Musgraves Project
The Musgraves project comprises ten exploration
licences for a total of 8,800 sq kms. It is part of the
Musgrave Block, which remains one of the least
studied areas of Australia. The tenement package has
been assembled through joint ventures and acquisitions
as described below:
• EL’s 25562, 25564, 26382, 26383 and 26384 – Joint
venture with TNG Ltd whereby Western Desert
Resources Ltd can earn a 51% interest through the
expenditure of $750,000 within 18 months of grant
of tenement, with the option to earn a further 29%
with the expenditure in the subsequent 30 months
of another $1,250,000.
• EL25434 – Joint venture with Washington
Resources whereby Western Desert Resources Ltd
can earn a 51% interest through the expenditure
of $350,000 within 24 months of grant of tenement
with the option to earn a further 29% with the
expenditure in the subsequent 3 years of another
$700,000. The joint venture includes all elements
except tin, tungsten and molybdenum.
• EL’s 26741, 26742, 26743, 26744 – Purchased
from the previous holders for $150,000 and
1.5 million Western Desert Resources Ltd shares.
The Proterozoic terrain is considered to be highly
prospective for a range of commodities including• Nickel-Copper sulphides +/- Platinum Group
Element deposits like the giant Norilsk (>300mt)
mine in Russia.
• Lode gold deposits such as Telfer (150 tonnes Au).
• High-grade unconformity style uranium deposits of
the Alligator Rivers Uranium Field type e.g. Ranger.
• IOCG deposits such as Ernest Henry (160mt @
1.5% Cu, 0.5 g/t Au) and Warrego (1.6m ozs Au,
90K tonnes Cu).
All of the Musgraves project ground is Aboriginal
Freehold, and discussions in respect of the ground
under joint venture are at the negotiating phase of the
ALRA process. It is hoped that initial meetings with
the Traditional Owners will commence early in 2009.
The other tenements have recently come out of the
veto period, and applications for consent to grant are
in the submission process. |
