Venus Metals firms up lithium targets across Youanmi project
Drilling at Sovereign has extended gold mineralisation down dip with a best intercept of 8m at 5.03g/t gold.
New lithium targets have been noted across Venus Metals Corporation’s (ASX: VMC) Youanmi project in Western Australia’s mid west.
Venus has been carrying out geochemical surveys across the project, with a recent campaign collecting 490 soil samples over three tenements.
The program identified several lithium anomalies greater than 116 parts per million at the Manindi North licence.
These were pinpointed in areas of cover west of known pegmatites that were previously drilled in 2018 under a joint venture between Venus and Lepidico (ASX: LPD), which explored for lepidolite lithium minerals.
This drilling intersected 12m at 0.68% lithium, 2m at 1.58% lithium and 4m at 0.76% lithium.
Additionally, the anomalies and previously drilled pegmatites are along strike from Metals Australia’s (ASX: MLS) Manindi project where thick intersections of lithium have been unearthed.
Last month, Metals Australia revealed drilling at its Manindi project had produced thick intersections of lithium-rubidium bearing minerals, with assays pending.
Previous rock chip sampling had generated up to 2.3% lithium over 500m of strike.
Potential under cover lithium-caesium-tantalum pegmatite
Venus says the recently identified anomalies at its Manindi North licence “may indicate the presence of lithium-caesium-tantalum-style mineralisation”
The company anticipates the mineralisation is under cover, which is why it has never been previously mapped or tested.
With everything pointing to a potential under cover target, Venus plans to begin a reverse circulation drilling program at Youanmi as soon as possible.
The program will test targets at depth beneath previously shallow intersections as well as targets under cover.
In readiness for drilling, infill and regional soil geochemical surveys across the tenements are continuing.
Lithium price skyrocketing
The lithium price has skyrocketed this year – rising from US$17,000 per tonne in 2021 to more than US$78,000/t in 2022.
Its rapid rise prompted Tesla co-founder and chief executive officer Elon Musk to tweet last week it has “gone to insane levels”.
Driving its increase are predictions of supply shortages as demand ramps up in lithium-ion batteries, which power renewable energies and electric vehicles.