Something Ventured, something gained, after sampling at Golden Grove uncovers second REE target
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Venture is turning its attention to the Vulcan prospect within its Golden Grove North project after surface sampling returned very high grade rare earth element results.
This work returned multiple samples with more than 1% total rare earth oxides (TREO) and topping up at 12.5% TREO with 5,460 parts per million (0.546%) and 14,575ppm (1.457%) of the valuable magnet REEs praseodymium oxide and neodymium oxide respectively.
Adding further interest for Venture Minerals (ASX:VMS), the new REE target is supported by historical soil sampling originally focused on volcanic massive sulphide (VMS) style mineralisation that was also assayed for lanthanum and cerium.
The company has now prioritised Vulcan for follow-up work with a focus on fully defining the nature and scale of the REE opportunity.
“The discovery of very high grade rare earth mineralisation at one of our VMS prospects at Golden Grove North, effectively doubles the company’s exposure to the rare earth space, as it follows our recent rare earth discovery at Mount Lindsay,” managing director Andrew Radonjic said.
“Clearly the company’s diverse portfolio of projects affords the unique opportunity for such discoveries, due to Venture’s strategic landholdings in areas with the potential to host multiple mineralised systems, consequently leading to a higher probability of exploration success.”
Golden Grove North covers 288km2 and is less than 10km from the Golden Grove mine in the Archean Yilgarn Craton about 370km north-northeast of Perth.
The project has 25km strike of largely untested prospective geological sequence for VMS style mineralisation with early exploration success yielding the Vulcan and Neptune VMS targets.
Historical drilling has returned 10m at 1.4g/t gold from 16m and 8m at 2.1g/t gold from 6m while surface rock chips returned up to 9.4g/t gold, 8% copper and 3.1% lead.
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.