Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has completed its stage one resource definition drilling program at the clay-hosted Jupiter rare earths prospect in Western Australia, meeting its expenditure milestone for 70% ownership of the tenure.
The company will now move to reach the next expenditure target, aiming to secure 90% ownership over the joint venture, which covers the 40 square kilometres rare earths target.
In total Venture completed 82 holes for 5,052 metres, intersecting broad zones of clay in which portable x-ray fluorescent (XRF) testing has confirmed the presence of rare earth elements (REEs).
High potential for discovery
“Stage one resource definition drill program at our priority, large-scale Jupiter Rare Earths Target (NYSE:TGT), has been completed with early indications suggesting the infill drilling should deliver broad zones of high-grade clay-hosted mineralisation,” Venture Minerals managing director Andrew Radonjic said.
“This drilling continues to confirm Venture’s belief that the Jupiter target has the potential to become an exceptional rare earths project with excellent access to infrastructure and processing plants in the Tier-One jurisdiction of Western Australia.
“With that in mind, the board has committed to go to 90% ownership of the Jupiter target having just met the 70% milestone late last year and looks forward to delivering a cost-effective maiden resource of high-grade, critical REE minerals in Q1 2024.”
VMS believes this resource definition program will provide the data needed to work toward a clay-hosted rare earth resource of economical grade at a “world-class” scale, especially as previous drilling at the prospect intersected consistent 20 to 30-metre widths of REE mineralisation grading more than 2,000 parts per million (ppm) total rare earth oxides (TREO) with broader zones up to 64 metres in width grading over 1,000 ppm TREO.
The true potential of Jupiter will become clearer as the company receives the assays from this program in the coming weeks.