Venari Minerals adds key by-products at Red Mountain Project
- Venari Minerals added strontium and magnesium by-products to its resource estimate at the Red Mountain Project in Nevada.
- The deposit now holds the only resource estimate in the US to include strontium alongside lithium and magnesium.
- The company plans to evaluate metallurgical recovery methods to unlock additional economic value ahead of a scoping study.
Venari Minerals (ASX:VMS) has confirmed the addition of strontium and magnesium by-products to its updated resource estimate at the flagship Red Mountain Project in the US.
The revised inferred resource for the property now stands at 500 million tonnes grading 0.61% lithium carbonate equivalent, 0.53% strontium carbonate equivalent, and 2.4% magnesium.
"These by-products add considerable potential economic value as we advance Red Mountain towards a scoping study in the first part of next year," said Venari Minerals Chair Tony Leibowitz.
The project expanded its initial discovery following four total drilling campaigns that intersected mineralisation in 30 of 32 total drill holes.
The update helps diversify the project while addressing domestic supply constraints, as the US relies on imports for 59% of its magnesium compounds.
Following the announcement, the Venari Minerals share price was unchanged at $0.10.
The greenfield project was originally staked in August 2023 after surface sampling mapped an eight-kilometre strike of mineralised lithium clays.
Initial metallurgical testing on sample materials demonstrated high leachability rates up to 98% while reducing overall processing acid consumption.
