Venture Minerals Limited (ASX: VMS) has commenced drilling at a new, high priority REE-Tin target at Mount Lindsay, located 1.3 km west of the of the recent shallow clay hosted Reward REE discovery in Tasmania, Australia.
The recent REE discovery at Reward sits in the hanging wall of the Tin Zones of the Reward Deposi, which has an existing resource of 0.5 Mt @ 0.9% Tin (Sn).
Highlights of recently announced Total Rare Earth Oxide (“TREO”) drill results at Reward include:
• RW021 16.4 metres (m) @ 1,029 ppm TREO from 31.9 m, including 1.6 m @ 2,549 ppm TREO & 0.19% Sn from 46.7 m.
• RW034 7.5 m @ 1,287 ppm TREO from 2 m, including 3.0 m @ 2,055 ppm TREO from 2.0 m.
• RW027 19.3 m @ 725 ppm TREO from 64.2 m, including 2.8 m @ 2,486 ppm TREO from 65.7 m.
• RW004 8.0 m @ 729 ppm TREO from 75 m, including 2.0 m @ 1,770 ppm TREO from 81 m.
“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,” Managing Director, Andrew Radonjic, said.
“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 new REE-Tin target (known as “Cruncher”) consists of a 1,200m long soil anomaly defined mainly by two REEs La and Ce and supported by elevated values of two other REEs Praseodymium (Pr) and Neodymium (Nd), 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.
This drilling is partly funded by the company’s successful application for the Tasmanian Government’s Exploration Drilling Grant Initiative Programme – Round 7, which saw Venture awarded A$50,000 in late July 2022, towards the cost of drilling this hole into the Cruncher REE-Tin target.
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.
For further information please visit: https://www.ventureminerals.com.au/
