Venus sells out of lithium play for cash, scrip and royalty
Venus Metals has entered into a binding term sheet with AXS-listed eMetals for the sale of its Nardoo Hill lithium project tenement in WA’s Gascoyne region.
The move comes as Venus continues to focus its attention on exploration activities at the high-grade Currans Find North gold discovery near Youanmi in WA’s Murchison district.
Under the terms of the Nardoo Hill deal, Venus will receive $15,000 in cash, 25 million shares in eMetals priced at $0.014 cents per share and it will retain some upside to the project courtesy of a $0.50 cent per tonne royalty for any ore extracted from the tenement.
Located 840 kilometres north of Perth, the Nardoo Hill project area overlies the historical Nardoo Hill and Morrissey Hill workings that host pegmatite-hosted tantalum-lithium-niobium mineralisation. The old workings yielded a tonne of tantalum last century.
The largest mapped pegmatite in the region is thought to be flat-lying and extends over about a kilometre, with a width of over 700m.
The main pegmatitic unit at Nardoo Hill is 200 metres wide and extends over several hundred of metres of strike. It is one of the largest outcropping pegmatites in a suite of intrusive bodies in the Yinnetharra district.
The move to shed its lithium ground will allow Venus to focus on its uber-successful joint venture ground that it is exploring with considerable success in partnership with fellow ASX-listed company, Rox Resources.
The partners recently hit the ball right out of the park at Youanmi with RC drilling results including 5 metres at 4 ounces to the tonne gold, right from surface. This result included a smaller zones of 1 metre at an extraordinary 591.89 grams per tonne gold and 0.5m at a gold grade of an almost record breaking 1058.49 grams per tonne.
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Venus Metals Corporation (VMC)
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