Venari Minerals (ASX: VMS) has continued its progression toward a maiden mineral resource estimate (MRE) with further positive drill results from its Red Mountain lithium project in Nevada, USA.
The highlight from drilling Venari completed during October last year in the northern area was a combined intersection of 10.6 metres of lithium mineralisation that included 6.1m at 2,130 parts per million (ppm) from 32m, and also featured 3.0m at 3,550ppm from 33.5m.
Assays from a separate hole confirmed a combined intersection of 9.1m, including 3.0m at 2,770ppm from 33.5m
The new results from three holes – completing the full Red Mountain drilling dataset – build on previous high-grade returns from the same section, where Venari has now intersected lithium mineralisation grading in excess of 2,000ppm over a strike more than 1 kilometre in length.
Strong Run of Success
Venari has intersected strong lithium mineralisation in almost every one of the 32 holes it has drilled at Red Mountain across four campaigns.
Located in central-eastern Nevada, Venari staked the Red Mountain project in August 2023.
The project is well-serviced by infrastructure, sitting adjacent to the Grand Army of the Republic Highway (Route 6), 20km west of the 525-kilovolt One Nevada transmission line, and less than 6km from a private property from which the company has secured 590,000 cubic metres of annual water rights.
The company believes the project features rocks equivalent to those that host large Nevada lithium deposits such as Lithium Americas’ 62-million-tonne Thacker Pass project, and American Battery Technology's 18.7Mt Tonopah Flats deposit.
MRE Release Imminent
The new results will be added to a MRE which Venari expects to make available within the next few weeks.
"We are now in an outstanding position to deliver this significant milestone at a time when the lithium sector is rebounding strongly," chair Tony Leibowitz said.
The price of battery-grade lithium carbonate has more than doubled on the Shanghai Metal Market over the past five months to now sit at US$20,000 per tonne, with investment banks such as Morgan Stanley and UBS predicting a lithium supply deficit in 2026.
“As prices return to incentive levels, we are in the unique and enviable position of having ownership of one of the largest new lithium projects in North America at a time of enormous strategic interest in new, large-scale critical minerals assets,” Mr Leibowitz added.
