SA's Musgrave area explorer plans $15m listing on the Australian Securities Exchange
- Tue Nov 30 00:30:00 EST 2010
ONE of the least explored areas of the state will be targeted by a new company seeking to raise up to $15 million.
Musgrave Minerals was born out of the idea to combine the Musgrave tenements of a number of companies, and list them on the Australian Securities Exchange.
Mithril Resources managing director Graham Ascough said a number of companies had Musgrave tenements which were under-utilised because they were focussed in other areas - in Mithril's case on its Huckitta copper/cobalt project near Alice Springs.
The Musgrave area in the far northwest of the state has great potential however, he says, but has been under-explored.
"Some time last year we recognised we were going to struggle to fund Mithril's Musgrave program because we'd had some success at our Huckitta project,'' he said.
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