Venture Minerals Launches New Drilling Program at Jupiter to Target High-Grade Zones
VMS (VMS) Share Update August 2024 Thursday 1st
Venture Minerals Commences New High-Grade Drilling Program at Jupiter
Venture Minerals Limited (ASX: VMS) has announced the start of an ambitious new drilling program aimed at further defining high-grade mineralization zones at its flagship Jupiter rare earth discovery.
Instant Summary:
- New drilling program targeting high-grade zones at Jupiter commences.
- Drill spacing on priority targets reduced to 250m x 250m.
- Significant high-grade zones identified in the central and northern zones of Jupiter.
- High-grade areas often exceed 3,000ppm TREO, with some zones over 5,000ppm TREO.
- Regional drilling program also initiated at the broader Brothers REE Project.
New Drilling Program Details
Venture Minerals has launched a new drilling program focused on high-grade zones within its Jupiter rare earth discovery. This program follows recent modeling that highlighted significant zones of high-grade mineralization in both the northern and central areas of the large-scale system. The drilling will aim to further define these zones, which often exceed 3,000ppm TREO.
The priority drill program will close down drill spacing to a minimum density of 250m x 250m, allowing for a more detailed understanding of the mineralization. Notably, zones exceeding 5,000ppm TREO have been discovered on the northern margin of Jupiter, making them high-priority targets.
Regional Drilling Program
In addition to the focused drilling at Jupiter, Venture Minerals has also commenced a regional drilling program at the broader Brothers REE Project. This program consists of 70 reconnaissance Air Core holes designed to test priority geophysical and geological targets within the project area.
Previous drilling in the region has returned promising results, including intersections up to 45 meters at 1,455ppm TREO and 19 meters at 1,931ppm TREO. These results underscore the potential of the broader Brothers project to host significant rare earth mineralization.
Advantages of Jupiter's Location
Jupiter's location in regional Western Australia offers several logistical advantages. The site is less than 10km from a bitumen highway, providing easy access to labor centers, the Port of Geraldton, and the Mid-West gas pipeline. The terrain is sparsely vegetated, allowing for year-round access, and the licenses are situated on minimally stocked pastoral leases with extinguished native claims, requiring only standard heritage assessments.
The commencement of this new drilling program is a positive development for Venture Minerals, potentially leading to a significant increase in resource estimates. The identification of high-grade zones exceeding 5,000ppm TREO could attract investor interest and positively impact the company's stock price. However, the broader market reaction will depend on the drilling results and their implications for the company's overall resource base.
Investor Reaction:
Analysts are likely to view this announcement favorably, given the potential for significant resource upgrades. The focus on high-grade zones and the initiation of a regional drilling program demonstrate Venture Minerals' commitment to unlocking the full potential of the Jupiter and Brothers projects. Investor sentiment will be closely tied to the results of the drilling program and the company's ability to deliver on its resource estimates.
Conclusion:
Investors should keep a close eye on the results of the new drilling program at Jupiter and the regional program at the Brothers project. These efforts could lead to significant resource upgrades and positively impact Venture Minerals' stock price. Staying informed about the progress of these programs will be crucial for making informed investment decisions.