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Venus Metals Corporation Limited (ASX:VMC)(FRA:EZL) announce that Lepidico has advised that they will not be proceeding with the farm-in over the Youanmi Lithium Project Tenement, meaning it will not exercise its option (which expires on 25 July 2019) under the Option Agreement to proceed with the farm-in.

Lepidico has confirmed to Venus that:

- the two RC drilling programs Lepidico completed over the Tenement during the last 12 months demonstrate the prospectivity of the area for lepidolite mineralisation (Figure 1 in link below).

- Lepidico has discovered two such prospects, and it believes there is scope for additional discoveries within the Tenement which might lead to delineating an economic deposit.

However, following Lepidico's recent acquisition of Desert Lion Energy Inc. and its Karibib Lithium Project in Namibia, Lepidico has advised Venus that it now wishes to prioritise the mining and production of lepidolite concentrate from its own deposits.

Venus is planning to continue the lithium (Lepidolite) exploration at prospective target areas within the tenement.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/40HIR9TL


About Venus Metals Corporation Limited

Venus Metals Corporation Limited (ASX:VMC) holds a significant and wide ranging portfolio of Australian base and precious metals exploration projects comprising lithium, cobalt, vanadium, copper, zinc, nickel, gold and platinum group of elements.

Key project areas in Western Australia include:

- Pincher Well Zinc-Copper Project (Youanmi): Over 5 km of under explored VMS trend with an Exploration Target of 15-20 Million Tonnes@ 2-8% Zinc,which also hosts a number of high grade lodes (>10% Zinc).

- Currans Well Cobalt-Nickel-Copper Project (Youanmi): Significant Cobalt mineralisation up to 1483 ppm Co in historical drilling. Extensive Lateritic Duricrust Co-Ni target areas identified.

- Curara Well Nickel-Copper-Gold Project (Doolgunna):10 km northeast of Sandfire Resources DeGrussa Copper Mine. Wide intercepts of disseminated Nickel Sulphides (Millerites) in Ultramafics.

- Southern Cross Vanadium Project (Youanmi): JORC 2012 Inferred Vanadium Mineral Resource of 167.7 Millions Tonnes @ 0.41% V2O5, 7.52% TiO2.

- Strategic Lithium-Tantalum Projects in WA.

 

Contact

Venus Metals Corporation Limited
Matthew Hogan
Managing Director
T: +61-8-9321-7541

Barry Fehlberg
Exploration Director
T: +61-8-9321-7541



Link: Lepidico not exercising the option



Related Companies

Venus Metals Corporation Limited
       


Related Industry Topics:
Mining Gold Zinc Copper Vanadium Lithium

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