Mangaroon North Rare Earth Project sampling suggests the presence of REE-enriched ironstones along a ∼7 km long northwest trend

Venus Metals Corporation Limited (“Venus” or the “Company”) is pleased to announce the results of recent field work and geochemical sampling following the delineation of multiple priority REE targets at Mangaroon North, based on remote-sensing and radiometric data (refer ASX release 5 September 2022). Evaluation of the multiple remaining REE targets will be conducted as part of the next stage of field work.

• High-priority REE target area confirmed in E08/3229.
• REE anomalies associated with ironstone (Figure 1) identified in areas of cover @ 1848 ppm TREO with 355 ppm Nd2O3 ∼1 km west off the Edmund Fault.
• Collected 299 soil and 84 rock chip samples, and re-analysed 66 previous soil samples for a full REE suite with up to 2136 ppm TREO* and 232 ppm Nd2O3 , and 1848 ppm TREO with 355 ppm Nd2O3 in the most recent sampling suggest the presence of REE-enriched ironstones along a ∼7 km long northwest trend.
• Soil samples in Pooranoo Metamorphics contain up to 1420 ppm TREO.
• High-priority REE target area delineated in E09/2422.
• Airborne Magnetic surveys completed in E09/2422 in December 2022 and to be flown in E09/2541 prior to planned field reconnaissance and follow-up work.

Figure 1. Ironstone outcrop in E08/3229

Current work – field reconnaissance

The recent reconnaissance field sampling program was completed to test and evaluate high-priority REE targets with emphasis on radiometric thorium (Th) and remote-sensed data band ratio anomalies (refer ASX release 5 September 2022). Selected geochemical results and TREO calculation can be found in Tables 1 and 2. REE-enriched bedrock associated with several Th radiometric anomalies along a ∼7 km long northwest trend in E08/3229 contain up to 2136 ppm TREO* with 232 ppm Nd2O3 in reanalysed ultrafine soil from previous sampling (refer ASX release 21 December 2021) and 1848 ppm TREO with 355 ppm Nd2O3 in the most recent sampling. A TREO anomaly located in the south of E09/2422 has a maximum of 732 ppm TREO with 130 ppm Nd2O3. Both target areas will be further explored for potential (ferro-) carbonatite mineralisation.

Ironstone outcrops have been identified at several targets in E08/3229 and E09/2422 (Figures 4 and 5). In some areas, sedimentary lithologies have been ferruginised, whereas in others veins of ironstone breccia crosscut Pimbyana Granite, Poorannoo Metamorphics, or sedimentary rocks of the Edmund Group (Figure 4).

Systematic grid sampling followed by aircore/reverse circulation drilling is planned across selected target areas. The evaluation of multiple other targets identified by RSC (refer ASX release 5 September 2022) is scheduled to recommence in the coming field season.

Click here for the full ASX Release

This article includes content from Venus Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.