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Venture Minerals reports best yet critical RE intersections

The date of: 2024-03-14
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Venture Minerals reports best yet critical rare earth elements intersections at Jupiter prospect

source:proactive investors

Venture Minerals reports best yet critical rare earth elements intersections at Jupiter prospect

Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has announced a record intersection of the critical rare earth elements (REE) neodymium and praseodymium at the large-scale, clay hosted Jupiter REE prospect within the Brothers Project in the Midwest region of Western Australia. 

The intersections were reported in a second batch of assay results from the recently completed stage one resource definition drilling at the Jupiter prospect. 

The record intersection was 5,056 ppm neodymium-praseodymium oxides, with 3,824 ppm neodymium oxide and 1,232 ppm praseodymium oxide. Other very high-grade results included assays up to 13,906 ppm TREO. 

The latest assay results continue to deliver consistent high-grade zones of +2,000ppm total rare earth oxides (TREO) over 20-30 metre widths within broader zones up to 72 metres grading well over 1,000 ppm TREO, with thorium and uranium levels remaining consistently extremely low. The results further validate geophysics and cover only a small portion of the 40-square-kilometre Jupiter target. 

Venture Minerals managing director Andrew Radonjic said: “Jupiter continues to deliver broad zones of high-grade mineralisation with standout levels of REE minerals that are in high demand. 

“The record intersection of over 5,000 ppm of neodymium-praseodymium oxides in these results compliments the previous batch of very-high grade results. 

“Neodymium and praseodymium are vital to the manufacture of permanent magnets for decarbonisation and defence applications.

“The scale, high-grade nature of the results and prime location of the project provide all the necessary ingredients to position Jupiter as a major, rare earths discovery.”

A view to stage 2 resource definition drilling 

Venture has now received assay results for 46 of the 51 drill holes from the stage one resource definition drill program, and notes that the results have been very similar to those achieved in the previous 25 hole drill program at Jupiter last year.

Depending on assay results from the rest of the Stage One Resource definition drill program and mineralogical and metallurgical testwork, Venture has planned a follow-up stage two resource definition drill program at Jupiter. This would include slimline RC drilling and possible AC drilling depending on drilling conditions and rig availability. 

The Brothers Project

The Brothers Project (including the Jupiter prospect) is in regional Western Australia, away from any significant population centres but close to infrastructure with a nearby bitumen highway and gas pipeline on route to the major port of Geraldton 300 kilometres away. 

The project is only ~250 kilometres from Iluka’s Eneabba Rare Earths Refinery to be in production in 2025 and around 520-kilometres from Lynas Rare Earths’ currently operating Mount Weld Concentrator. 

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