IGO has entered a farm-in and joint venture (JV) with Venus Metals to progressively acquire up to a 70 per cent interest in the Bridgetown Greenbushes Exploration Project in Western Australia.
IGO currently holds a 49 per cent interest in the Greenbushes Lithium Mine in a global joint venture with Tianqi Lithium (51 per cent).
IGO will sole fund all JV expenditure until the completion of a pre-feasibility study in relation to the project. It has subscribed to 9 million fully paid ordinary shares in Venus at 23 cents per share.
Venus managing director Matthew Hoganor said IGO’s knowledge and technical expertise regarding lithium-cesium-tantalum (LCT) pegmatites and nickel-copper-PGE sulphide exploration and development would be invaluable for the highly prospective tenement package at Bridgetown-Greenbushes, located next to the world’s lowest cost and highest grade hard rock lithium mine.
Venus’s major gold project is the Youanmi Gold Mine, located 500 kilometres northeast of Perth, jointly owned by Venus (30 per cent) and Rox Resources(70 per cent).