Essex Minerals Inc. (TSX-V:ESX) revealed that Meryllion Resources Corporation has formally advised the company that it intends to exercise its option to earn up to a 70% interest in the Mt Turner Copper-Molybdenum-Gold project, in north Queensland, Australia by funding up to a further $3.8 million in exploration in three stages.

On April 26, 2022, Meryllion struck a 90-day option agreement with Essex to fund a minimum $250,000 on exploration at Mt Turner, including a detailed IP survey, to define drill targets within the porphyry system. After completing this expenditure Meryllion then had the right to earn up to a 70% interest in the project by funding up to a further $3.8 million in exploration in three stages.

In June, Meryllion announced the results of the recent IP Survey and geological sampling which delineated several highly prospective targets that warrant drilling and further investigation. Accordingly, Meryllion said it has now exercised its option and is planning an immediate drilling program.

READ: Essex Minerals hails first phase exploration on Mt Turner copper-moly-gold project by Meryllion Resources

The Phase 1 results from the IP program, identified significant near surface and deeper porphyry drill targets co-incident with previously identified surface gold, copper, and molybdenum in soil anomalies. According to Meryllion, the new sulphide targets are also associated with peripheral associated gold mineralization targets on the regional scale Drummer Fault and breccia complexes further to the north, making the Mt Turner property an exciting new exploration center.

According to the agreement, Meryllion can earn up to a 70% interest in the project by funding up to a further $3.80 million in exploration in three stages:

  • $400,000 on exploration within 12 months from the exercise date of the option (first stage earn-in) to earn 25%;
  • $1,400,000 on exploration within 36 months of exercising the option (second stage earn-in) to earn 51%; and
  • A further $2,000,000 on exploration to earn a total 70% interest.

Essex is a Vancouver-based project generator focused on mineral exploration and mine development, with a particular emphasis on gold projects in Tier 1 jurisdictions.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Source link


The above content is from google feed with the source link mentioned. If you wish to remove the content from here then contact us and it will be removed within 24 hrs.