Venari Minerals NL

Red Mountain Lithium Project - Nevada, USA

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Roboto

Venari has staked the highly-prospective  Red Mountain Lithium Project, strategically located adjacent to infrastructure in North America’s lithium ‘hot-spot’ of Nevada. Exploration is active and ongoing.

Red Mountain is hosted by the same age rocks as large claystone-hosted lithium deposits such as the American Lithium Corporation’s 7.13Mt LCE (Lithium Carbonate Equivalent) TLC Lithium Project, and American Battery Technology Corporation’s 15.8Mt LCE Tonopah Flats Lithium Resource.

The maiden drilling campaign at Red Mountain, undertaken in Q2 2024, identified a large-scale lithium discovery with holes intersecting thick zones of lithium mineralisation including:

RMRC008: 25.9m @ 1,120ppm Li / 0.60% Lithium Carbonate Equivalent1 (LCE) from 73.2m

RMRC010: 33.5m @ 1,260ppm Li / 0.67% LCE from 19.8m

RMRC004 : 13.7m @ 1,070ppm Li / 0.57% Lithium Carbonate Equivalent1 (LCE) from surface, and 83.8m @ 1,230ppm Li / 0.65% LCE from 16.8m

RMRC006 : 62.5m @ 1,070ppm Li / 0.57% LCE from 6.1m and 15.3m @ 896ppm Li / 0.48% LCE from 71.6m and 0.1m @ 1,090ppm Li / 0.58% LCE from 89.9m

RMRC007 : 74.7m @ 1,160ppm Li / 0.61% LCE from 18.3m and
25.9m @ 1,580ppm Li / 0.84% LCE from 115.8m

RMRC001 : 59.4m @ 1,300ppm Li / 0.69% Lithium Carbonate Equivalent1 (LCE) from 73.2m

The maiden drilling campaign at Red Mountain, undertaken in Q2 2024, confirmed the large-scale lithium discovery with holes intersecting thick zones of lithium mineralisation including:

RMDD001: 25.9m @ 1,530ppm Li / 0.82% LCE from 76.2m

RMDD001: 7.3m @ 1,350ppm Li / 0.72% LCE from 50.3m

RMDD002: 86.9m @ 1,470ppm Li / 0.78% LCE from 18.3m, including a high-grade zone of:

A subsequent diamond drilling campaign in April 2025 produced further spectacular intersections, including:

RMDD003: 	32.4m @ 3,260ppm Li / 1.74 % LCE from 57.2m, including:

8.6m @ 5,060ppm Li / 2.69% LCE from 67.7m, and

13.8m @ 1,330ppm Li / 0.71% LCE from 39.6m, and

23.3m @ 1,610ppm Li / 0.86% LCE from 94.4m to End-of-hole

RMDD007: 95m @ 1,340ppm Li / 0.72% LCE from 54.9m 

RMDD007: 5.4m @ 2,320ppm Li / 1.24% LCE from 154m; and 

RMDD007: 24.3m @ 1,290ppm Li / 0.68% LCE from 180.4m 

RMDD008 intersected a combined a total of 170.4m of mineralisation across six zones, including:

33.8m @ 1,130ppm Li / 0.6% LCE from 34.8m, 

39.7m @ 859ppm Li / 0.46% LCE from 102.1m

62.4m @ 1,210ppm Li / 0.64% LCE from 152.2m

Scoping leach testwork conducted on six RC samples from Red Mountain were highly encouraging, demonstrating that:

•	Sulfuric-acid leaching shows that lithium is readily leachable from the clay-bearing host rocks at Red Mountain.

•	High recoveries of up to 98% of lithium are achievable using appropriate conditions. 

•	The overall recovery of lithium is a function of temperature, acid strength and time conditions.

•	Lithium grade in samples increases with clay content, indicating that focusing future exploration work on project areas with higher clay content may result in intersection of higher lithium grades

The Company intends to conduct a drilling campaign in Q3 2025 which will, along with the previous drilling, form the basis for a maiden Mineral Resource Estimate. The drilling targets higher grade areas in the north and centre of the project.