Venus moves into lithium orbit

Venus Metals Corporation has discovered multiple outcropping lithium rich pegmatites at its Henderson project 50km northwest of Menzies in WA.  Rock chip samples from the outcrops returned lithium results up to an extraordinary 3.5 per cent lithium oxide with enriched tantalum and niobium.  Henderson sits 15km south of the spodumene-rich lithium pegmatites discovered by Red Dirt Metals in the emerging Mt Ida/Ularring greenstone belt lithium province.

The company has described the lithium-tantalum-niobium pegmatites at Henderson as being part of zoned lithium-caesium-tantalum LCT pegmatite swarms.  This type of pegmatite is host to the world class Pilgangoora and Wodgina lithium-tantalum deposits in Western Australia.  

Venus collected 143 rock chip samples from the outcropping pegmatites with and the best lithium result was the 3.5 per cent sample. The best tantalum result was 426 parts per million Ta₂O₅ with niobium going up to 392 parts per million Nb₂O₅.  Caesium was present up to 623 parts per million Cs₂O and rubidium up to 1.4 per cent Rb₂O.

Niobium/tantalum ratios are being used by the company as an indicator for the lithium rich pegmatite rocks.  The company described the identification of LCT pegmatites with elevated lithium as highly encouraging. 

Highest lithium results were from a single pegmatite at Emerald SE with three samples returning high lithium results over a strike length of 50m.  Results were deemed to be significant and warranting follow up drill testing. 

Spatial zonation of rare-elements within the pegmatites is expected and zones of lithium-tantalum may be present below tantalum rich pegmatite outcrops.  Limited historical drilling in the area intersected pegmatites however no analysis for lithium or tantalum was recorded.  

Venus assayed for lithium from the bottom of aircore holes looking for gold in the tenements.  The highest lithium result was 0.35 per cent Li₂O and importantly, that sample was found 600m along strike of the newly discovered lithium rich Emerald SE pegmatite

The company believes the results warrant an accelerated exploration effort focussed on detailed mapping, rock sampling and RC drilling of identified lithium rich pegmatites.  Exploration will focus on identifying and sampling the larger lithium rich pegmatites.  Work will get underway this quarter.

Venus Metals is a 30% equity partner in the Youanmi Gold Project and Rox Resources holds 70% and the managerial rights. The project has yielded substantial recent increases in JORC resources with the total now sitting around 3 million ounces of gold.  Exploration is adding gold at the incredibly low discovery cost of $7 per ounce!

Youanmi was a high-grade gold mine that produced 667,000 ounces of gold at 5.47 g/t before it closed in 1997.

Lithium is red hot right now and the discovery of traditional LCT style pegmatites with one sample touching 3.5 per cent lithium on Venus’ ground could add another sizable string to the company’s already strengthened bow.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au