Canada-based Meryllion Resources has signed an agreement with Essex Minerals to purchase stakes in the Mt Turner copper-molybdenum and Drummer Fault gold projects in north Queensland, Australia.

According to the deal, Essex has granted a 90-day option to Meryllion to finance at least $250,000 on exploration at the Mt Turner project.

Subsequently, Meryllion will have the right to earn up to 70% in the project by funding up to $3.8m in exploration work.

Essex Minerals president and CEO Paul Loudon said: “Copper is expected to play a critical role in the electrification of the global economy and the transition to green energy.

“An independent report by Goldman Sachs last year indicated the worldwide demand for copper for transitioning to green energy alone will increase from under 1Mt in 2020 to approximately 5.4Mt by 2030 (16% of total global copper demand).”

Meryllion will also pay $25,000 for the option and a further $75,000 to exercise the option.

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By GlobalData

Meryllion executive director and CEO Richard Revelins said: “The initial exploration undertaken by Essex has demonstrated the potential for the discovery of a large copper-molybdenum (with silver and gold) deposit at Mt Turner and Meryllion is very pleased to be entering into this option agreement with Essex.

“The Mt Turner and Drummer Fault Projects represent new and exciting exploration opportunities for the company after completing its 2021 restructure and recent capital raising.”

Situated in the western portion of the Georgetown Inlier, the Mount Turner Property comprises variably metamorphosed and deformed sedimentary and volcanic rocks of Palaeo- to Mesoproterozoic age.

The property includes two granted exploration permits that cover a total area of approximately 104km².

Essex said that Mt Turner holds potential for an economic gold resource along the Drummer Fault structure.