Venture Minerals Ltd (ASX:VMS, OTC:VTMLF) has identified shallow clay-hosted rare earth element (REE) mineralisation immediately adjacent to zones of tin mineralisation at the Mount Lindsay Project in northwest Tasmania following a re-assay of a hanging wall formation at the Reward Deposit.
Total rare earth oxide (TREO) results in parts per million (ppm) from this re-assaying include:
- 16.4 metres at 1,028 ppm TREO from 31.9 metres, including 1.6 metres at 2,549 ppm TREO and 0.19% tin from 46.7 metres;
- 7.5 metres at 1,287 ppm TREO from 2 metres, including 3.0 metres at 2,055 ppm TREO from 2 metres;
- 19.3 metres at 725 ppm TREO from 64.2 metres, including 2.8 metres at 2,486 ppm TREO from 65.7 metres; and
- 8.0 metres at 729 ppm TREO from 75 metres, including 2.0 metres at 1,770 ppm TREO from 81 metres.
Venture has mobilised a drill rig to Mount Lindsay to follow up the results, with the first hole already underway. REE mineralisation is currently open in all directions.
The company believes this shallow clay-hosted REE zone could be mined concurrently with the tin nearby, increasing the value proposition of the Reward Deposit.
New potential to be tapped
“The discovery of rare earths at Mount Lindsay continues to demonstrate the pedigree of the geology that sits within the Mount Lindsay Project, being well located in some of the most prospective and underexplored ground in Australia and already host to a number of world-class, highly diversified deposits,” Venture Minerals managing director Andrew Radonjic said.
“The fact the rare earths are in shallow clays immediately adjacent to a high-grade tin zone bodes well for the economic potential of the Reward Deposit.
“With drilling already underway, the company believes this discovery may have opened up a new corridor of mineralisation that Venture can tap into to further enhance the potential of the Mount Lindsay Project.”
Shares up
Investors have responded positively, with shares as much as 19.25% higher to A$0.031.
The REE potential at the Reward Deposit has been further enhanced by Venture’s re-assaying of historical soil samples for lanthanum and cerium.
This program identified three anomalous zones prospective for lanthanum and cerium, with assays of more than 500 ppm supported by six historical gravel samples with peak assays of:
- 4,337 ppm praseodymium oxide;
- 4,774 ppm neodymium oxide;
- 731 ppm terbium oxide; and
- 4,902 ppm dysprosium oxide.
Venture intends to complete further infill surface sampling work to define the full extent of REE potential at Mount Lindsay and potentially define further targets for drill testing.