Following this, the company’s shares were trading 25% higher intra-day, at $0.025.
The new target, ‘Odin Prospect’, was discovered following geological mapping and geochemical sampling circa 12 kilometres east of Venture’s Thor VMS (volcanogenic massive sulphides) prospect.
Importantly, results from the mapping and sampling program has identified a potentially lithium bearing pegmatite extending over 1.9 kilometres of strike and up to 150 metres wide.
The Greenbushes project, located 30 kilometres from the target, is the world’s largest hard rock lithium mine operated by Talison Lithium, which is owned by the Tianqi Group and Albemarle (NYSE:ALB).
The Odin Prospect is covered by laterite but geochemistry is analogous to Greenbushes with significantly elevated levels of tin, tantalum and niobium in laterite samples.
Venture’s geological mapping has indicated the presence of coarse books of muscovite within the laterite.
This, in conjunction with the tin, tantalum and niobium anomalism, is considered indicative of pegmatites in a deeply weathered environment.
Following the discovery of the new prospect, Venture has commenced a follow up sampling program to fully define the geochemical signature of the Odin Prospect.