PERTH (miningweekly.com) – Perth-based Musgrave Minerals has completed the Stage 1 earn-in over the Cue gold and copper project, in Western Australia.
The company has secured a 60% interest in the Cue project by meeting the A$1.8-million exploration expenditure requirement.
In addition to the A$1.8-million Stage 1 exploration spend, Musgrave has also invested A$900 000 in the project, to meet its minimum expenditure, bringing total spend on the project to date to A$2.7-million.
“Musgrave is pleased to have completed the initial 60% ownership interest in the Cue project. This is an exciting time for Musgrave following the exceptional drilling results received at Break of Day and Lena, as we push towards delivering on our objectives,” said Musgrave MD Rob Waugh.
The company on Wednesday said it had also elected to proceed with the Stage 2 earn-in to raise its stake in the project to 80%, by spending an additional A$1.8-million on exploration within the next two years.
The Musgrave project is held by ASX-listed Silver Lake Resources, through its wholly owned subsidiary Cue Minerals, and comprises the Moyagee gold project, which has a mineral resource of some 126 900 oz of contained gold, and the Hollandaire copper project, which is estimated to contain some 38 800 t of copper and 495 000 oz of silver, as well as around 22 500 oz of gold.