Drilling at Henderson. Source: Venus Metals
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Venus Metals (VMC) receives sampling results from its Marvel Loch East project in Western Australia
  • The soil samples contain total rare earth oxides grading up to 6092 parts per million (ppm) including 702 ppm neodymium oxide
  • VMC says the TREO value is “exceptional and highly significant” given the anomalies are in an area with potential for clay-hosted REE mineralisation
  • The company is planning a field mapping program to investigate which will be followed by shallow aircore drilling to test clay-hosted REE mineralisation
  • VMC shares are trading flat at 15 cents near market close

Venus Metals (VMC) has announced some sampling results from its Marvel Loch East rare earth project in Western Australia.

The company collected soil and rock chip/laterite samples from one granted tenement within the Marvel Loch East project.

Analysis of the samples defined rare earth element (REE) anomalies along the 25-kilometre strike length of the aeromagnetic high in the west and across a magnetic feature that covers a three-kilometre by four-kilometre area.

Samples contained total rare earth oxides (TREOs) grading up to 6092 parts per million (ppm), including 702 ppm neodymium oxide.

“The REE analyses of up to 6092 ppm TREO in soil are exceptional and highly significant, especially when considering they are discovered in an area that has a 25-kilometre aeromagnetic high with associated REE-enriched monzogranite bedrock,” Managing Director Matthew Hogan said.

Venus Metals said it considers the REE-enriched bedrock as a possible REE source for residual enrichment within the regolith during the weathering process.

The company is now planning a field mapping program to investigate the regolith setting which will be followed by shallow aircore drilling to test clay-hosted REE mineralisation.

VMC shares were trading flat at 15 cents near market close.

VMC by the numbers
More From The Market Online
The Market Online Video

Market Close: Autumn’s ASX200 record breaking start

The ASX200 has closed the first day of Autumn at a new record 7745.6 points -…
The Market Online Video

Ark Mines (ASX:AHK) improves REE grades at Sandy Mitchell

North Queensland-based REE explorer Ark Mines (ASX:AHK) has proven higher-grade mineralisation is present on-site.

Week 9 Wrap-up: ASX hits 2 new ATHs on US inflation + the headlines that mattered

What a week. As US markets continue to go crazy after the American earnings season (read: NVIDIA), the ASX has done the same. 
OBM

Ora Banda Mining secures $30 M placement, marks progress toward second underground mine

Ora Banda Mining (ASX:OBM) has completed a single tranche placement, securing commitments at an issue price…