THE BOURSE WHISPERER: Musgrave Minerals (ASX: MGV) announced it has elected to exercise its pre-emptive right to acquire Silver Lakes Resources’ (ASX: SLR) remaining interest in the Cue Project Farm-in and Joint Venture.
Musgrave Minerals will acquire a 100 per cent interest in the Break of Day and Lena deposits where the company recently announced Minerals Resources more than 350,000 ounces of gold.
The purchase price for the JV interest is cash consideration of $1.5 million.
“Musgrave sees considerable value in the opportunity to acquire SLR’s interest and move to 100 per cent ownership of the resources,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.
“Drilling is set to resume at Break of Day in early August to extend the high grade gold mineralisation outlined to date.”