source:SMALL CAPS
Venture Minerals (ASX: VMS) has further confirmed the potential of its large-scale, clay-hosted rare earth elements (REE) Jupiter prospect with further high-grade drilling results at the Brothers project located in the midwest region of Western Australia.
Assays from the third and final batch of results from a recently-completed stage one resource definition drill program included a number of the best results seen to date at Jupiter, up to 60 metres at over 2000 parts per million total rare earth oxides (TREO).
The receipt of the final stage one assays comes at the same time as Venture has completed a 250-hole stage two resource definition drilling program.
Validating Jupiter
Managing director Andrew Radonjic said the latest assay results continue to validate geophysics over the entire 40 square kilometre Jupiter target.
“Jupiter has continued to generate more outstanding clay-hosted REE intersections including the second-, third- and fourth-highest drill intersections at the project to date,” Mr Radonjic said.
“With the final batch of assay results in from the stage one program, the company now looks forward to receiving the first batch of assay results from the recently-completed stage two program in the next two to three weeks.”
Ahead of schedule
The stage two drill program was completed ahead of schedule with 246 aircore holes drilled for a total of 14,370 m.
This drill program will bring the drill density across the 40 sq km target to a 500m by 250m spacing that will provide the necessary data for a maiden resource estimate at Jupiter.
Venture kicked off the stage two resource definition drill program at Jupiter in mid-March.
It followed close on the heels of the company receiving record drill results in the first two batches of assays from the stage one resource definition drill program at Jupiter.
The stage one results included a record intersection of the critical rare earth elements neodymium and praseodymium.
The significant potential at Jupiter was enforced in late November 2023 when over 7,000 ppm of TREO was identified in assays from a maiden reverse circulation drill program.
Growing confidence
In late March 2024, Venture showed its confidence in Jupiter with the acquisition of a large key landholding adjacent to the discovery.
The tenement is located between Jupiter and Venture’s northern tenure, which already hosts significant rare earth mineralisation only 10km from the Jupiter discovery.
This land is part of a 361 sq km strategic tenement package acquisition that complements the existing tenure, expands the project by 36% and secures the remaining priority clay-hosted, REE targets within the immediate vicinity of the Jupiter discovery.
The strategic acquisition not only strengthens the company’s land position around Jupiter, it also provides unencumbered access across the project.
Prime neighbourhood
The Brothers project is well located, close to infrastructure with a nearby bitumen highway and gas pipeline on route to the major port of Geraldton 300km away.
It is also only around 250km from Iluka’s Eneabba rare earths refinery, expected to be in production in 2025.