Venture Minerals has wasted no time in kick-starting its new joint venture (JV) project in Western Australia’s Mid West region, signing a contract with drillers for a maiden drill program to test the extent of the clay-hosted rare earths mineralisation at its Iron Duke deposit.
The move will give the company the opportunity to follow-up two shallow historic drillholes, both of which have broad, high-grade intersections of total rare earths oxide (TREO). Iron Duke comprises two granted tenements totalling 151 square kilometres and came with approvals already in place for a maiden drill program.
The drilling contract marks the latest development in a hectic few weeks for Venture.
Less than a fortnight ago, the diversified metals explorer inked its JV agreement with Iron Duke’s owner Sentinel Exploration, giving it the chance to earn-in 51 per cent of the project. To do so, Venture needs to spend $75,000 on the project in the first year and a total of $250,000 within two years.
In addition to Iron Duke program, Venture is also about to start a maiden drill campaign to test rare earths targets at the Brothers project, immediately to the north of Iron Duke, that it acquired in April. Brothers is adjacent to the company’s existing Vulcan project, which recently gave up high-grade rare earths of up to 125,165 parts per million.
Another purchase in April was its Bandy project, which comprises 809sq km of land, about 250km south-east of Mount Magnet.
Venture has pegged an additional 172sq-km tenement package perspective for clay-hosted rare earths mineralisation, adjacent to its Brothers project. And last week, it also penned a farm-in agreement with SensOre to explore Venture’s Golden Grove North project, about 450km north of Perth, for lithium and copper using AI technology.
Venture Minerals managing director Andrew Radonjic said: “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. 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.”
Venture says only two historic holes have been drilled at Iron Duke. Though they were only shallow, it says they both intersected broad, high-grade rare earth zones. The best figures included 49m going 1313ppm TREO, including 20m at 1721ppm TREO from 20m and 49m at 953ppm TREO from 12m to the end of the hole.
Subject to the completion of access and drill site preparation, the drilling at the Brothers and Iron Duke projects is expected to begin before the end of this month.
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