Medusa Mining Ltd. entered an earn-in agreement over the Hill 212 epithermal gold-silver and the Mount Clark West porphyry copper-gold exploration projects in Central Queensland, Australia.
The company said July 5 that it can earn up to a 90% interest in either or both projects from Ellenkay Gold Pty. Ltd. by managing and funding work programs through to the completion of a pre-feasibility study.
Medusa is required to spend at least A$1 million on exploration across both projects in the first year before it is able to withdraw. It can earn an initial 49% interest by spending A$750,000 on each project, take it up to 70% by spending a further A$750,000 and complete the 90% earn in by funding the pre-feasibility study.
Both projects have drill targets generated through previously completed geochemical and geophysical work programs. Medusa will manage the exploration program during the earn-in period and drilling is expected to start in the September quarter.