Venus Metals Corporation - Preliminary Sampling Results at Bridgetown-Greenbushes Project - 17 September 2024
VENUS METALS CORPORATION LIMITED (VMC) Share Update September 2024 Monday 16th
Venus Metals Reports Positive Preliminary Sampling Results at Bridgetown-Greenbushes Project
Venus Metals Corporation Limited (ASX: VMC) has announced promising preliminary results from stream sediment and soil sampling programs conducted by IGO Ltd on its Bridgetown-Greenbushes tenements. These findings are part of a Farm-In and Joint Venture Agreement aimed at exploring lithium and other rare metals in the South West Terrane.
Instant Summary:
- Two areas of interest identified: Cowslip and Flying Duck.
- Trace spodumene crystals found in samples from both areas.
- Phase 1 soil sampling program completed with 1,588 samples.
- Several anomalous areas identified, including Ti Tree and Greenbushes East.
- Phase 2 soil sampling program currently underway.
Project Overview
The Bridgetown-Greenbushes Project, managed by IGO Ltd as part of a Farm-In and JV Agreement with Venus Metals, aims to explore lithium, nickel, and copper deposits in the South West Terrane. The project comprises five granted tenements and one exploration license application.
Sampling Results
Preliminary results from a roadside stream sediment sampling program have identified two areas of interest: Cowslip, located approximately five kilometers east of Greenbushes Mine, and Flying Duck. Trace spodumene crystals were found in samples from both areas, with the Cowslip sample also containing rare-metal pegmatite indicator minerals such as cassiterite and columbite-tantalite.
An extensive Phase 1 soil sampling program, consisting of 1,588 samples, has been completed. Assay results have highlighted several anomalous areas defined by elevated concentrations of niobium, tin, tantalum, and tungsten. Two areas, Ti Tree and Greenbushes East, have been selected for priority follow-up work.
Next Steps
IGO is currently executing a Phase 2 soil sampling program to follow up on the targets identified in Phase 1, with a focus on Ti Tree and the broader Cowslip/Greenbushes East area. Additionally, new soil surveys are being conducted on freehold properties that have been underexplored for lithium-bearing rare metal pegmatites.
Further work will include surface Phase 2 soil sampling, rock chipping, and mapping within the sub-basins influencing the locations of the samples. IGO will also conduct a ground gravity survey across the same properties targeted by the soil sampling campaign to guide subsurface geological interpretation.
The preliminary results from the Bridgetown-Greenbushes Project are encouraging and suggest potential for significant lithium and rare metal deposits. This could positively impact Venus Metals' stock as investors react to the promising findings. The identification of trace spodumene crystals and other rare-metal pegmatite indicator minerals is a positive sign for the project's future prospects.
Investor Reaction:
Analysts are likely to view the preliminary results positively, given the potential for significant lithium and rare metal deposits. The ongoing Phase 2 sampling program and planned ground gravity survey will be closely watched by investors for further developments.
Conclusion:
Investors should monitor the progress of the Phase 2 sampling program and the results of the ground gravity survey. The preliminary findings are promising, and further positive results could enhance the project's value and Venus Metals' stock performance. Staying informed about the project's developments will be crucial for making informed investment decisions.