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Venture Minerals Divests Tasmanian Riley Iron Ore Mine

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THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) announced the sale of the company’s Riley iron ore mine in Tasmania.

Venture Minerals has struck a share purchase and sale agreement with Goldvalley Brown Stone Pty Ltd for the sale of the company’s wholly-owned subsidiary, Venture Iron Pty Ltd, the holder of the Riley iron ore mine.

The company had Argonaut PCF undertake a strategic review of the project, which has been on care and maintenance since 2021.

This review considered all options, including a potential restart, joint venture or asset sale, with the focus on delivering near-term value for Venture and its shareholders.

After looking at all options presented the company determined the sale of the project was its best way forward.

On completion of the sale, Ventures coffers will receive a boost of $3 million, which it said will enable it to unlock the full economic potential of its recent Jupiter Rare earth discovery in Western Australia.

“The refreshed board is focussed on creating shareholder value,” Venture Minerals managing director Philippa Leggat said in the company’s ASX announcement.

“The sale of Riley sees Venture receiving three million dollars and our environmental bond of over half-a-million dollars being returned to the company.

“This capital injection will be used to advance our high-grade, clay-hosted rare earth project, Jupiter.

“This also frees our team to focus their efforts on advancing Jupiter while eliminating the financial burden of maintaining the Riley project on care and maintenance.

“We thank the Tasmanian Authorities for working with Venture for all these years.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Venture Minerals Hits Best Jupiter Drill Intersection to Date

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THE DRILL SERGEANT: Venture Minerals (ASX: VMS) reported further aircore drilling success from the company’s Jupiter rare earth discovery in Western Australia.

Venture Minerals declared the latest results from the large-scale, high-grade, Jupiter rare earth discovery to have eclipsed all expectations, with the whole southern zone of the 40 km2 target delivering consistent broad and high-grade REE mineralisation.

The drilling included the company’s best intersection to date of:

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58 metres at 2,723ppm total rare earth oxide (TREO).

“The most telling way to assess exploration success is to compare the before and after results,” Venture Minerals managing director Philippa Leggat said in the company’s ASX announcement.

“When you see infill drilling delivering a sea of magenta that represents the highest grade, like we see in the southern area of Jupiter, you know you’re onto a very, robustly mineralised system.

“And, after over 200 drill holes we are still breaking records, with amazing intersections of up to 58 metres at 2,723ppm TREO in this latest batch of assays.

“We are excited to receive the final assay results and move forward with our metallurgy and then maiden resource estimate.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Venture Minerals Makes Strategic Landholding Acquisition Adjacent to Jupiter REE Discovery

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THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) has acquired what it has described as being a “key landholding” alongside the company’s Jupiter rare earths discovery.

Venture Minerals explained the new tenure is located between the large-scale, clay hosted Jupiter prospect and Venture’s northern tenure, which already hosts healthy rare earth mineralisation only 10 kilometres from the Jupiter discovery.

The company explained the landholding is part of a 361 square kilometres strategic tenement package acquisition that complements the existing tenure and expands the project by 36 per cent and secures the remaining priority clay hosted, rare earth targets within the immediate vicinity of the Jupiter discovery.

“This strategic acquisition strengthens the company’s land position around Jupiter and facilitates unencumbered access across the project,” Venture Minerals managing director Andrew Radonjic said in the company’s ASX announcement.

“It provides a potential extension of high-grade, clay-hosted rare earth mineralisation to the north of Jupiter and secures the remaining priority clay-hosted rare earth targets around the discovery.

“Jupiter is emerging as a major, rare earths discovery that is ideally located between Lynas’ existing plant and Iluka’s planned rare earth processing facilities in the tier one jurisdiction of the Mid-West region Western Australia.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE