Venture Minerals (ASX:VMS) reports the presence of shallow clay hosted rare earth element (REE) mineralisation following re-assaying of a preliminary selection of pulp samples at its Mount Lindsay Project in Tasmania.
The results, generated by re-assaying of 39 remnant pulp samples taken from clay zones hosted in the hanging wall of the projects Reward Tin Deposit, represent <5% of the historic Reward assay sample database, with all but two samples returning REE mineralisation.
Key results include:
- Sample RW021: 16.4m @ 1,028ppm TREO from 31.9m, incl. 1.6m @ 2,549ppm TREO and 0.19% Sn from 46.7m
- Sample RW034: 7.5m @ 1,287ppm TREO from 2.0m, incl. 3.0m @ 2,055ppm TREO from 2m
- Sample RW027: 19.3m @ 725ppm TREO from 64.2m, incl. 2.8m @ 2,486ppm TREO from 65.7m
- Sample RW004: 8.0m @ 729ppm TREO from 75m, incl. 2.0m @ 1,770ppm TREO from 81m
Addressing the results, Venture Managing Director Andrew Radonjic commented: “The discovery of Rare Earths at Mount Lindsay continues to demonstrate the pedigree of the geology that sits within the Mount Lindsay Project, being well located in some of the most prospective and under-explored ground in Australia and already host to a number of World Class, highly diversified deposits.
“the fact the rare earths are in shallow clays immediately adjacent to high grade tin zone bodes well for the economic potential of the reward deposit”
The fact the rare earths are in shallow clays immediately adjacent to high grade Tin Zone bodes well for the economic potential of the Reward deposit.
With drilling already underway, the company believes this discovery may have opened up a new corridor of mineralisation that Venture can tap into to further enhance the potential of the Mount Lindsay Project.”
The company also notes that it has prioritised drilling at Mount Lindsay to complete follow-up drillholes at Reward in order to further define the REE opportunity, with mineralisation remaining open in all directions and the first drillhole currently underway.
It is believed that the identified REE zone has the potential to be mined concurrently with the tin mineralisation, therefore increasing the overall value proposition of mining at Reward.
In addition to the drilling, historic soil sampling that originally focused on tin mineralisation was also assayed for two REEs, being lanthanum (La) and cerium (Ce) and has indicated the presence of three anomalous zones, further enhancing the REE potential at Reward
One of the indicated zones is considered highly anomalous with assays of +500ppm La and Ce and is further supported by some of the six historic terrace gravel samples which returned peak assays of 4,337ppm praseodymium, 4,774ppm neodymium and 4,902ppm dysprosium.
The Mount Lindsay Project is located in north-western Tasmania and represents one of the world’s largest tin deposits, covering a total land holding of 148km-square. Venture owns 100% interest in all associated tenements and provides its investors with near term exposure to EV Metals (ASX:EVM) and critical minerals markets.
Since commencing exploration in 2007, Venture has completed about 83,00m of diamond core drilling, with the majority being used to define JORC compliant resources with 70% in the measured and indicated categories.
With results from the re-assaying of samples complete, Venture announces that it will move forward with further infill surface sampling work to define the full extent of the REE anomalism and potentially define additional targets for drill testing.
Images: Venture Minerals Limited
