Augustus Minerals (ASX:AUG) has completed the acquisition of privately held Music Well Gold Mines, which holds several exploration licences and applications comprising the Music Well Gold Project in Western Australia.
The Music Well Gold Project, covering 1,345km2, is located 35km north of Leonora in the Leonora-Laverton Greenstone Belt. The region hosts gold endowment of more than 12 million ounces of gold and 450,000 ounces per year of gold production.
On 5 November 2024, the company executed a binding share purchase agreement to acquire the company for $75,000 cash and a further $200,000 cash.
The $6.28 million market capitalised company is currently in the process of collating results from historic exploration conducted by Music Well Gold Mines and others. It is anticipated that further details will be released within a week.
Augustus believes that adding a gold focused exploration project of this size provides optionality and complements its copper, base metals, and uranium focus at the Ti-Tree Shear Project in the Gascoyne region of Western Australia.
Augustus Minerals is a diversified mineral explorer with a large tenement package in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Augustus Minerals
