Venture Minerals (ASX:VMS) has begun stage two of a resource definition drilling program at its Jupiter Rare Earths prospect in Western Australia.
Drilling comprises 300 holes which will bring the drill density across the 40km-square target to a 500m by 250m spacing that will provide necessary data for a maiden Mineral Resource Estimate (MRE) at Jupiter.
The $44.33 million market capitalisation company will be using the aircore technique which is expected to take 6 to 8 weeks to complete.
Venture intends to submit several batches of samples during the course of the program.
Managing Director Andrew Radonjic says the company is committed to accelerate towards delivering a much anticipated maiden resource for Jupiter.
“The highlights to date clearly demonstrate that Jupiter is emerging as a major, rare earth discovery in the tier one jurisdiction of Western Australia, located between Lynas Rare Earths’ (ASX:LYC) existing plant and Iluka’s (ASX:ILU) planned rare earth processing facilities.”
Venture notes the final batch of assays from the last 30 holes of the stage one program is expected to be returned shortly, and the mineralogical and metallurgical testwork is progressing.
To date, Jupiter has delivered ‘very high-grade’ results including assays up to 13,906 parts per million (ppm) and 20,538ppm total rare earth oxide (TREO).
Venture reports the magnet rare earth oxide (MRE) averages 23% in intersections over 1,000ppm TREO. The MREO assays received so far from the stage one resource definition drill program include several over 1,000 ppm Nd2O3 (neodymium) up to 3,824ppm, several over 300 ppm Pr6O11 (praseodymium) up to 1,232ppm, several over 50ppm Dy2O3 (dysprosium) up to 674ppm, several over 10ppm Tb2O3 (terbium) up to 101ppm, and several over 100ppm Sm2O3 (samarium) up to 614ppm.
The Jupiter prospect lies within the company’s Brothers Rare Earth Element Project in Western Australia, encompassing a 1,900km-square area of prospective REE tenure.
Venture Minerals is a mineral explorer focused on discovering and developing ‘world-class’ mineral deposits to meet global demand for critical minerals vital to the green energy transition.
As of 31 December 2023, the company had $2 million cash at hand, according to its latest quarterly report. Post-quarter-end, the company raised $1 million via an at-the-market facility and received $1 million through a Research and Development tax incentive scheme.
Write to Aaliyah Rogan at Mining.com.au
Images: Venture Minerals
