Venture Minerals Limited (ASX: VMS) has discovered shallow clay hosted REE mineralisation immediately adjacent to existing Tin Zones within the Mount Lindsay Project’s Tin Resources in Tasmania.
The discovery followed the re- assaying of a preliminary selection of 39 remnant pulp samples from clay zones in the hanging wall of the Reward Tin Deposit (0.5 Mt @ 0.9% Tin).
Total Rare Earth Oxide (TREO) results include:
• RW021 16.4 metres (m) @ 1,029 ppm TREO from 31.9 m, including 1.6 m @ 2,549 ppm TREO & 0.19% Sn from 46.7 m.
• RW034 7.5 m @ 1,287 ppm TREO from 2 m, including 3.0 m @ 2,055 ppm TREO from 2 m.
• RW027 19.3 m @ 725 ppm TREO from 64.2 m, including 2.8 m @ 2,486 ppm TREO from 65.7 m.
• RW004 8.0 m @ 729 ppm TREO from 75 m, including 2.0 m @ 1,770 ppm TREO from 81 m.
The preliminary re-assaying of Reward pulps for REEs represents <5% of the historic Reward assay sample database and all but two samples returned REE anomalous or mineralised materials. In view of these highly encouraging results Venture Minerals is initiating a broader and systematic program re-assaying of historic drill core from the Reward and Livingstone tin deposits for clay hosted REE mineralisation.
The company has already prioritised a drill rig to follow-up the newly identified REE mineralisation at the Reward Tin Deposit to further define this REE opportunity, and the first hole is currently in progress. The REE zone could potentially be mined concurrently with the Tin thereby increasing the value proposition of mining at Reward. At this stage the identified REE mineralisation is open in all directions.
The REE potential at the Reward Prospect is further enhanced by historic Tin-focussed soil sampling that was additionally historically assayed for the two REEs La and Ce and shows three zones with greater than 200 ppm La + Ce open to the northwest and southeast.
Historic sampling of terrace gravels within the southern La + Ce anomaly returned up to 4,337 ppm (0.43%) Praseodymium Oxide (Pr6O11), 4,774 ppm (0.48%) Neodymium Oxide (Nd2O3), 731 ppm Terbium Oxide (Tb4O7) and 4,902 ppm (0.49%) Dysprosium Oxide (Dy2O3) which are currently the key REEs required to make high strength permanent magnets critical to EV and wind turbine efficiency. The gravel samples results are considered highly encouraging for the discovery of Pr-Nd-Tb-Dy rich monazite skarn or greisen mineralisation.
Further infill surface sampling work is planned to define the full extent of the REE anomalism and potentially define 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,” Venture’s Managing Director, Andrew Radonjic, said.
“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.”
For further information please visit: https://www.ventureminerals.com.au/
