Musgrave Minerals Ltd (ASX:MGV) managing director Rob Waugh has demonstrated his confidence in the company’s gold strategy by purchasing shares on-market.
The MD has today bought 260,000 shares with a total value of more than $22,000 for an indirect interest.
More than 1.717 million shares held
This interest now holds more than 1.717 million shares along with more than 6 million unlisted options in four lots expiring at various stages between November 2019 and November 2021.
READ: Musgrave Minerals extends gold mineralisation at Lake Austin discovery in Cue project
Earlier this week the WA explorer announced new assay results from the Lake Austin North discovery of the Cue Gold Project.
The broad gold intersections of up to 137.2 metres at 0.6 g/t from 97.8 metres, including 20.2 metres at 2.3 g/t from 194 metres, have extended mineralisation at the A-Zone.
Phase II drilling underway
A phase II diamond drilling program of a minimum of 15 drill holes for about 4,000 metres is underway with first assay results expected in late February.
Musgrave will also begin regional aircore drilling this week aimed at defining the extents of the A-Zone and C-Zone mineralisation to enable accurate diamond drill targeting along strike.
This program will also include preliminary first pass testing of new lake gold targets.
Aircore drilling is also underway to test three new gold targets on Cue’s northern tenure including the Vostock target, which is only 2 kilometres east of Westgold Resources Ltd’s (ASX:WGZ) Comet mine.
This week Waugh has also discussed the company progress at Cue, its raising of $5.5 million in a placement and the gold outlook in an interview with Proactive Investors’ Stocktube.