PROJECT BACKGROUND
VMC’s Greenbushes East Lithium and Bridgetown East Ni‐Cu‐PGE Projects comprise five granted tenements held by Venus Subsidiary, E70/5315, E70/5316, E 70/5620 and E70/5712, E 70/6009 (Venus Subsidiary) and one exploration application, E 70/5675 (VMC) outside of map area of Figure 1.
IGO Farm - In & JV Agreement:
IGO’s South West Terrane Project is immediately east of Bridgetown in WA and abut the Greenbushes Operation’s mining leases. IGO and Venus Metals Corporation (Venus) entered into a farm-in and JV agreement in June 2022.
IGO holds a 49% interest in a global joint venture with Tianqi Lithium Corporation. The joint venture has a 51% interest in the Greenbushes Lithium Mine. The Farm-in and Joint Venture is one in which IGO Limited Subsidiary can progressively acquire up to a 70% interest in the Bridgetown Greenbushes Exploration Project by incurring A$6,000,000 of exploration expenditure. The IGO Subsidiary will solely fund all Joint Venture expenditures 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. Should IGO Subsidiary elect not to acquire the 30% interest, the parties will continue to be associated in an unincorporated joint venture under which the IGO Subsidiary must use reasonable endeavours to market and process all Joint Venture products, including Venus Subsidiary's share.
Stream Sediment and Soil Sampling
Spodumene grains were identified in two stream sediment samples (SWT001519, SWT001547). Results from these two samples were also verified via Laser-Induced Breakdown Spectroscopy (LIBS), confirming the chemical composition of spodumene in both samples and columbite-tantalite and cassiterite in one of the samples. The two samples are from different areas, referred to as the Cowslip and Flying Duck target areas refer to ASX announcement 17/09/24.
The phase 1 soil sampling results outlined several broad anomalous areas defined by elevated concentrations of indicator elements Li-Nb-Sn-Ta ±W (Figures 5,6,7,8). Two areas, Ti Tree and Greenbushes East, have been selected for priority Phase 2 follow-up soil sampling. Detailed interpretation of results from Phases 1 and 2 will begin upon completion of Phase 2 and receipt of the assay results.
Further Work
Follow-up Phase 2 work programs aim to validate the areas of interest and determine whether the presence of spodumene +/—cassiterite and columbite-tantalite in stream sediment samples is derived locally from rare metal pegmatites within the immediate catchment areas or if it may be derived from a source external to local catchments.
Ground gravity surveys and field mapping have been completed, which has led to a more detailed interpretation of prior exploration results, improving target generation and validation. (refer to IGO ASX Announcement 30/01/25)
