Venus Metals has received encouraging assays from ongoing geochemical surveys at its Youanmi lithium project in WA’s Murchison region including highlighting a new target at the company’s Manindi North prospect.
The explorer says it received assays of rock chip samples from sub-cropping pegmatites in the area with results of up to 2.11 per cent lithium oxide.
The recently completed survey was part of a regional reconnaissance program targeting the granite-greenstone contact zone the company believes is prospective for lithium-caesium-tantalum mineralisation. A total of 158 soil samples were collected in addition to three rock chip sample from the sub-cropping pegmatites.
Venus says the results show three north-east trending lithium anomalies and the high lithium concentrations in two rock chip samples in addition to the broader lithium anomaly in soil may indicate the presence of covered pegmatites.
An RC drilling campaign is set to begin at the site next month to test for potential pegmatite hosted lithium-caesium-tantalum mineralisation in the bedrock.
Venus and a former partner drilled the area around Manindi in 2018, intersecting 12 metres at 0.68 per cent lithium oxide, 2m going 1.58 per cent lithium oxide and 4m grading 0.76 per cent lithium oxide.
The company has been making some big moves in WA with its lithium projects. Last year Venus hit returns of 5.8 and 3.6 per cent lithium dioxide from at its Henderson tenements near Menzies. Following the discovery of lithium-caesium-tantalum pegmatites at Henderson in February, assay results from 89 rock samples showed 29 had more than 100 parts-per-million lithium dioxide.
In June last year IGO Limited snapped up an interest in Venus after acquiring nine million shares in the company 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 took a 5.6 per cent stake in Venus, making it a substantial shareholder. The project takes in Venus’ Greenbushes East lithium project and its Bridgetown East copper-nickel-PGE project.
In March, Venus identified a strong lithium anomaly in soil sampling at Bridgetown East, just 20km south-east of the world’s largest known hard-rock lithium mine at Greenbushes.
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 market will be keeping a close eye on what Venus can uncover at its Youanmi lithium project during its upcoming drill campaign at the site.
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By Matt Birney
