Venture Minerals Limited (ASX:VMS, OTC:VTMLF) is set to begin a maiden drilling program to test the extent of high-grade, clay-hosted rare earth element (REE) mineralisation at the Iron Duke Project in Western Australia, having already contracted a drilling company for the work.
Iron Duke is a set of two granted tenements stretching some 151 square kilometres, with approvals already in place for a maiden drill program due to historical work on the tenure.
Venture is taking advantage of the existing permits to immediately test two historical intersections of REE mineralisation unearthed at Iron Duke.
One such drill hole produced results grading up to 1,313 parts per million (ppm) total rare earth oxides (TREO) over 49 metres from 12 metres of depth to the end of the hole, with higher-grade components of 20 metres at 1,721 ppm and 8 metres at 2,011 ppm.
Potential to deliver new discovery
“The granting of drilling programs and the engagement of a drilling contractor has given Venture the opportunity to immediately follow up impressive, near surface, high-grade intersections of rare earths at Iron Duke and to test various high-priority rare earth targets at the Brothers Project,” Venture Minerals managing director Andrew Radonjic said.
“The maiden drill program is focused on delineating high-grade clay hosted REE mineralisation and the company looks forward to the opportunity of delivering a potential new discovery to shareholders in the very near future.”
In addition to work at Iron Duke, VMS intends to begin a maiden drilling program testing for REE targets at the nearby Brothers Project, immediately to the north.
Venture recently staked 172 square kilometres of additional tenements adjacent to the Brothers Project, which the company believes is prospective for REE mineralisation, bringing its total land package in the area to 1,091 square kilometres.
VMS expects the drilling programs at Brothers and Iron Duke to begin before the end of May.