Venari Minerals Accelerates Lithium and Gold Exploration with $5.5M Capital Boost

Red Mountain Lithium Project Advances

Venari Minerals NL (ASX, VMS) has made significant strides in its lithium exploration efforts at the Red Mountain Project in Nevada, USA. The company commenced a Reverse Circulation (RC) drilling campaign late in the September quarter, designed to underpin a maiden Mineral Resource Estimate (MRE) by the end of 2025. This follows the receipt of final assay results from an earlier diamond drilling program, which confirmed extensive lithium mineralisation. Notably, drill hole RMDD008 intersected 170.4 metres of lithium mineralisation across multiple zones, including a substantial 62.4 metres grading 1,210 parts per million lithium.

Complementing the drilling, soil sampling at the adjacent Red Mountain Extension claims revealed a robust 2.1-kilometre-long lithium-in-soil anomaly with peak values reaching 1,080ppm lithium. Rock chip samples from this area further confirmed high-grade lithium mineralisation in the underlying bedrock, suggesting the extension claims could represent a significant along-strike continuation of the Red Mountain deposit. However, exploration activities on these claims remain contingent on legislative approval of the Nye County Public Lands Bill, which would permit ground-disturbing exploration in the currently restricted Wilderness Study Area.

Needles Gold Project Drilling Completes

At the Needles Gold Project, also in Nevada, Venari completed an RC drilling campaign targeting six high-priority gold-silver vein systems. These targets were selected based on historic high-grade rock chip assays and strong pathfinder geochemical anomalies. The drilling aimed to test both shallow and deeper mineralisation zones, including beneath historical shafts such as the Eastern Shaft and Tomahawk prospects. While assay results from this campaign are still awaited, the comprehensive 824-point soil sampling program conducted across the project is expected to refine metal zonation and identify additional drill targets within this large epithermal system.

Corporate and Strategic Developments

Venari Minerals successfully raised $5.5 million through a two-tranche share placement, supported by major shareholders including Holdmark Property Group and company directors. This capital injection ensures the company is well-funded to advance exploration at both Red Mountain and Needles, as well as to maintain working capital. Additionally, shareholders approved a name change from Astute Metals NL to Venari Minerals NL, reflecting a strategic shift towards aggressive exploration and acquisition of high-quality growth assets. The company also optimized its Nevada lithium claims, relinquishing less prospective ground including the Cobre Project, to focus resources on the most promising areas.

Meanwhile, no exploration work was reported for the Georgina Basin IOCG Project in the Northern Territory or the Governor Broome Mineral Sands Project in Western Australia during the quarter, with the latter continuing to explore value realisation options.

Outlook

With drilling underway at Red Mountain and assay results pending from Needles, Venari Minerals is positioning itself for a potentially transformative year-end update. The company’s focused approach on high-potential lithium and gold projects, supported by a solid capital base, sets the stage for further resource definition and exploration success.