Venus Metals (ASX:VMC) announced that a subsidiary of IGO (ASX:IGO) has elected to proceed with Stage 2 of its farm-in at the Bridgetown-Greenbushes Exploration Project in Western Australia, committing $3 million to further exploration under the existing joint venture agreement with VMC's subsidiary.
The move follows the formation of an unincorporated joint venture in October, under which the IGO subsidiary currently holds a 51% interest and VMC's subsidiary 49%.
Stage 2 allows IGO to earn an additional 19% interest—bringing its potential total to 70%—by meeting the expenditure requirement.
The farm-in period has been extended to Nov. 3, 2028 to allow sufficient time for completion.
Upon successful completion of Stage 2 and a pre-feasibility study, IGO will have the right to acquire VMC's remaining 30% interest at fair market value, less IGO's expenditures on the project.
Exploration to date has included the collection and analysis of more than 4,300 soil samples, defining a 2.8km by 1.2km lithium-tantalum-niobium-cesium anomaly at the Ti Tree target, with twelve additional targets of weaker anomalism also identified.
Phase 2 work also incorporated geological mapping, rock chip sampling, and gravity surveys to better understand the structural controls on pegmatite emplacement.
The IGO subsidiary plans further engagement with landholders for a Phase 3 soil sampling program, along with additional gravity and geophysical studies to refine target definitions, particularly at the high-priority Ti Tree anomaly.
At the time of reporting, Venus Metals’ share price was $0.20.