Macarthur Minerals Ltd. intends to acquire 15% of Yalgoo Exploration Pty. Ltd., which owns the Melville gold project in Western Australia.
Yalgoo Exploration owns two granted exploration licenses covering 191 square kilometers in the Murchison region, according to the Aug. 14 release.
Macarthur will enter a formal deed of settlement, under which its unit Macarthur Lithium Pty. Ltd. will receive a 15% stake in Yalgoo from its owner Mining and Metallurgy Process Solutions Pty. Ltd. upon meeting certain conditions.
The Melville project has a historical resource estimate of 1.3 million tonnes at 1.81 g/t for 75,377 ounces of gold in the indicated category, and 692,900 tonnes at 1.83 g/t for 41,740 ounces of gold in the inferred category, at a 1.0% cut-off grade.