The latter has been granted exclusive due diligence at the site until January 15 next year..
Eurasia says the idea is Lemuria will potentially fund some of the project through royalty streams.
In October, Eurasia unveiled a huge development deal with Chinese giant Sinosteel, which will build both the mine and processing plant through a contract worth US$176mln.
A loan facility from Sinosteel covers 85% of that project cost, which will sit on Sinosteel's balance sheet until the project is up and running, but a balance of balance of US$26 million is required to complete the project, Eurasia said.
Christian Schaffalitzky, Eurasia's managing director, said today: "We are excited by this opportunity to further reduce the risk on the development of the Monchetundra project.
"The royalty structure works by providing capital upfront to advance the development and is repaid from the mine revenue streams. This is another option being considered in seeking the best way forward for Eurasia."
Eurasia shares rose 8.15% to 0.730p on the news.