Venture Minerals Ltd and SensOre Ltd (ASX:S3N) have joined forces on a farm-in agreement for the Golden Grove North Project.
Bringing their distinct respective expertise to bear on the project, the two companies have collaboratively uncovered mineralisation – Venture Minerals has explored for VMS copper and identified the Vulcan rare earths target, while SensOre’s AI technology has identified new areas for VMS copper and lithium potential at Golden Grove North.
In mid-2022 SensOre AI technology deployed over Western Australia predicted unidentified and untested lithium potential over the northern portion of the greenstone belt covered by the tenements.
Advanced technology finds targets
The tech mining company will use its proprietary AI techniques at Golden Grove North to give Venture exposure to the exploration upside of this advanced technology, which has already exposed the lithium and copper exploration potential at the project.
SensOre stands to earn 70% in all mineral rights – excluding rare earths – by expending up to $4.5 million in two stages ($1.5 million to earn a 51% over two years and $3 million for an additional 19%).
Venture is to retain the rare earth element (REE) mineral rights and an option to claw back up to 10% within the first two years under the terms of the agreement.
The Vulcan rare earth drilling will allow Venture to test the recently received high-grade rare earth element (REE) surface sample results at the Vulcan prospect within the Golden Grove North Project.
Results included several values over 1% total rare earth oxides (TREO) ranging up to 12.5% TREO with 5,460 parts per million (ppm) (0.55%) praseodymium oxide (Pr6O11) and 14,575 ppm (1.46%) neodymium oxide (Nd2O3).
Venture retains REE rights
“The farm-in with SensOre provides Venture with the exposure to its AI technology for a potential new copper and lithium discovery, while retaining the rights to rare earths,” Venture managing director Andrew Radonjic said.
“The recent results from Vulcan and the fact SensOre have agreed to drill test this high priority target is a great outcome for Venture and its shareholders and allows Venture to continue to grow its rare earth exposure.
“We look forward to working with SensOre and their team in the upcoming exploration and drill program and are excited about unlocking the potential of Golden Grove North for our shareholders.”
As part of the initial reverse circulation (RC) drilling program, SensOre’s subsidiary has agreed to test the Vulcan rare earth target with a single hole to 300 metres.
SensOre to narrow in on lithium
Richard Taylor, SensOre CEO, said: “We are excited about both the copper and lithium potential of the area. With our partners at Deutsche Rohstoff, we are building a compelling portfolio of lithium projects and honing new techniques for discriminating lithium fertility over large areas.
“We bring to the joint venture with Venture Minerals a growing body of R&D from Western Australia to New South Wales on how to narrow in on Australia’s next generation lithium targets.”
The land package is 288 square kilometres, conveniently located less than 10 kilometres north of the Golden Grove mine, currently Western Australia’s premier location for VMS deposits, and it’s around 370 kilometres north-northeast of Perth.
The predicted targets are considered consistent with the recognition of an emerging lithium pegmatite province over the greater Murchison region.
Geology covered by the joint venture tenements includes the northern part of the Yalgoo-Singleton greenstone belt in the Murchison province.