Musgrave Minerals signs agreement to acquire stake in Silver Lake’s Cue project in Australia

25 November 2015 (Last Updated November 25th, 2015 18:30)

Musgrave Minerals has signed an agreement to acquire an 80% interest in Silver Lake Resources’ Cue project in Western Australia.

Cue

Musgrave Minerals has signed an agreement to acquire an 80% interest in Silver Lake Resources' Cue project in Western Australia.

The project comprises the Moyagee Gold and Hollandaire Copper projects in the Murchison province.

Musgrave managing director Rob Waugh said: "This opportunity provides an advanced gold and copper project for Musgrave and we will immediately look to advance targets through discovery and extensional drilling to define sufficient resources to underpin a profitable near-term development scenario.

"The project is in a well-endowed gold district and an emerging, under-explored base metal province with significant upside."

"The project is in a well-endowed gold district and an emerging, under-explored base metal province with significant upside in both gold and copper with the potential for multiple discoveries."

Silver Lake discovered the Hollandaire Copper project in 2011.

Musgrave plans to carry out an RC drilling programme at the Hollandaire and Hollandaire West deposits in order to test its down plunge extension with additional drilling.

Drilling is planned to test other copper-gold targets with the focus on increasing the projects copper-gold resources.

The Moyagee project hosts a combined JORC (2012) and JORC (2004) compliant mineral resource of 1.93Mt @ 2.0g/t Au for 126,900oz contained gold within Lena, Leviticus, Numbers and Break of Day deposits.

Separately, Silver Lake Resources has signed an agreement whereby Metals X will purchase the company's Comet tenure and assets.


Image: Cue Project location plan comprising Hollandaire and Moyagee projects. Photo: courtesy of Silver Lake Resources Limited.