Venture Minerals Limited (ASX:VMS) has received commitments to raise $1.9 million from new and existing Australian and international investors, via the issue of shares at $0.02 each.
The proceeds will be used to fund future drilling programs on the Caesar and South West Projects in Western Australia.
Venture will also advance a new lithium target, ‘Odin Prospect’, discovered following geological mapping and geochemical sampling circa 12 kilometres east of Venture’s Thor VMS prospect.
Interestingly, the world’s largest hard rock lithium mine operated by Talison Lithium - The Greenbushes project, is located 30 kilometres from the Odin Prospect.
The Odin Prospect is covered by laterite but geochemistry is analogous to Greenbushes with significantly elevated levels of tin, tantalum and niobium in laterite samples.
Venture’s geological mapping has indicated the presence of coarse books of muscovite within the laterite.
This, in conjunction with the tin, tantalum and niobium anomalism, is considered indicative of pegmatites in a deeply weathered environment.
Following the discovery of the new prospect, Venture has commenced a follow up sampling program to fully define the geochemical signature of the Odin Prospect.
The company is also planning to use the new funds to advance exploration at the Thali silver/lead/zinc Project in Thailand.