Venus Metals Corporation’s partner in the East Greenbushes project, IGO Limited, has launched an exploration blitz on its site that sits adjacent to the world-renowned Greenbushes lithium mine.
IGO is planning a geochemical survey specifically targeting lithium at the site and expects to take a total of 1350 soil samples at the operation in the South West region of WA.
Around 500 soil samples will be collected at 100m by 200m spacing in addition to about 850 soil samples at 160m spacing. IGO says the survey will provide a project-wide framework for further targeting and will supplement previous geochemical surveys in specific target areas.
The partners are also planning a ground electromagnetic survey to test for possible nickel, copper and platinum group elements. Two lines will be completed across a priority platinum-palladium-nickel-target that was outlined by previous exploration carried out by Venus. The partners predict the survey to be completed by mid-March.
In June last year IGO picked up an interest in Venus after acquiring nine million shares and securing an exploration deal at its Bridgetown Greenbushes project in WA’s South West region.
After spending $2.07 million at 23c per share, IGO will secure a 5.6 per cent stake in Venus making it a substantial shareholder in the company.
The Bridgetown Greenbushes exploration project takes in Venus’ Greenbushes East lithium project and its Bridgetown East copper-nickel-platinum group element site.
IGO holds a 49 per cent interest in a global joint venture with Tianqi Lithium Corporation. The joint venture has a 51 per cent interest in the Greenbushes mine, the remaining 49 per cent is owned by US chemicals giant Abermarle.
As part of stage 1 of the exploration agreement with Venus, IGO will earn a 51 per cent share in the Bridgetown Greenbushes project by spending $3m on exploration expenditure within 30 months of the commencement date.
The share can increase to 70 per cent if IGO spends another $3m in exploration expenditure within a further 18-month period to earn the additional 19 per cent interest as part of stage 2 of the agreement.
Once stage 1 of the agreement is complete, the two companies will establish an unincorporated joint venture to be managed by IGO.
IGO will fund all joint venture expenditure until the completion of the project’s prefeasibility study.
Venus has been kicking goals for a while now on the gold front with its joint venture operation at the Youanmi project near Sandstone.
However, this latest development with IGO shows the company is now also attracting significant attention at its battery metal projects.
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