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- Venture Minerals (VMS) discovers rare earth mineralisation at its Mount Lindsay project in Tasmania
- The discovery follows the re-assaying of samples from clay zones at the Reward tin deposit, which returned results such as 16.4 metres at 1029 ppm total rare earth oxides
- Venture says it re-assayed a very small portion of the historical database and now plans to re-assay more drill core from the Reward and Livingstone deposits
- The company has also prioritised a drill rig to complete follow-up holes at the Reward deposit to further define the rare earth opportunity at the project
- VMS shares are up 9.6 per cent to trade at 2.9 cents at 2:01 pm AEST
Venture Minerals (VMS) has discovered shallow, clay-hosted rare earth element (REE) mineralisation at its Mount Lindsay project in Tasmania.
The mineralisation was found adjacent to known tin zones and followed the re-assaying of 39 remnant pulp samples from clay zones in the hanging wall of the Reward tin deposit.
Highlighted results from the re-assays include 16.4 metres at 1029 parts per million (ppm) total rare earth oxides (TREO) from 31.9 metres, including 1.6 metres at 2549 ppm TREO and 0.19 per cent tin from 46.7 metres.
According to the Venture, the preliminary re-assaying of the REE samples represented less than 5 per cent of the historical assay sample database from the Reward deposit, and all but two samples returned either REE anomalous or mineralised materials.
The company said that based on these “encouraging” findings, it would now undertake a broader program to re-assay historical drill core from the Reward and Livingstone tin deposits for clay-hosted REE mineralisation.
Managing Director Andrew Radonjic said the discovery of rare earths at Mount Lindsay continued to show the “pedigree” of the geology in the area.
“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,” Mr Radonjic said.
“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.”
The company has already prioritised a drill rig to complete follow-up holes at the Reward deposit to further define the REE opportunity in the area.
In addition to this, Venture said the REE potential at the deposit was further enhanced by historical soil sampling that identified three anomalous zones, including one which returned over 500 ppm lanthanum and cerium.
VMS shares were up 9.6 per cent to trade at 2.9 cents at 2:01 pm AEST.
