Venari Minerals NL (ASX: ASE) (“ASE”, “Venari” or “the Company”), formerly known as Astute Metals NL1 , is pleased to advise that Reverse Circulation (RC) drilling of key gold-silver targets at its Needles Gold Project in Nevada, USA has been successfully completed.
The drilling campaign at Needles comprised eight holes for 1,073m (3,520ft), targeting vein-style gold-silver mineralisation at the Arrowhead, Arrowhead East, Tomahawk, Eastern Shaft and Whopper Junior prospects3 (Table 1).
The presence of quartz veining and oxidation in summary logging (see Appendices 2, 3) in all holes drilled is encouraging, given that veins typically host high-grade mineralisation mined historically at the project, and oxidation observed in veins may be the result of weathering of sulphide minerals associated with mineralisation.
Samples from the campaign have now been dispatched for assay to the ALS Laboratory in Elko, with first results expected by the end of October.
The RC drill rig has since been mobilised to the Red Mountain Lithium Project, where drilling has commenced (Figure 1). A total of 13 drill-holes for 2,990m will be completed as part of the new Red Mountain campaign, with three contingent holes that may also be drilled2 . The campaign has been designed primarily to target high-grade lithium mineralisation in the north of the project, and multiple lenses in the central project area, with a view to establishing mineralisation down to a depth of 200m vertically below surface.
The results from the campaign, together with those from existing drill-holes, are expected to form the foundation of a maiden Mineral Resource Estimate, scheduled for the end of CY2025.
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About us:
About Astute Metals NL
Astute Metals NL is a diversified ASX-listed exploration company driven to create value through discovering and developing deposits of critical metals required for electrification and the global energy transition, with a principal focus on lithium and copper.
The Company is focused on rapidly advancing its recent Red Mountain Lithium Discovery, located in the battery metals capital of the US, Nevada, and exploring for world-class copper-gold deposits in the Northern Territory.
Contact details:
Matt Healy
Executive Director & CEO
[email protected]
+61 (0) 431 683 952
Nicholas Read
Media & Investor Relations
[email protected]
+61 (0) 419 929 046