Evolution Mining has solidified its ownership of the Cue gold joint venture (JV) with Musgrave Minerals, after satisfying the necessary earn-in requirements.
Having spent the necessary $18 million on exploring the project, Evolution has completed the earn-in and now owns 75 per cent of the Cue JV, with Musgrave Minerals owning the remaining 25 per cent interest.
The milestone paves the way for an unincorporated JV to be formed, along with a JV committee.
A data review is currently being prepared by Evolution to determine the next phase of exploration. Once the exploration program and budget are approved by the JV committee, Musgrave can choose to contribute to ongoing exploration expenditure on a pro-rata basis to maintain its 25 per cent interest, or it can choose to dilute.
Evolution first entered the Cue earn-in agreement with Musgrave in October 2019, which concerns a large area of gold-prospective tenure in the Murchison region of WA.
The earn-in lies to the north of Musgrave’s 100-per-cent-owned mineral resources at Cue, being the Lena, Break of Day, White Heat-Mosaic and Big Sky deposits.
Some notable drill results from the West Island prospect within the Cue earn-in area include:
- 6m at 6.4 grams per tonne (g/t) gold from 385.5m (drill hole 22CUDD012)
- 1m at 74.2g/t gold from 410.0m (22CUDD016)
- 2m at 66.0g/t gold from 438m (22CUDD008)
- 3.5m at 16.2g/t gold from 366m (22CUDD007)
- 19m at 4.4g/t gold from 282m (22CUDD001)
- 12m at 4.9g/t gold from 322m (22CUDD002)
- 4.26m at 41.5g/t gold from 160.74m (21MODD025)
Evolution Mining will continue as the JV operator and manager of ongoing exploration at Cue.