Odin lithium discovery drives 25pc jump in share price
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Investors have rallied behind Venture Minerals today after the discovery of a substantial lithium target, named Odin, which neighbours the world’s largest hard rock lithium mine.
The stock (ASX: VMS) has soared over 25 per cent to 2.5c in today’s trading on the back of the discovery which lies only 30km south of the Greenbushes Mineral District of Western Australia.
Greenbushes produces around 40 per cent of the world’s lithium, the metal used in rechargeable batteries to power electric vehicles.
The Odin prospect was discovered following geological mapping and geochemical sampling approximately 12 km east of Venture’s Thor VMS (Volcanogenic Massive Sulphides) prospect.
Results from geological mapping and surface geochemical sampling has identified a potentially lithium bearing pegmatite extending over 1.9km of strike and up to 150m wide.
Venture has immediately begun follow-up sampling to fully define Odin’s geochemical signature.
Results of this work will aid in the design of a drill program to test the target in the future.
Venture’s managing director Hamish Halliday said it was an exciting time for the Company which would be testing several the new targets over the coming months.
“Venture continues to deliver new discoveries from its Western Australian tenement portfolio,” he said.
“This latest discovery follows a number of recent successes which has delivered Venture “walk up” drill targets across a suite of base and precious metals prospects. “
Venture is a diversified explorer. Initially, the company was focused on tin and tungsten exploration at its Mount Lindsay deposit in Tasmania. Where it has defined one of the world’s largest undeveloped tin deposits.
Shares in Venture were last trading at 2.4c at 1pm AEST, valuing the company at around $8 million.