Venture Minerals Limited (ASX:VMS, OTC:VTMLF) is trading higher after intersecting high-grade clay-hosted rare earth element (REE) mineralisation in its maiden drill program at the Greater Brothers Project in Western Australia
Results reveal several intersections of up to 15 metres at more than 2,000 ppm total rare earth oxides (TREO) within broader zones spanning up to 45 metres at approximately 1,500 ppm TREO throughout an extensive area.
Standout assays include:
- 45 metres at 1,455 ppm TREO from 70 metres to the end of hole (EOH), including 15 metres at 2,105 ppm from 80 metres;
- 19 metres at 1,931 ppm TREO from 55 metres to EOH, including 5 metres at 3,380 ppm from 60 metres;
- 30 metres at 1,982 ppm TREO from 35 metres to EOH, including 15 metres at 2,672 ppm from 40 metres;
- 40 metres at 1,832 ppm TREO from 25 metres to EOH, including 10 metres at 2,725 ppm from 30 metres; and
- 42 metres at 1,619 ppm TREO from 5 metres to EOH, including 10 metres at 2,595 ppm from 30 metres.
Notably, the assays underscore the significant potential for the project to host a world-class, clay-hosted REE deposit.
Moving forward, the quality of the assay results obtained from this reconnaissance aircore program has prompted the company to prioritise a follow-up drilling program.
Approvals and planning are underway as the company moves closer to determining the magnitude of this new high-grade REE discovery.
The markets have welcomed the news with shares trading as high as A$0.016, up 14.29% from the previous close.
Thicker and higher grade
Venture managing director Andrew Radonjic said: “Our maiden drilling program at Brothers has delivered a potential world-class clay hosted REE discovery of a significant scale with thicker and higher grade results than the vast majority of our peers in Australia.
“The Greater Brothers Project is well located in regional Western Australia with excellent access to infrastructure and therefore presents an exciting development opportunity for the company.
“Clay-hosted REE deposits continue to be the preferred type of REE mineralisation to discover, being lower cost to mine and process and producing more of the sort after high-value magnet REEs such as neodymium, praseodymium, dysprosium and terbium, which are essential for making high strength permanent magnets critical to EV and wind turbine efficiency.
“Venture looks forward to getting back onto the ground as soon as possible to fulfil the potential of the Greater Brothers discovery and deliver further value to its shareholders.’’
Venture's reconnaissance drilling has already covered about 20% of the project area, boasting an impressive 90% strike rate, with nearly every hole revealing substantial widths of REE mineralisation.
Location map of Venture’s REE projects and targets in Western Australia
Forward plan
As similar bedrock geology is interpreted in unexplored areas, there is a strong possibility of significantly expanding the current mineralised area.
In the next phase, the company plans to conduct metallurgical test work to assess the amount of ionic-based clay-hosted mineralisation, which can potentially be recovered using existing processing techniques.
In a bid to enhance its prospects further, Venture has secured an additional 75 square kilometre tenement package adjacent to the Brothers Project, bringing the total project area up to 1,165 square kilometres of prospective REE tenure.
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