IGO Limited has snapped up an interest in Venus Metals Corporation 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.
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.