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IGO Limited Farm-In And JV Agreement Henderson Nickel - Lithium Project
Venus Metals Corporation Limited (“VMC”) is pleased to announce that its subsidiary ("Venus Subsidiary") has entered a binding transaction with a subsidiary (“IGO Subsidiary”) of IGO Limited (ASX:IGO) regarding exploration and, if warranted, development and mineral extraction at the Henderson Nickel-Lithium Project ("Project").
- Farm-in and Joint venture in which IGO Subsidiary can progressively acquire up to a 70% interest in the Project by incurring A$4,000,000 of exploration expenditure on the Project and reimbursing VMC A$1,000,000.
- IGO Subsidiary will sole fund all Joint Venture expenditure 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 less an apportioned aggregation of IGO Subsidiary expenditure incurred in relation to the Project.
- Should IGO Subsidiary elect not to acquire the 30% interest, the parties will continue to be associated in an unincorporated joint venture.
“We are thrilled to have cemented a further arrangement with IGO Limited regarding Nickel and Lithium exploration at our Henderson Project in an emerging combined Nickel and Lithium Province following the discovery of significant spodumene near the historical Mt Ida Gold Mine located directly north from the Project.
This follows a Farm-in/JV and Placement that occurred with IGO Limited last year in relation to the Bridgetown-Greenbushes exploration project located next to the World-Class Greenbushes Lithium Mine”.
The Henderson Project encompasses four granted tenements held by Venus Subsidiary, E29/1112, E29/1120, E29/1121, E30/519, and one tenement held jointly by Venus Subsidiary (90%) and a prospector (10%), E30/520 (Figure 1). The project covers an approximately 800 km2 area in the central section of the Western Australian Yilgarn Craton and includes about 25 km strike length of the Mt Ida/ Ularring Greenstone Belt (Figure 1). This Greenstone Belt is historically known for its gold and nickel potential but more recently is also recognised as an emerging Lithium Province following the discovery of significant spodumene deposits near the historical Mt Ida Gold Mine by Red Dirt Metals (RDT) (refer RDT ASX release 28 September 2021). This new discovery is located 185 km south from the Kathleen Valley Lithium Deposit and 240 km northwest from the Mt Marion Lithium Mine near Kalgoorlie. RDT has defined a mineral resource of 12.7 Mt at 1.2 % Li2O (refer RDT ASX release 19 October 2022) and is pursuing a 2023 start of mining at Mt Ida, and recently announced a new discovery with a drill hole intercept of 90 m @ 0.95% Li2O (refer RDT ASX release 24 April 2023).
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