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Musgrave Minerals leverages Westgold agreement for near-term development opportunity

Musgrave Minerals Ltd (ASX:MGV) managing director Robert Waugh updates Proactive Investors on the near-producer’s gold mining agreement with Westgold Resources Ltd (ASX:WGX) and its exploration activities near Cue in Western Australia.

Westgold announced in May that it had acquired a 15% equity interest in Musgrave through a placement of $3.36 million, enabling it to further expand its exploration in the region.

“We’re looking at near-term development and obviously with Westgold being our major shareholder there’s opportunity there to get to a near-term development scenario position … at our known resources,” Waugh says.

He continues, “the focus for that will be really Break of Day and Lena down at the Moyagee Project which is about 30 kilometres south of Cue.”

Quick facts: Musgrave Minerals Ltd

Price: 0.096 AUD

Market: ASX
Market Cap: $38.94 m

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