Venture Minerals (ASX:VMS) is planning a follow-up stage two resource definition drilling program at the Jupiter Rare Earths prospect in Western Australia, dependent on the remaining assay results from the stage one program.
The $53.20 million market capitalisation company is also awaiting assays from mineralogical and metallurgical testwork, which will be incorporated into planning a combination of reverse circulation (RC) and possibly aircore drilling for the second stage of exploration work.
Venture also announced today (8 March 2024) that it had received the second batch of assay results from the stage one resource definition drilling program conducted at Jupiter, with latest drilling including a record intersection of neodymium (Nd) and praseodymium (Pr).
The record intersection comes from hole BRRC061 with 5,056 parts per million (ppm) NdPr oxides, with 3,824ppm Nd2O3 and 1,232ppm Pr6O11.
Managing Director Andrew Radonjic says the company is continuing to deliver broad zones of ‘high-grade’ mineralisation and standout levels of rare earths.
“The record intersection of over 5,000ppm of NdPr oxides in these results complements 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 necessary ingredients to position Jupiter as a major, rare earths discovery.”
In parallel, Venture Minerals’ share price had increased 8.33% to $0.026 as of 11am AEDT today.
On 7 March 2024, the company announced it had received $1.05 million from the Australian Tax Office (ATO) under the Research and Development (R&D) tax incentive program for 2023.
The funds will be used to continue fast-tracking resource drilling and metallurgical testwork at the Jupiter prospect.
Venture Minerals is a rare earths and critical minerals-focused explorer that is discovering and developing ‘world-class’ mineral deposits.
Write to Aaliyah Rogan at Mining.com.au
Images: Venture Minerals
