Musgrave Minerals Ltd (ASX:MGV) had granted Cyprium Australia an option to earn-in and joint venture for an 80% interest in the non-gold rights over its tenements at the Cue Project in Western Australia.
ARC Exploration Ltd (ASX:ARX) has now executed a binding heads of agreement to acquire 100% of the issued capital of Cyprium Australia.
Musgrave’s drilling is continuing to boost its confidence about the size of the gold system at the Lake Austin North prospect within the Cue Project.
Ongoing diamond drilling is intersecting thick zones of gold mineralisation in the basement at the A-Zone target.
Best results include 295 metres at 0.33 g/t gold from 83.8 metres downhole, including 6.4 metres at 3.0 g/t from 83.8 metres, and 90.6 metres at 0.33 g/t from 152.2 metres, including 2.2 metres at 4.83 g/t from 152.2 metres.
Whilst Musgrave is focused on the gold component of the project, the base metals component will be advanced through the joint venture.