The company signed a binding share purchase agreement (SPA) on 5 Nov 2024 to acquire 100% of Music Well Gold Mines from MCA Nominees. Credit: Phawat/Shutterstock.

Australian mineral explorer Augustus Minerals has finalised its acquisition of Music Well Gold Mines, which holds the exploration licences for the Music Well Gold project, situated 35km north of Leonora in the Leonora/Laverton Greenstone belt of Western Australia.

The company executed the binding SPA with MCA Nominees to acquire 100% of the issued capital in Music Well Gold Mines on 5 November 2024.

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The acquisition agreement between Augustus and MCA Nominees, controlled by director Brian Rodan, included a $75,000 (A$114,753) deposit at the SPA’s execution and a $200,000 cash payment upon completion.

The acquisition has resulted in Augustus Minerals securing ten granted exploration licences covering approximately 1,052km² and two exploration licenses in application covering 293km². The total tenement package spans 1,345km², making it one of the largest in the Eastern Goldfields region.

The acquisition complements Augustus Minerals’ existing portfolio, including the copper, base-metals and uranium-focused Ti-Tree Shear project in the Gascoyne.

Augustus Minerals is now in the process of reviewing historical exploration data from Music Well Gold Mines and other sources. The company anticipates releasing more details about the historical exploration within a week following this announcement.

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Since November 2019, Music Well Gold Mines has been consolidating tenements and conducting fieldwork, leading to the identification of high-priority targets for future drilling.

This addition is expected to provide valuable optionality alongside the Ti-Tree project, which already has around 3,600km² of tenements with potential for copper, gold and uranium.

The region surrounding the Music Well project is known for its gold endowment, with more than 12 million ounces (oz) of gold and annual gold production exceeding 450,000oz within a 50km radius.