Venari Minerals NL (ASX: VMS), a company focused on the exploration and development of mineral resources, is pleased to announce a maiden Mineral Resource Estimate (MRE) for its 100%-owned Red Mountain Lithium Project in Nevada, USA. The Red Mountain Lithium Project is a virgin discovery made by the Company, the result of a Q1 2023 project generation exercise and subsequent field reconnaissance by Venari’s in-house technical team that identified highly mineralised lithium clays at surface. The maiden MRE was delivered less than two years after the initial discovery hole in May 2024.
The maiden MRE for Red Mountain totals 500 million tonnes at an average grade of 1,139 ppm Li, containing 3.03 million tonnes of Lithium Carbonate Equivalent (LCE). This includes 91.6 million tonnes at 1,618 ppm Li (0.86% LCE) in the North zone and 408 million tonnes at 1,031 ppm Li (0.55% LCE) in the Central zone, both reported as Inferred resources. The project exhibits outcropping or shallowly subcropping mineralised rocks and high-grade mineralisation exceeding 2,000 ppm Li in the Project north.
Venari’s Chief Executive Officer, Matthew Healy, stated that this maiden resource is a significant milestone, propelling Venari to the forefront of ASX lithium explorers. He highlighted the project’s scale, extensive mineral endowment, accessible high-grade zone, economic pathway to metal recovery, and location in a Tier-1 mining district with excellent infrastructure. Chairman Tony Leibowitz added that the MRE demonstrates the value of their counter-cyclical strategy and positions Venari as a major player in North American lithium projects.
The company is actively planning the next phase of drilling, aiming to upgrade the resource category and expand the resource base. Metallurgical test-work is progressing, with lithium carbonate product test-work underway. Venari is also considering options for geophysical surveying to improve the subsurface understanding of the Project.
