Delays Loom as Venari Awaits Remaining Assays Ahead of Resource Estimate

Strong Start to Red Mountain Drilling Campaign

Venari Minerals NL (ASX, VMS) has kicked off a promising phase of exploration at its 100%-owned Red Mountain Lithium Project in Nevada with the release of initial assay results from two recently completed drill holes. The October 2025 Reverse Circulation drilling campaign delivered thick and high-grade lithium intersections, with drill holes RMRC022 and RMRC023 each revealing over 160 metres of lithium mineralisation. These results provide a solid foundation for the company’s upcoming maiden Mineral Resource Estimate, anticipated by the end of this year.

Details of the Lithium Intersections

Drill hole RMRC022 intersected multiple lithium zones, including a standout 22.9 metres at 1,510 parts per million (ppm) lithium starting from 36.6 metres depth, alongside other significant intervals exceeding 1,300 ppm lithium. Similarly, RMRC023 revealed a 6.1-metre section grading an impressive 2,660 ppm lithium at 176.8 metres depth, among other substantial mineralised zones. These grades translate to lithium carbonate equivalent (LCE) values up to 1.42%, which are competitive within the lithium claystone deposit sector.

Implications for Project Development

The continuity of mineralisation across these mid-project drill holes enhances confidence in the deposit’s robustness and supports the company’s resource modelling efforts. Venari’s chairman, Tony Leibowitz, highlighted that these results “put us firmly on track” for delivering the maiden resource estimate. With assays from 11 additional drill holes pending, the company is poised for a catalyst-rich period of news flow that could further define the project’s scale and quality.

Strategic Location and Metallurgical Potential

Red Mountain is situated in a prolific lithium region of Nevada, adjacent to major projects like Lithium Americas’ Thacker Pass and American Battery Technology Corporation’s Tonopah Flats deposits. The geological setting, tertiary lacustrine sediments known as the Horse Camp Formation, is analogous to these large lithium claystone deposits. Early metallurgical testwork indicates high lithium leachability of up to 98% and successful beneficiation, suggesting that the mineralisation could be economically extracted and processed.

Looking Ahead

As assay results from the remaining drill holes are released over the coming weeks, investors and analysts will be watching closely for confirmation of the deposit’s scale and grade consistency. The maiden Mineral Resource Estimate, expected in December, will be a critical milestone in advancing Red Mountain towards technical studies and potential development. Venari’s ability to maintain momentum amid lab assay delays, caused by a surge in US critical metals exploration, will be key to sustaining market interest.