Venture Minerals (ASX:VMS) has received assays from the latest drilling program conducted at the Jupiter Rare Earths Project in Western Australia, confirming another record-breaking result.
The latest record-breaking intersection includes drillhole BRAC281 with 57m @ 3,430 parts per million (ppm) total rare earth oxide (TREO).
Venture Minerals, which has a market capitalisation of $46.34 million, says the results confirm broad clay zones, up to 80m thick, occurring over the entire Jupiter alkaline intrusion. The clay zone at Jupiter has broad “high-grade” rare earth mineralisation that typically shows continuity in both grade and width.
Managing Director Philippa Leggat says the results for the upcoming maiden resource have heightened the company’s anticipation.
“These results come at a time when we have secured 100% ownership of the project and attracted high-quality, institutional investors to fund the company for the next 18 months,” she says.
Venture notes the latest receipt of assays marks the completion of the stage one resource drill out. The company now has a detailed dataset and is focusing on resource estimation work and advancing a comprehensive metallurgical program.
Ongoing assessments of the assay dataset continues confirming that the magnetic rare earths component consistently averages 23% and that the uranium and thorium levels both remain low throughout the entire Jupiter system.
Jupiter lies in regional Western Australia and covers 1,180km2 of granted exploration licences and 178km2 of exploration licence applications which are considered “highly prospective” for clay-hosted rare earths mineralisation within the Brothers Project.
The Roundup
– Record-breaking intersection of 57m @ 3,430ppm TREO
– Latest drilling contains 3 of the top 10 drill intersections across Jupiter
– Consistent results over 40km2 are positive indicators for the maiden resource estimate
Write to Aaliyah Rogan at Mining.com.au
Images: Venture Minerals
