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Venus Metals Corporation retains full ownership of lithium project

Lepidico will not farm-in to the tenement and Venus intends to continue lithium exploration at the discovered targets.

lithium on periodic table
Elsewhere, drilling is underway at the Youanmi Gold Project in Western Australia

Venus Metals Corporation Ltd (ASX:VMC) will retain full ownership of prospective lithium tenement E57/983, which was subject to potential farm-in by Lepidico Ltd (ASX:LPD).

The exploration licence is located in the Murchison district of Western Australia in a region known to contain a belt of lepidolite-bearing pegmatites.

Lepidico entered an option agreement in July 2018 to earn up to 80%, however has decided not to proceed with the farm-in due to its recent lithium project acquisition in Namibia.

Notably, over the past 12 months Lepidico discovered two prospects at the tenement with potential to host an economic lithium deposit.

Venus is planning to continue the lithium exploration at prospective target areas.

This map is from Lepidico’s September 2018 exploration update showing three initial targets drill tested.

READ: Venus Metals drilling seeks further bonanza-grade gold at Youanmi

Venus and its partner Rox Resources Ltd (ASX:RXL) remain focused on the Youanmi Gold Project in Western Australia.

Quick facts: Venus Metals Corporation Ltd

Price: 0.235 AUD

Market: ASX
Market Cap: $35.5 m

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