Venari Minerals (ASX:VMS) has adjusted its exploration target for the Red Mountain Lithium Project in Nevada ahead of upcoming drilling after the winter season.
The company has revised its target to range between 2,020 million tonnes to 2,690 million tonnes at an average grade range between 1,000 and 1,300 parts per million (ppm) lithium or between 0.53% and 0.69% lithium carbonate equivalent (LCE) for contained lithium between 10.7 and 18.6 million tonnes LCE.
The advised exploration target follows a maiden mineral resource estimate (MRE) of 500 million tonnes @ 1,139ppm lithium for 3.03 million tonnes of contained LCE, sitting in the inferred category.
CEO Matthew Healy says the resource estimate is a “landmark” return for the Red Mountain Lithium Project, that reveals a “large lithium resource with a very high-grade component in the north of the broader project area”.
“The announcement of a revised exploration target complements the maiden MRE by demonstrating the substantial upside potential at the project,” Healy says.
“With the Trump Administration prioritising fast-tracked permitting and development of domestic critical metals projects, Venari is exceptionally well-placed to continue rapidly unlocking the significant value of the Red Mountain discovery for our shareholders.
“I look forward to getting the drill rigs back on site as soon as possible to focus on upgrading the MRE category, increasing the size of the MRE and drill testing a portion of this outstanding exploration target, bringing new zones of mineralisation into the resource pipeline.”
Trading Economics reports the price of lithium at ¥143,750 ($29,433) per tonne, representing an 88.52% increase for this year over year.
Venari Minerals is a diversified mineral exploration company focused primarily on lithium, gold, and silver in the US.
The company is attending the RIU Explorers Conference in Freemantle, Western Australia, held from 17-19 February 2026. Venari is presenting at 8.35am AWST on Thursday 19 February 2026.
Mining.com.au is a media partner for the conference.
Write to Maddison Elliott at Mining.com.au
Images: Venari Minerals
