Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has kicked off drilling at a new, high-priority rare earth element (REE)-tin target at Mount Lindsay in Tasmania, 1.3 kilometres west of the recent shallow-clay-hosted Reward REE discovery.
The recent REE discovery at Reward sits in the hanging wall of the Tin Zones of Reward Deposit, which has an existing resource of 500,000 tonnes at 0.9% tin.
REE highlights
Highlights of recently announced drill results at Reward include:
- 16.4 metres at 1,028 parts per million (ppm) total rare earth oxides (TREO) from 31.9 metres, including 1.6 metres at 2,549 ppm TREO and 0.19% tin from 46.7 metres;
- 34 7.5 metres at 1,287 ppm TREO from 2 metres, including 3 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 metres at 729 ppm TREO from 75 metres, including 2 metres at 1,770 ppm TREO from 81 metres.
The new REE-tin target, known as Cruncher, consists of a 1,200-metre-long soil anomaly defined mainly by two REEs – lanthanum and cerium - sitting within a broader Boron soil anomaly, both of which are still open to the north.
These elements are supported by elevated values of two other REEs - praseodymium and neodymium, which are two of the four key REEs required to make high-strength permanent magnets critical to EV and wind turbine efficiency.
The REE soil anomaly sits within a broader boron soil anomaly, both of which are still open to the north.
The known tin-tungsten-magnetite skarns in the adjacent Livingstone-Reward area are characterised by broad boron in soil haloes, making Boron a strong indicator for tin in skarn mineralisation.
Tasmanian Government grant
This drilling is partly funded by the company’s successful application for the Tasmanian Government’s exploration drilling grant initiative program – round 7, which saw Venture awarded $50,000 towards the cost of drilling the first hole into the Cruncher REE-tin target.
Managing director Andrew Radonjic said: “Mount Lindsay has delivered Venture another rare earth opportunity with the Cruncher target, opening up the Livingstone-Reward area with a second prospective zone running parallel to the host sequence of the Reward REE discovery.
“With the 12.5% REE mineralisation discovered at Golden Grove North, the company’s shareholders are now exposed to three rare earth prospects generated within the last couple of months and all within the company’s existing projects.
“Again, this gives further testament to the quality of the exploration portfolio held by Venture Minerals.”
The first drill hole into the Reward REE target has been completed and is currently in the assay laboratory awaiting completion of analyses.
Further sampling of the historical Reward drill core is also in progress, with assay results to be announced at the earliest opportunity.