Venture Minerals’ third batch of assays has delivered the second, third, and fourth best drill intersections seen at Jupiter to date. Pic via Getty Images
Mining
Special report: The third and final batch of assay results from Stage One drilling at Jupiter include a standout intersection of 60m at over 2,000ppm total rare earth oxide (TREO), with the first batch of assays from Stage Two expected in coming weeks.
Venture Minerals (ASX:VMS) Jupiter prospect within the Brothers REE project is close to Lynas Rare Earths’ (ASX:LYC) Mt Weld concentrator and Iluka Resources’ (ASX:ILU) Eneabba refinery that is currently in development in WA’s Mid-West.
The company is working towards a resource at the large, clay-hosted Jupiter project since reporting an eye watering 48m intersections grading 3,025pppm TREO, which is believed to be the highest clay-hosted REE intersection ever for an Australian project.
VMS completed its 81-hole for 5,074m Stage One resource definition drilling program in December last year after intersecting broad, consistent zones of clay in a vast majority of holes in November 2023.
Now, the third batch and final batch of assays from the Stage One program have been received, returning some of the best intersections recorded to date.
Very high-grade assays, up to 26,958ppm TREO (in hole BRAC047), have been returned as well as a standout 60m intersection grading over 2,000ppm TREO.
VMS says drilling continues to deliver high-grade zones up of around +2,000ppm TREO over 20-30m widths with magnet rare earth oxides (MREO) averaging 23% in intersections over +1,000ppm TREO.
VMS managing director Andrew Radonjic says with the final batch of assay results in, the company is now looking ahead to receiving the first bath of assays from the recently completed Stage Two program over the next two to three weeks.
The 300-hole Stage Two aircore drilling program kicked off in March to accelerate towards the delivery of a much-anticipated resource by bringing the drill density across the 40km2 Jupiter target to a 500m x 250m spacing.
“The drilling contractor and the Venture exploration team have done an excellent job in completing the Stage Two drilling program well ahead of schedule and under budget, which affords Venture the opportunity to deliver a consistent stream of news flow over the next 2-3 months,” Radonjic says.
The substantial co-investment by two of Australia’s major mining companies with the Australian government into the rare earths industry within the same region of Western Australia that Venture’s Brothers Project sits put it in an enviable position.
It also provides the company with significant commercial advantages should the project move towards development.
Assay results from Stage Two as well as results from mineralogical and metallurgical test work will determine the extent of the next phase of drilling at Jupiter and the wider Brothers Project.
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.
