Venture Minerals Drills More High-Grade Rare Earth From Jupiter

Venture Minerals Ltd (ASX: VMS) has assayed some of the best rare earth intersections to date at the Jupiter Rare Earths prospect in Western Australia.

Results from the recently completed stage one resource definition drill program include 60 metres at over 2000 ppm TREO (total rare earth oxides).

Jupiter drill intersection highlights.

Stage two drilling program

Venture has also completed the stage two resource definition drilling program, which included ~250 drill holes.

Venture Managing Director Andrew Radonjic said: “The Drilling Contractor and the Venture Exploration Team have done an excellent job in completing the Stage Two Drill 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”

High magnet rare earth content

Assay results for 71 of the 78 (91%) drill holes received so far from the Stage One resource definition drill program, have results >1,000 ppm TREO.

Importantly, magnet rare earth oxides (MREO) average of 23% in intersections over +1,000 ppm TREO has been maintained.

The MREO assays received so far include several over 1,000 ppm neodymium and several over 300 ppm praseodymium.

Brothers REE Project

The Brothers REE Project (which includes the Jupiter prospect) is close to infrastructure with a nearby bitumen highway and gas pipeline.

The major port of Geraldton is located 300 kilometres from Brothers.

Rare earths hub

Brothers is only ~250 km from Iluka Resources Ltd’s (ASX:ILU) Eneabba Rare Earths Refinery to be in production in 2025.

Meanwhile, Lynas Rare Earths Ltd (ASX:LYC) is commissioning its new rare earths processing facility in Kalgoorlie.

Location Map of the Brothers REE Project with the Jupiter Target, in Western Australia.

Both projects have received substantial co-investment from the Australian Government as part of its support for the rare earths industry.

This gives Venture significant commercial advantages given that the Brothers Project is located within the same region of Western Australia.

Next steps

Assay results from the Stage Two program and test work will determine the extent of the next phase of drilling at Jupiter and across the wider Brothers Project.

Venture will proceed with either or both slimline RC drilling and AC drilling depending on drilling conditions and rig availability.

The company had cash of A$2 million as at 31 December 2023.

 

 

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