IGO backs Venus with extra $3m for WA Southwest lithium push

The West Australian12-12

ASX-listed mining heavyweight IGO has doubled down on its push into Venus Metals’ Bridgetown-Greenbushes lithium play, electing to roll straight into Stage 2 of the farm-in with a fresh $3 million ...

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The extension also triggers a tidy $250,000 cash payment to Venus’ subsidiary, counted as part of the new spend.Under the formal JV agreement, once IGO completes stage two exploration and delivers a prefeasibility study, the company has the right to acquire Venus’ remaining 30 per cent at fair market value.IGO’s decision to step up to the plate with a few million more in exploration cash appears to speak volumes about how the mining major views the project’s potential. The company has now racked up more than 4300 soil samples across the ground, including nearly 2700 during its recently completed second-phase exploration program, with the numbers lighting up the map like a fruit machine.Surface sampling has carved out a massive 2.8-kilometre by 1.2-kilometre lithium-tantalum-niobium-caesium zone at the duo’s Ti Tree target that runs to the northeast beyond the edge of current land access, hinting the real prize may still be waiting in ground yet to be tested.Alongside the soil program, IGO has mapped structural controls across the project, taken 38 new rock chips and shot gravity readings at more than 1100 stations to tighten its basement model.Once all the data has been stitched together into a broader interpretation, the JV partners expect to have a better look-through of the most prospective feeder structures capable of hosting lithium-bearing pegmatites.The early signs are promising. Greenbushes - owned by IGO in partnership with China’s Tianqi Lithium, alongside US giant Albemarle Corporation - was also once just an anomalous dot on a map before morphing into a global juggernaut.With Ti Tree spitting out the classic multi-element signature of fertile spodumene pegmatites, it is little wonder IGO is circling like a hungry shark. If the chemistry keeps lining up, it could be staring at a rerun of the powerhouse lithium system sitting just over the fence.Adding to the project’s credentials, 12 additional targets have been identified across the tenure, showing signs of key lithium pathfinder elements. Although these targets lie in a more complex, weathered patch of ground, they still appear to carry enough signature to warrant further investigation.Moving forward, IGO says its top priority is to kick off fresh talks with local landowners for access to the untested ground north of Ti Tree. Once secured, a phase three exploration program will be rolled out, including infill soil sampling and an expanded survey footprint to collect another round of gravity readings.For Venus, the timing of IGO’s latest move appears pitch perfect. As the company swats away what it views as a bargain-basement tilt from QGold – and a bid Venus claims is based only on its Youanmi stake, not its broader portfolio - IGO’s renewed commitment lands as a sharp, timely counterpunch to an offer the market already sees as underdone.Two years after first striking up a deal with IGO, Venus’ Bridgetown-Greenbushes project is finally beginning to look like the real deal. And if Ti Tree proves to be the next great pegmatite system, both partners could be sitting on one of Australia’s most strategically located lithium discoveries.Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590524004","isCrawlerRequest":true}