It’s crunch time for Venture Minerals as it tackles new REE-tin target in Tassie
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The new target, known as ‘Cruncher’, is a 1,200m long soil anomaly defined mainly by two REEs, lanthalum and cerium, sitting within a broader boron soil anomaly.
The known tin-tungsten-magnetite skarns in the adjacent Livingstone-Reward area are characterised by broad boron in soil haloes, making Boron a strong indicator for tin in skarn mineralisation.
Located 1.3km west of the recent shallow clay-hosted Reward REE discovery, Venture (ASX:VMS) says the drilling at Cruncher – is partly funded by the company’s application for the Tasmanian Government’s Exploration Drilling Grant Initiative Program. Meanwhile the Company has completed the first hole into the Reward REE target and is currently awaiting assay results.
Further sampling of the historical Reward drill core is also in progress, with assay results to be announced at the earliest opportunity.
“Mount Lindsay has delivered Venture another Rare Earth opportunity with the Cruncher Target, opening up the Livingstone-Reward area with a second prospective zone running parallel to the host sequence of the Reward REE discovery,” managing director Andrew Radonjic says.
“With the 12.5 per cent REE mineralisation discovered at Golden Grove North, the company’s shareholders are now exposed to three Rare Earth prospects generated within the last couple of months and all within existing projects.
“Again, this gives further testament to the quality of the exploration portfolio held by Venture Minerals.”
The recent REE discovery at Reward sits in the hanging wall of the tin zones of the Reward Deposit, which has an existing resource of 0.5 Mt at 0.9% tin.
Highlights of the recently announced Total Rare Earth Oxide (TREO) drill results at Reward include 16.4m at 1,029ppm TREO from 31.9m, including 1.6m t 2,549ppm TREO and 0.19% tin from 46.7m as well as 7.5m at 1,287ppm TREO from 2m, including 3m at 2,055ppm TREO from 2m.
This article was developed in collaboration with Venture Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.