Soil and laterite sampling at Venus Metals’ Marvel Loch East project have returned “exceptional” results including one sample showing a remarkable 6092 parts-per-million total rare earth oxides.
The Marvel Loch East rare earths project is located near Southern Cross in the Goldfields region of WA and comprises one granted exploration licence and an additional four applications for a total tenement area of 828 square kilometres.
The company has analysed both its own and historical Geological Survey of Western Australia samples with results showing rare earth element anomalies in soil, laterite and rock chips along a 25km strike length.
Venus says the positive results suggest the presence of rare earth elements-rich bedrock associated with prominent magnetic features.
One sample found on and adjacent to the bedrock recorded more than 700ppm neodymium oxide whilst several other samples tested above 700ppm total rare earth oxides.
Another Venus sample has visible rare earth elements mineralisation and a TREO concentration of 1407ppm. The company says the best of the sample results are more than seven times the average.
So far, the company has only tested samples found at the surface and believes there is a strong possibility of clay-hosted rare earths mineralisation at higher concentrations due to a preserved weathering profile at depth.
Venus Metals Managing Director, Matthew Hogan said: “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 25km aeromagnetic high with associated REE-enriched monzogranite bedrock.”
Historical drilling on the site by Dominion Mining and Image Resources targeting gold and base metals tested to depths of around 40m indicate the weathering profile has been preserved which the company says is favourable for the formation of clay-hosted mineralisation.
Clay-hosted rare earth deposits are highly sought-after due to the relatively cost effective and quick extraction processes.
Rare earths have garnered some serious attention in the markets as of late owing to their role in the emerging green energy revolution. The rare earths-based neodymium-praseodymium oxide is a key component in neodymium magnets commonly used in smartphones, wind turbines and electric vehicles.
The Marvel Loch East project is not Venus’ first foray into the rare earths market. The company has been busy after it discovered multiple priority targets using remote sensed data at its Mangaroon rare earths project in the Gascoyne region of WA.
The company’s four tenement package at Mangaroon borders significant rare earth ventures held by ASX-listed players Hastings Technology Metals, Dreadnought Resources and Lanthanein Resources.
The high-priority Gascoyne targets were marked with multiple anomalies using a range of techniques and datasets including processed satellite imagery, geophysical data and geological maps. The company believes the area features the same hosting lithologies found nearby at Dreadnought and Hastings ground.
Venus Metals holds a host of projects ranging from its Bridgetown East project in the South West region up to Mangaroon in the north. Whilst it is only early days in its search for rare earths, the latest figures at Marvel Loch East show very promising potential.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
