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Venture Secures Six Lithium Prospects within the Greenbushes Mineral District, Western Australia
ASX Announcement Wednesday, 4 May 2016 Ref: /VMS/606/VMS0382
Venture Minerals Limited (ASX code: VMS), is pleased to announce that the Company has secured a number of highly prospective lithium prospects in the Balingup Metamorphic Belt host to the world class Greenbushes Lithium-Tantalum Mine (produces ~40% of the world's lithium).
Highlights include
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Venture is now the largest land holder in the Greenbushes Mineral District with 1,000 square kilometres of exploration licenses under application1 hosting six separate lithium prospects (Refer to Figure One).
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Venture utilized its extensive tin/tantalum database as a pathfinder for new lithium opportunities.
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Identified targets demonstrate surface geochemistry analogous to the Greenbushes Lithium-Tantalum Deposit (world's largest hard rock lithium mine).
Following a detailed review of the rapidly growing lithium market, Venture made the decision to utilize its extensive tin/tantalum database and tin experience to identify new lithium opportunities. Often hard rock lithium prospects have historically been pegmatite hosted tin/tantalum prospects or mines, as in the case of Greenbushes. As Venture has reviewed multiple tin/tantalum projects from numerous jurisdictions over the past decade, the Company was uniquely placed to identify new lithium opportunities.
Following the review, Venture decided to target the Balingup Metamorphic Belt because of its precedent as host to the world class Greenbushes Deposit and a number of technical reports had identified tin/tantalum prospects not yet evaluated for lithium potential.
Venture has now completed its evaluation and secured six prospects that host surface geochemistry analogous to the Greenbushes Mine. The Company has applied for 1,000 square kilometres of ground covering the prospects and will advance these over the coming months before making a decision on how best to deliver value to Venture shareholders.
Venture's Managing Director, Hamish Halliday commented "We are pleased to be able to utilise our considerable experience in the tin space to deliver shareholders exposure to the exciting lithium market. We believe this new opportunity is a valuable addition to our portfolio of projects and comes at an exciting time as Venture finalises preparation for its maiden drill program targeting the Company's latest silver/lead/zinc discovery in northern Thailand".
Venture Minerals Limited
PO BOX 8234 Subiaco East WA 6008 288 Churchill Avenue Subiaco WA 6008
Telephone: +61 8 9381 4222
Fax: +61 8 9381 4211
ACN 119 678 385
ABN 51 119 678 385
1 Note that the Exploration Licence Applications remain subject to standard processes and procedures of the West Australian Department of Mines & Petroleum and the grant of licences cannot be guaranteed.
Greenbushes
Tin-Tantalum-Lithium Mine
E70/4839
E70/4840
E70/4837
Six Lithium Prospects
E70/4838
Figure One | Prospect Location Map
Prospect Identification
Venture has built an extensive tin/tantalum database over the past decade and has used this information and experience to identified previously unrecognised lithium opportunities. Having decided to target the Greenbushes Mineral District, the Company utilized a multi-element technique specifically developed to target Greenbushes-type pegmatite deposits. The technique involves sampling laterites over prospective metamorphic terrains, such as the Balingup Metamorphic Belt and assessing the geochemical concentrations of tin, tantalum, lithium, niobium, antimony and arsenic. This technique was successfully used to clearly define the Greenbushes Mine in the late 1980's.
The Company used the above technique to identify new opportunities and made tenement applications over 1,000 square kilometres within the prospective Balingup Metamorphic Belt. The new applications have resulted in the Company securing six new lithium prospects that host geochemical signatures analogous to the Greenbushes Mine.
This announcement effectively lifts the trading halt that the Company requested on Monday, 2 May 2016. The Company is not aware of any reason why the ASX would not allow trading to recommence immediately.
Yours sincerely,
Hamish Halliday Managing Director
The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Andrew Radonjic, a full time employee of the company and who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Andrew Radonjic has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Andrew Radonjic consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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