Lepidico will not farm-in to the tenement and Venus intends to continue lithium exploration at the discovered targets.
() will retain full ownership of prospective lithium tenement E57/983, which was subject to potential farm-in by ().
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.
Venus and its partner () remain focused on the Youanmi Gold Project in Western Australia.
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