ASX:VMC $0 .000

Venus Metals Corporation Limited (“VMC”) subsidiary ("Venus Subsidiary") has entered a binding transaction with a subsidiary (“IGO Subsidiary”) of IGO Limited regarding exploration and, if warranted, development and mining at its Bridgetown Greenbushes Exploration Project ("Project"). 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. The Farm-in and Joint Venture is one 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. The IGO Subsidiary will solely fund all Joint Venture expenditures 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 products, including Venus Subsidiary's share. 


VMC’s Greenbushes East Lithium and Bridgetown East Ni‐Cu‐PGE Projects comprise five granted tenements held by Venus Subsidiary, E70/5315, E70/5316, E 70/5620 and E70/5712, E 70/6009 (Venus Subsidiary) and one exploration application, E 70/5675 (VMC) outside of map area of Figure 1. 


Targets for potential LCT - rare metal pegmatites. The western boundary of the VMC and Venus Subsidiary tenure abuts the Greenbushes mining leases (Figure 1). 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.

Greenbushes Tenements


With multiple geochemical & geophysical targets for Julimar-style mineralization, the Bridgetown East Ni-Cu-PGE Project falls within the West Yilgarn Ni-Cu-PGE Province (Figure 4) first outlined by Chalice Mining Limited (refer to CHN ASX release 4 May 2021) and 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.

Location Venus Bridgetoen East

Figure 2. Location of Venus' Bridgetown East Ni-Cu-PGE Project and Chalice Mining Ltd's Project areas
with in the
West Yildarn Ni-Cu-PGE Province (modified after CHN ASX release 8 September 2021)