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Venus Metals Corporation Limited (“Venus” or the “Company”) is pleased to announce that its partner IGO Limited (“IGO”) has commenced ground exploration activities today at the Greenbushes East Exploration Project (Li and Ni-Cu-PGE) (“Project”) located adjacent to the Greenbushes Lithium Mine (refer IGO - RIU Explorers Conference Presentation, 15 Feb 2023).
IGO, together with their lithium JV partner, Tianqi Lithium Corporation, hold a controlling interest in the adjoining Greenbushes Lithium Mine. VMC’s subsidiary ("Venus Subsidiary") has entered a binding transaction with a subsidiary (“IGO Subsidiary”) of IGO (refer ASX release 27 June 2022).
HIGHLIGHTS:
Geochemical Survey targeting lithium totalling 1350 soil samples
Approximately 500 soil samples to be collected at 100m x 200m spacing and approximately 850 soil samples to be collected at 160m spacing. This survey will provide a project-wide framework for further targeting and will supplement previous geochemical surveys in specific target areas.
Ground EM Survey testing priority target for Ni-Cu-PGE sulphides
Two lines will be completed across a priority platinum-palladium-nickel- copper (Pt-Pd-Ni-Cu) target (Figure 1) that was outlined by previous exploration carried out by VMC; completion of the ground EM survey is expected by mid-March 2023.
Ground Gravity Survey
Approximately 700 survey stations at 250m spacing across all granted tenements of the Project will assist with delineating geological structures and higher- & lower-density bedrock, for example, mafic-ultramafic intrusions & rare metal pegmatites. The survey is estimated to be completed in March 2023.
Figure 1. Tenement location plan and planned geophysical and geochemical surveys.
Figure 2. Radiometric image showing potassium-rich area east of the Greenbushes lithium mines
(refer IGO - RIU Explorers Conference Presentation 15 Feb 2023 and VMC ASX release 27 June 2022). Note: Applications (Orange) not VMC; granted tenements (blue) held by VMC consist of E70/5315, E70/5316, E70/5620, E70/5712 and E70/6009 as per Figure 1 above and outlined in the Project Background below.
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This article includes content from Venus Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
VMC:AU
Spodumene Pegmatite Discovery at Esperança Project in Brazil Yields LIBS Results up to 4.04% Li2O
The discovery has been made during early-stage exploration programs which include project scale geological mapping, ground reconnaissance, and soil sampling. These early-stage programs remain ongoing with further results to come over the coming weeks. The discovery supports the Company’s exploration thesis and uplifts the remaining prospectivity across all three project areas: Canabrava, Caraíbas and Esperança projects.
HIGHLIGHTS
- Artisanal excavations reveal a lithium bearing pegmatite with elongate crystalline spodumene crystals up to 50cm in length
- LIBS (Laser Induced Breakdown Spectroscopy) results of spodumene crystals return up to 18,800 ppm Lithium, or 4.04% Li2O
- Discovery provides walk up drill target for fully funded drilling campaign to begin Q1 2025
- Soil sampling and geological mapping continues across the Esperança, Canabrava and Caraíbas projects with further results due over the coming weeks
Lightning Minerals Managing Director Alex Biggs said, “I am highly encouraged by these results from Brazil. As I have spoken about, as a team we are committed to discovery and completing our works in a diligent and structured manner, the proof of which is in these results. The Company is progressing its projects in Brazil quickly and cost effectively and generating significant results for the business which we feel will be transformational. I am proud of and congratulate our geology teams both in Australia and Brazil who have conducted themselves in a professional and astute manner which has been crucial in making a discovery such as this. This is a great first step for us in Brazil and is testament to the prospectivity of the region as I have discussed previously. We look forward to drilling in Q1 2025 and further results to come imminently from all three project areas in Brazil. I would also like to thank our shareholders who have supported our vision and exploration strategy. As a Company we are firmly committed to the lithium thematic and firmly committed to Brazil where we see significant potential moving forwards”.
Lithium Discovery at Esperança Project
During geological mapping fieldwork conducted in mid-November 2024 field geologists encountered a previously unknown historical artisanal mine within the Esperança project area. The site presented with a small access which opened into a set of sub vertical shafts sunk several meters into schists of the Salinas formation. Upon investigation the geology team has discovered pegmatitic lithologies in the walls of the excavations, of which the suite of minerals indicates inclusion of macro crystalline (up to 50cm) elongate crystals of spodumene as shown in Figure 1(a) and Figure 1(b).
Figure 1a (left): Brazilian geologist Vitor Araujo Alves showing the spodumene rich portion of the zoned pegmatite discovered at the Esperança Property. Figure 1b (right): Large elongate spodumene crystals (Spd) up to 50cm in length showing homogeneous growth patterns amongst a quartz (Qtz) and Feldspar (Fdsp) rich matrix
The Company’s geologists have collected selective mineral specimen grab samples in sample VLM207 (Figure 2). Six separate minerals have been analysed via a SciAps Z-903 hand-held LIBS (Laser-Induced Breakdown Spectroscopy) device which has returned lithium endowment of up to 18,800 ppm lithium, which equates to a lithium oxide percentage of 4.04% Li2O.
The SciAps Z-903 handheld LIBS device is considered a qualitative analysis technique only and is used as an in-field preliminary check to establish if a mineral is lithium-bearing. Certified laboratory assays are required to provide accurate, quantitative analysis. A table of the six SciAps Z-903 handheld LIBS results testing the spodumene crystals is shown in Table 1. A full table of results are presented in Appendix 2, Table 2.
While the current field observations indicate that the mineral identified is a lithium-bearing mineral, the percentage of lithium produced from the LIBS analyser does not correlate to an accurate quantitative measurement of the lithium concentration of the mineral itself, or to the overall grade of the pegmatite.
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This article includes content from Lightning Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
