Australian gold explorer and developer Musgrave Minerals (ASX:MGV) reports Evolution Mining (ASX:EVN) has satisfied an earn-in requirement to earn a 75% interest in the Cue Project earn-in and exploration joint venture (JV) agreement in Western Australia.
The company says Evolution has met the $18 million expenditure requirement to complete the earn-in. It also reports an unincorporated JV is now formed and a JV committee will be established in early Q1 2023.
Under the arrangement, Musgrave will also have the right to contribute to ongoing exploration costs on a pro-rata basis to maintain its 25% interest following approval of a proposed exploration program and budget, or it can elect to dilute.
a data review is currently underway, and a program and budget for ongoing exploration is being prepared by Evolution for consideration by the JV committee
The company says a data review is currently underway, and a program and budget for ongoing exploration is being prepared by Evolution for consideration by the JV committee.
In October 2019, Musgrave entered into the Cue JV with Evolution over a large area of Lake Austin and surrounds on the Cue Project in the Murchison District of Western Australia.
The Cue JV lies to the north of, and excludes all of Musgrave’s wholly owned mineral resources at Cue which includes the Break of Day, Lena, White Heat–Mosaic, and Big Sky deposits, as well as the Mainland option area.
‘Significant’ drill results to date at the West Island prospect on the Cue JV ground includes hole 22CUDD012 with 6m @ 6.4g/t Au from 385.5m; and 22CUDD016 with 1m @ 74.2g/t Au from 410m.
Evolution Mining is an ASX-listed gold exploration company with projects across Australia. These projects include the Cowal Project in New South Wales, the Mt Carlton, Ernest Henry, and Mt Rawdon projects in Queensland, and the Mungari Project in Western Australia.
Musgrave Minerals is an Australian gold explorer and developer focused on increasing gold resources through discovery and extensional drilling. The company’s portfolio includes the Cue and Mt Magnet South projects in the Murchison region of Western Australia. Musgrave also holds a number of tenement applications in the Musgrave Province of South Australia.
Images: Musgrave Minerals Ltd
