Meryllion Resources to Exercise Option for Mt Turner Copper-Molybdenum-Gold Project

Essex Minerals Inc. said Meryllion Resources will exercise its option on the Mt Turner copper-molybdenum-gold project in Australia, which entitles Meryllion to a 70 percent interest in the project through a further $3.8 million in exploration funding in three phases. interest in the project.

The Mount Turner project in northern Queensland is located to the west of Georgetown Inlier, an area that forms the majority of the declared Etheridge gold district.

Essex Mining has revealed that Meryllion Resources has formally notified the company that it intends to exercise its option to earn up to a 70% interest in the Mt Turner copper-molybdenum-gold project in northern Queensland, Australia, contributing a further $3.8 million in exploration over three phases.

On April 26, 2022, Meryllion entered into a 90-day option agreement with Essex to fund a minimum of $250,000 for exploration at Mt Turner copper-molybdenum-gold project, including a detailed IP survey to identify drill targets within the porphyry system. Upon completion of this expenditure, Meryllion has the right to earn a 70% interest in the project by funding a further $3.8 million of exploration in three phases.

In June, Meryllion announced the results of its recent IP survey and geological sampling, which delineated several very promising targets for drilling and further investigation. As a result, Meryllion has indicated that it has now exercised its option to do so and plans to proceed with a drilling program immediately.

Essex Minerals welcomes the first phase of exploration by Meryllion Resources on the Mt Turner copper-moly-gold project. The results of the Phase I IP program identified significant near-surface and deeper porphyry drill targets in conjunction with previously identified surface gold, copper, and molybdenum in soil anomalies. According to Meryllion, the new sulphide targets also correlate with peripheral associated gold mineralization targets on the regional scale Drummer Fault and further north in the breccia complex, making the Mt Turner project a compelling exploration hub.

Under the agreement, Meryllion can earn a 70% interest in the project by contributing a further $3.8 million to exploration in three phases: $400,000 to exploration within 12 months of exercising the option (first stage earn-in) to earn a 25% interest; $1.4 million to exploration within 36 months of exercising the option (second stage earn-in) to earn a 51% interest; and a further $2 million to exploration to earn a total 70% interest.

Essex is a Vancouver-based project developer specializing in mineral exploration and mine development, with a particular focus on developing gold projects in primary jurisdictions.

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