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Venus Metals completes sale of Poona LCT Project to eMetals

The acquisition is consistent with eMetals strategy of acquiring or investing in projects to complement its existing portfolio of strategic and rare metal projects.

Venus Metals Corporation Ltd - Venus Metals completes sale of Poona Project to eMetals
The project is prospective for LCT-type pegmatite mineralisation

Venus Metals Corporation Limited (ASX:VMC) has completed the sale of its non-core Poona Lithium-Caesium-Tantalum (LCT) project in WA’s Murchison region to eMetals Ltd (ASX:EMT).

eMetals has acquired a 100% legal and beneficial right, title and interest in WA mineral tenement E20/896 and a 90% legal and beneficial right, title and interest in tenement E20/885.

The project is prospective for LCT type pegmatite mineralisation hosted within the greenstone belts of the Weld Range and remains lightly explored with 42 holes drilled on E20/885 and no known drilling on E20/896.

Acquisition terms

Under the terms of the acquisition agreement, eMetals has acquired the tenements for the collective purchase consideration of:

  • A$15,000 paid on the execution of the agreement;
  • A$145,000 paid on the Settlement Date (June 17, 2020);
  • The assumption of Venus Metals' existing joint venture arrangement with Bruce Legendre in relation to E20/885, which entitles Legendre to a free carried 10% interest until such time as eMetals decides to mine on that tenement;
  • A royalty to Venus Metals of 50 cents per tonne of ore extracted for mining purposes from E20/896, payable only on and from commercial mining on that tenement; and
  • Two royalties which together aggregate to a 1.5% net smelter royalty to historical explorers and prospectors on E20/885, payable only on and from commercial mining on that tenement.

The agreement also covers performance payments of up to A$100,000 subject to and conditional upon the achievement of the following performance milestones:

  • A$50,000 payable upon the definition of an inferred mineral resource of not less than 200,000 tonnes of lithium oxide or equivalent at 1% on either tenement; and
  • A$50,000 payable upon the definition of a probable mineral ore reserve of not less than not less than 200,000 tonnes of lithium oxide or equivalent at 1% on either tenement.

Quick facts: Venus Metals Corporation Ltd

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ASX:VMC
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