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Musgrave to sell Corunna silver-lead-zinc project to Petratherm

Petratherm Ltd. said Dec. 15 that it signed a letter agreement to acquire up to a 75% interest in exploration license 5497, dubbed the Corunna silver-lead-zinc project, in South Australia from Musgrave Minerals Ltd.

The South Australia-based geothermal energy company can initially acquire a 51% stake in the 260-square-kilometer project and take it up to 75%.

For the transaction to go through, Petratherm's shares must get reinstated to quotation on the ASX, including a significant change to the nature of its activities.

The company is also required to raise at least A$4 million.