
- 42 metres at 1,839 ppm TREO from 18 metres, including 28 metres at 2,067 ppm TREO;
- 48 metres at 3,052 ppm TREO from 36 metres;
- 50 metres at 1,722 ppm TREO from 34 metres, including 20 metres at 2,519 ppm TREO;
- 16 metres at 5,399 ppm TREO from 24 metres, including 2 metres at 20,538 ppm TREO; and,
- 56 metres at 1,607 ppm TREO from 28 metres, including 24 metres at 2,069 ppm TREO.
Assays are still pending for the remaining 57 holes – depending on the results, coupled with mineralogical and metallurgical test work, Venture may opt for a second stage of resource definition drilling, using a slimline reverse circulation (RC) or aircore drill depending on conditions and availability.