Venus Metals Corporation Limited (ASX:VMC) has entered a binding transaction with a subsidiary of IGO Limited regarding exploration and, if warranted, development and mining at its Bridgetown Greenbushes Exploration Project in Western Australia.
IGO holds a 49% interest in a global joint venture with Tianqi Lithium Corporation. The joint venture has a 51% interest in the Greenbushes Lithium Mine.
Highlights:
• Farm-in and Joint venture in which IGO Subsidiary can progressively acquire up to a 70% interest in the Bridgetown Greenbushes Exploration Project by incurring A$6,000,000 of exploration expenditure on the Project.
• IGO Subsidiary will sole fund all Joint Venture expenditure until the completion of a pre-feasibility study in relation to the Project.
• If IGO Subsidiary completes a pre-feasibility study it has the right to acquire Venus Subsidiary’s 30% interest in the Project for a price based on fair market value.
• Should IGO Subsidiary elect not to acquire the 30% interest, the parties will continue to be associated in an unincorporated joint venture under which the IGO Subsidiary must use reasonable endeavours to market and process all Joint Venture product, including Venus Subsidiary’s share.
• IGO Limited subscribing for 9,000,000 fully paid ordinary shares in VMC at $0.23c per share.
“We are delighted to welcome IGO Limited as a substantial shareholder of the Company. IGO Limited’s knowledge and technical expertise regarding LCT pegmatites and Ni-Cu-PGE Sulphide exploration, and development is invaluable for the highly prospective tenement package held by VMC at Bridgetown-Greenbushes next to the World’s lowest cost and highest grade hard rock lithium mine,” Matthew Hogan, VMC’s Managing Director, said.
Project Background:
VMC’s Greenbushes East Lithium and Bridgetown East Ni‐Cu‐PGE Projects comprise four granted tenements held by Venus Subsidiary, E70/5315, E70/5316, E 70/5620 and E70/5712, and two exploration applications, E 70/6009 (Venus Subsidiary), and E 70/5675 (VMC)
Targets for potential LCT – rare metal pegmatites
The western boundary of the VMC and Venus Subsidiary tenure abuts the Greenbushes mining leases.
Geological mapping and reconnaissance surface sampling by VMC within an area of potassic alteration (>9 km2) located pegmatite outcrops with one pegmatite sample returning 0.28% Li2O (refer ASX release 26 June 2017). Systematic geochemical surveys across the western part of E 70/5315 are planned to identify potential LCT targets under soil cover.
In the south of E 57/5315 an ultrafine soil (UF) survey completed by Venus discovered a strong lithium (Li) anomaly, approx. 20 km southeast of the Greenbushes Lithium Mine.
Significantly, this Li anomaly (maximum 148ppm) is associated with elevated tin (Sn); elevated tungsten (W) and tantalum (Ta) concentrations adjoin the Li anomaly to the west. The Li anomaly, located within a distinct low in the regional aeromagnetic data, measures approx. 300m x 400m and remains open to the north. North-northeast of the soil anomaly and along the general lithological trend of quartz-mica schist is a historical Sn anomaly in laterite that measures approximately 5km in length and 1-3km in width, based on data from the CSIRO-AGE database (Grunsky, 1991 and GSWA, 1998) and Venus laterite samples; this Sn anomaly remains unexplained and untested.
The c. 6km long north-northwest geochemical trend of Sn in laterite together with a distinct Li anomaly in ultrafine soil to the south present a compelling target for rare metals and LCT pegmatite exploration. Regional geochemical surveys across the tenement area and drill testing of existing anomalies are planned.
Bridgetown East NI-CU-PGE Project
Multiple geochemical and geophysical targets for Julimar-style mineralization The Bridgetown East Ni-Cu-PGE Project falls within the West Yilgarn Ni-Cu-PGE Province first outlined by Chalice Mining Limited that covers an area of c. 1,200km X 100km and extends from the Narryer Terrane in the north to the Southwest Terrane in the south.
Venus’ Bridgetown East Ni-Cu-PGE project abuts Chalice’s and Venture Minerals’ Southwest Project.
For further information please visit: https://www.venusmetals.com.au/
