ASX-listed Venture Minerals has sold the Riley iron-ore mine to Goldvalley Brown Stone for A$3-million.
The Riley mine, in Tasmania, has been on care and maintenance since 2021.
“Goldvalley are specialist operators of smaller, lower-grade iron-ore projects, making them a good fit to successfully take Riley into production,” says MD Philippa Leggat.
Venture will allocate the proceeds of the sale to its Jupiter clay-hosted, rare earth project, with the aim of delivering a maiden resource estimate in the fourth quarter.
“Jupiter is a major discovery that was made in under a year, following the completion of 22 000 m of drilling over the 40 km2 geophysical target. Assays have consistently returned record-breaking results with broad widths of high-grade intercepts across the entire area,” she states.
“The strategic direction set by the board positions Jupiter at centre stage, acknowledging that it is a standout opportunity to deliver value to shareholders.”
