Venture Minerals (ASX:VMS) has uncovered shallow clay hosted rare earths next to existing tin zones at the flagship 81,000t (of tin metal) Mount Lindsay project in Tasmania. Maiden drilling is already underway.

The discovery followed the re-assaying of clay zones identified as prospective for hosting REEs at the Reward deposit, which has an existing resource of 0.5 Mt at 0.9% tin.

Notable results included:

  • 16.4 metres (m) @ 1,028ppm TREO from 31.9m, including 1.6m @ 2,549ppm TREO & 0.19% Tin (Sn) from 46.7m.
  • 7.5m @ 1,287ppm TREO from 2m, including 3.0m @ 2,055ppm TREO from 2m.

VMS has already prioritised its drill rig at Mount Lindsay to complete follow-up drill holes at Reward to further define this REE opportunity, with the first hole currently underway.

The company believes the clay hosted REE zone could potentially be mined concurrently with the tin thereby increasing the value proposition of mining at Reward.

At this stage the REE mineralisation is open in all directions, it says.

There are more REE targets on the horizon

The REE potential at Reward is further enhanced by historic soil sampling originally focused on Tin, that was also assayed for two REEs being Lanthanum (“La”) and Cerium (“Ce”).

The historic work identified three anomalous REE zones, further supported by some of the six historic terrace gravel samples with peak assays of the key REE being:

  • 4,337ppm (0.43%) Praseodymium Oxide (Pr6O11)
  • 4,774ppm (0.48%) Neodymium Oxide (Nd2O3)
  • 731ppm Terbium Oxide (Tb4O7)
  • 4,902ppm (0.49%) Dysprosium Oxide (Dy2O3)

Further surface sampling is planned to define the full extent of the REE anomalism and identify further targets for drill testing.

“The discovery of Rare Earths at Mount Lindsay continues to demonstrate the pedigree of the geology that sits within the Mount Lindsay Project, being well located in some of the most prospective and underexplored ground in Australia and already host to a number of World Class, highly diversified deposits,” VMS managing director Andrew Radonjic says.

“The fact the Rare Earths are in shallow clays immediately adjacent to high grade Tin Zone bodes well for the economic potential of the Reward Deposit.

“With drilling already underway, the Company believes this discovery may have opened up a new corridor of mineralisation that Venture can tap into to further enhance the potential of the Mount Lindsay 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.

 

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