Evolution Satisfies Earn-in Milestone
Perth, Jan 12, 2023 AEST (ABN Newswire) - Musgrave Minerals Ltd (ASX:MGV) (6MU:FRA) (MGVMF:OTCMKTS) is pleased to report that Evolution Mining Limited (ASX:EVN) has satisfied the earn-in requirement under the Cue Project Earn-in and Exploration Joint Venture Agreement (Cue JV) to earn a 75% interest in the Cue JV in Western Australia's Murchison district.
The Cue JV is primarily focused on Lake Austin which lies to the north of the Company's 100% owned Mineral Resources at Cue (Lena, Break of Day, White Heat-Mosaic and Big Sky deposits, and the Mainland option area - Figure 1*).
As Evolution has met the A$18M expenditure requirement to complete the earn-in, an unincorporated joint venture is now formed and a joint venture committee will be established.
Musgrave has 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 can elect to dilute.
*To view tables and figures, please visit:
About Musgrave Minerals Ltd
Musgrave Minerals Ltd (ASX:MGV) is an active Australian gold and base metals explorer. The Cue Project in the Murchison region of Western Australia is an advanced gold and copper project. Musgrave has had significant exploration success at Cue with the ongoing focus on increasing the gold and copper resources through discovery and extensional drilling to underpin studies that will demonstrate a viable path to development in the near term. Musgrave also holds a large exploration tenement package in the Ni-Cu-Co prospective Musgrave Province in South Australia.
Musgrave Minerals Ltd
Evolution Mining Limited