Musgrave Minerals Acquisition Flexes Murchison Muscle
THE BOURSE WHISPERER: Musgrave Minerals (ASX: MGV) via its subsidiary Musgrave Exploration Pty Ltd has entered a Sale and Purchase Agreement with Eastern Goldfields Exploration to acquire a 100 per cent interest in tenements that comprise the Mt Magnet South project.
The Mt Magnet South project is located within trucking distance of Musgrave’s Cue gold project in Western Australia’s Murchison goldfields and just five kilometres south of the township of Mt Magnet.
The Mt Magnet South project is made up of a group of 19 semi-contiguous prospecting and exploration licences covering an area of approximately 294 square kilometres, which almost doubles Musgrave’s landholding in the Murchison.
The project is an early stage, under-explored greenfield opportunity, in a good location with nearby infrastructure.
Musgrave believes the project provides an additional opportunity for it to apply the exploration learnings it has gleaned from its discovery success 40km to the north at the Cue project to make further discoveries in the Murchison.
The company said future discoveries have the potential to add to its growing resource base in the region, enhancing the value of the Cue project.
“This opportunity grows Musgrave’s landholding by adding further prospective ground in the region,” Musgrave Minerals managing director Rob Waugh said in the company’s ASX announcement.
“The new project area is directly along strike from Ramelius’ Mt Magnet operations and provides the opportunity for Musgrave to continue to utilise its exploration expertise to make further discoveries in the region.
“The acquisition maintains our alignment with the strategy to grow the resource base at Cue in the near-term while generating a pipeline of longer-term projects and opportunities.”
Musgrave is now compiling historical data that is being digitised, plotted and reviewed in detail to enhance targeting.
A regional gravity survey will be undertaken and integrated with existing aeromagnetic data, and geological and geochemical datasets to enhance drill planning to test high-priority basement gold targets.
Musgrave’s stated objective at Mt Magnet South is to define, through discovery, a pipeline of additional high-grade gold resources that that can be economically trucked the 40km north to a potential future operations hub at Musgrave’s mainstay Cue gold project.
Musgrave outlined its strategy as being to identify and secure additional early-stage exploration ground in the region to build on the company’s success at Cue and maintain a long-term pipeline of opportunities.
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Email: info@musgraveminerals.com.au
Web: www.musgraveminerals.com.au