Venus Metals Corporation progresses its Sandstone Bellchambers gold project with a new mining lease and exploration targets, while extending its Bridgetown JV farm-in and navigating an unsolicited takeover offer.
- Mining lease granted for Sandstone Bellchambers Gold Project covering key deposits
- Exploration target of 45,000 to 60,000 ounces of gold identified at depth
- Pre-feasibility and feasibility studies planned for late 2026
- IGO extends Stage 2 farm-in period at Bridgetown Greenbushes JV to November 2028
- Unsolicited takeover bid by QGold at $0.21 per share ongoing, closing end of January
Bellchambers Project Gains Momentum
Venus Metals Corporation Limited has marked significant progress at its Sandstone Bellchambers Gold Project with the recent granting of Mining Lease M57/671. This lease encompasses both the Bellchambers and Rangeview gold deposits, underpinning a global JORC 2012 resource of approximately 31,400 ounces of gold. The resource is classified across measured, indicated, and inferred categories, reflecting a solid foundation for development.
Beyond the existing resource, Venus has defined an Exploration Target at depth and to the north of current mineralisation, estimated between 45,000 and 60,000 ounces of gold at grades ranging from 1.75 to 2.00 grams per tonne. While these figures remain conceptual pending further drilling, they highlight promising upside potential beneath the known deposits.
Strategic Studies and Drilling Plans
The company’s board has committed to advancing the Bellchambers project through a Pre-Feasibility Study followed by a Feasibility Study, targeting completion in the third and fourth quarters of fiscal 2026. Concurrently, Venus plans additional drilling campaigns in early 2026 aimed at expanding the resource base and refining the geological understanding of the deposits.
Venus is also exploring various ore treatment options, including potential mine gate sales agreements with nearby operators such as Rox Resources Limited or trucking ore to alternative processing facilities. These considerations will be integral to the upcoming studies and eventual development strategy.
Bridgetown Greenbushes JV Extension
In parallel, Venus’ joint venture with IGO Limited at the Bridgetown Greenbushes Exploration Project has entered Stage 2 of the farm-in agreement. IGO has committed to a further $3 million in exploration expenditure, extending the farm-in period to November 2028. This extension was secured with a $250,000 cash payment, which counts towards the expenditure commitment.
Exploration activities at Bridgetown Greenbushes have been robust, with over 4,300 soil samples collected and analysed, delineating significant lithium-tantalum-niobium-cesium anomalies. Further infill sampling and geophysical surveys are planned to refine targets and support ongoing exploration efforts.
Financial Position and Takeover Bid
Venus Metals maintains a strong financial position with aggregated cash and investments totaling over $26 million, including a substantial holding in Rox Resources shares. The company has actively participated in Rox Resources’ recent capital raisings and has generated cash inflows through share sales and option exercises.
However, the quarter was also marked by an unsolicited takeover bid from QGold Pty Ltd, offering $0.21 per share. QGold currently holds approximately 26.4% of Venus and has declared this offer final, with the bid set to close on 30 January 2026. The outcome of this bid will be a key development to watch in the near term.
Bottom Line?
Venus Metals is poised at a pivotal juncture with advancing project studies and a looming takeover decision shaping its near-term trajectory.
Questions in the middle?
- Will the planned drilling convert the Exploration Target into a formal Mineral Resource at Bellchambers?
- How will the potential takeover by QGold influence Venus Metals’ strategic direction and project development?
- What processing route will Venus ultimately select for Bellchambers ore, and how will this impact project economics?