Venture Minerals has wasted little time doubling down on its move into rare earths, signing a JV to invest in the Iron Duke project immediately south of its newly acquired Brothers project in WA.

And this one already has significant high grade rare earth hits just metres below the surface, with broad zones of richly endowed rare earth oxides struck in historic RC drill holes at Iron Duke.

Venture (ASX:VMS) says there are numerous REE (rare earth elements) targets for immediate drill testing.

And those previous drill hits? Peep these grades:

  • 49m at 1313ppm total rare earth oxide from 12m to the end of hole, including 20m at 1721ppm TREO from 20m or 8m at 2011ppm TREO from 28m; and,
  • 49m at 953ppm TREO from 12m to the end of hole, including 20m at 1118ppm TREO from 16m or 4m at 1413ppm TREO from 28m.

Those are different holes, by the way, suggesting multiple areas of broad rare earth mineralisation exist on the site.

Venture has been true to its name in its push into rare earths. On top of Brothers and Iron Duke it has gone full throttle, pegging an additional 257km2 of tenure next to both sites to take its REE tenure to 919km2.

Aggressive is an understatement.

“This REE acquisition is an exciting development for the company’s shareholders, providing exposure to a potential new REE discovery, adjacent to our 100% owned Brothers Project,” MD Andrew Radonjic said.

“These acquisitions cement Venture’s aggressive move into the REE space, an ever-increasing important part of the push into global decarbonisation.

“The company now looks forward to drilling these high priority targets later this month.”

 

Terms of the deal

Brothers, the 511km2 first part of the rare earths picture Venture has been jigsawing together, contains very high grade samples of up to 125,165ppm (around 12.5% TREO), with surface laterite samples of up to 1864ppm containing a combination of cerium, europium, lanthanum, samarium, thulium, yttrium and ytterbium.

It’s also located close to historic holes WRC01 and WRC02 on the Iron Duke project.

Venture will be able to acquire a share of up to 90% in the JV via a staged earn-in agreement with owner Sentinel Exploration.

A 51% interest can be acquired by spending $250,000 on exploration within two years, including a minimum $75,000 in the first year, with Sentinel then having the option to contribute its share of expenditure or dilute to 30% by Venture (70%) spending another $500,000 over two years.

Once that happens Sentinel will again have the option to dilute to 10% (Venture 90%), to be free carried until a BFS or DFS on the project is completed.

VMS can withdraw at any time after meeting its minimum first year expenditure commitment.

A $3 million share purchase plan to fund both a tin-boron study on the flagship Mount Lindsay tin-tungsten project and follow up drilling on the Bandy and Brothers rare earths projects in WA remains open until Monday next week, with eligible shareholders able to apply for up to $30,000 in shares at an issue price of 1.8c and a free attaching listed option with a two year expiry and exercise price of 3.6c.

MD Andrew Radonjic and non-executive director John Jetter have put skin in the game, applying for $30,000 and $20,000 respectively in the Canaccord led SPP.

 

 

 

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.

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