An IGO (ASX:IGO) subsidiary elected to proceed with the second-stage farm-in exploration at the Bridgetown-Greenbushes project in Western Australia under an agreement with a Venus Metals' (ASX:VMC) unit, according to a Friday filing with the Australian bourse.

Under the stage two farm-in period, which involves a AU$3 million expenditure commitment, the IGO subsidiary can earn a further 19% legal and beneficial interest in the project, the filing said.

The IGO subsidiary currently holds a 51% interest in the project and associated tenements, while the Venus Metals subsidiary owns a 49% stake, per the filing.

IGO shares rose 1% in afternoon trade on Friday, while Venus Metals shares were up 3%.