Venture Minerals reports rare earths find on West Coast

Venture Minerals Limited told the ASX on Tuesday it had discovered shallow, clay-hosted rare earth element mineralisation next to existing tin zones at its Mount Lindsay Project, near Tullah.

The news followed a separate company, the ABx Group, recently announcing a 230 per cent expansion of its rare earths mineralisation at its Deep Leads prospect in Tasmania's North.

On Tuesday, the ABx Group said drilling had confirmed a 6.5 kilometre mineralised channel.

"Our latest results represent a milestone moment in our development of the rare earth channel at Deep Leads and Rubble Mound," chief executive and managing director Mark Cooksey said.

"The extensive channel structure has connected and combined the two discoveries into a single deposit and, excitingly, the mineralisation has also been shown to return results which are thick - exceeding 20 metres' thickness - and near surface.

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"These are only first pass results, with this emerging discovery possessing clear potential to significantly expand the mineralised corridor between the connected areas, as well as along strike.

"The assays confirm the rare earth oxides encountered are rich in the four high-value 'permanent magnet' elements that are critical for advanced technologies, such as electric vehicles, smartphones and wind turbines."

Venture said it had prioritised its drill rig at Mount Lindsay to complete follow-up holes to further define the rare earth elements opportunity.

"The discovery of rare earths at Mount Lindsay continues to demonstrate the pedigree of the geology that sits within the Mount Lindsay Project, being well located in some of the most prospective and under-explored ground in Australia and already host to a number of world class, highly diversified deposits," managing director Andrew Radonjic said.

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"The fact the rare earths are in shallow clays immediately adjacent to the high-grade tin zone bodes well for the economic potential of the Reward Deposit.

"With drilling already under way, the company believes this discovery may have opened up a new corridor of mineralisation that Venture can tap into to further enhance the potential of the Mount Lindsay Project."

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