Highlights
• Maiden Inferred Mineral Resource Estimate (MRE) for the Red Mountain Lithium Project of 500Mt @ 1,139ppm Li for 3.03Mt contained Lithium Carbonate Equivalent (LCE)27 reported above the preferred 700pm Li cut-off grade, comprising;
o Red Mountain North - 91.6Mt @ 1,618ppm Li for 0.79Mt LCE, including a high-grade component of:
▪ 47.9Mt @ 2,193ppm Li for 0.56Mt LCE at a 1,300ppm Lithium cutoff
o Red Mountain Central - 408Mt @ 1,031ppm Li for 2.24Mt LCE at a 700ppm Lithium cutoff
• Mineralised rocks outcrop at surface and are open at depths of >250m below surface
• Red Mountain is situated in the world’s premier mining jurisdiction of Nevada, which is home to advanced sedimentary lithium deposits such as Thacker Pass (NYSE: LAC)25 and Rhyolite Ridge (ASX: INR)30
• Serviced by high-quality infrastructure, the Project is located immediately adjacent to Route 6, between mining the hubs of Ely and Tonopah, 20km west of the ‘Nevada One’ 525kV transmission line, and with substantial secured private water rights.
• There is outstanding potential to grow the Mineral Resources with significant drill intersections and high-grade surface samples sitting outside of the MRE extents and with mineralisation open along strike and at depth
• Venari now ranked as one of the larger lithium explorers on the ASX, on a contained Lithium Carbonate Equivalent (LCE) basis. (See Figure 3 and Table 2 for breakdown of compared MREs)
• Revised Red Mountain Exploration Target to be announced later this month
• Exploration Plan of Operations submitted to the Bureau of Land Management to allow for expanded exploration drilling activities under expedited Trump Administration provisions28.
• Delivery of the maiden MRE comes as lithium prices continue their resurgence, with the
Shanghai Metal Market Battery-Grade Lithium Carbonate Prices more than doubling over the past three months from $10,000 to $20,388 USD/t31
Venari Chief Executive Officer, Matthew Healy, said:
“The delivery of this standout maiden resource is a huge milestone for Venari, immediately propelling the Company to the forefront of ASX lithium explorers and establishing Red Mountain as one of the largest new lithium resources in the Americas and a compelling development opportunity.
“Red Mountain exhibits all the key characteristics that we look for in a large-scale mineral asset – scale, extensive mineral endowment, and an accessible high-grade zone that can be targeted for initial mining. In addition, metallurgical test-work has demonstrated an economic pathway to recover the metal, and the project is located in a Tier-1 mining district close to world-class infrastructure.
“This puts both Venari Minerals and Red Mountain firmly on the map of significant North American lithium projects and gives us an incredible foundation to advance the Project quickly to the next stage, not only by growing and upgrading the MRE through further drilling, but also by initiating development studies at an extremely favourable time in the metals cycle and in a period when there is strong US policy momentum to support the development of new domestic critical minerals asset.”
Venari Chairman, Tony Leibowitz, added:
“To advance the Red Mountain Lithium Project from discovery hole to maiden Mineral Resource in under two years is a remarkable achievement. With this impressive maiden MRE, investors finally have the opportunity to see the enormous value in this discovery and the benefits of the counter-cyclical strategy we have been pursuing for the past two years.
“Venari now owns one of the larger exploration-phase lithium resources on the ASX. And it has enormous potential for growth – being limited only by the extent of drilling, with clear potential along strike, at depth and at a number of locations well beyond the current MRE.
“I would like to congratulate the team on achieving this milestone. We now have a substantial platform to build a significant mining company, underpinned by one of the largest new lithium resources in North America – one that is strongly aligned with the Trump Administration’s goal of rapidly increasing domestic production of key critical minerals. We are looking forward to rapidly advancing the Project to ohe next phase.”
Venari Minerals NL (ASX: VMS) (“Venari”,“the Company” or “VMS”) is pleased to announce a maiden Mineral Resource Estimate (MRE) for its 100%-owned flagship Red Mountain Lithium Project located in Nevada, USA.
The maiden MRE for Red Mountain has been delivered less than two years since the discovery hole was drilled into the deposit in May 20241. Since that time, the Company has rapidly advanced the project, adopting a counter-cyclical approach to its exploration at a time of weakness in the lithium market. With the lithium industry now undergoing a strong resurgence, the delivery of this substantial new MRE has confirmed Red Mountain a significant deposit in the USA with potential to become a valuable new long-life source of lithium aligned with Western supply chains.
Unlike most other sedimentary lithium deposits, the Red Mountain Project stratigraphy dips gently to the east, which results in outcropping, or shallowly subcropping, mineralised rocks. The thickness of the mineralised zones, the presence of high-grade mineralisation >2,000ppm Li in the Project north, together with their outcropping character, bodes well for any future assessment of project economics.
To read the announcement, please click here
About us:
Venari Minerals NL
Venari Minerals is a diversified ASX-listed exploration company driven to create value through discovering and developing deposits of critical and precious metals in the renowned mining jurisdiction of Nevada, with a principal focus on lithium, gold and silver.
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 a world-class epithermal gold-silver discovery at its Needles Project, also in Nevada.
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