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Musgrave Minerals defines new basement gold targets at Cue Joint Venture

Published: 00:51 27 Jan 2021 GMT

Musgrave Minerals Ltd - Musgrave Minerals defines new basement gold targets at Cue Joint Venture
Diamond drill testing of the new targets is scheduled for early February.

Musgrave Minerals Ltd (ASX:MGV) (FRA:6MU) has reported further assay results from its regional scout aircore drilling program on the Cue Joint Venture over Lake Austin with Evolution Mining Ltd (ASX:EVN) in Western Australia’s Murchison district.

Under the JV (which commenced October 2019) two phases of regional aircore drilling have been completed, comprising 436 holes for 48,895 metres.

Results have defined new gold regolith anomalies at West Island, with results including:  

  • 50 metres at 1.17 g/t gold from 70 metres to EOH, including 4 metres at 7.57 g/t from 114 metres;
  • 16 metres at 0.50 g/t from 87 metres to EOH;
  • 16 metres at 0.31 g/t from 84 metres; and
  • 44 metres at 0.31 g/t from 108 metres to EOH.

Drilling also extended the gold anomalism at Lake Austin North, with an intersection of 80 metres at 0.24 g/t from 84 metres, including 19 metres at 0.57 g/t from 145 metres.

The West Island regolith gold anomaly extends over more than 1.6 kilometres of strike and the Lake Austin North regolith gold anomaly extends over more than 5 kilometres of strike.

“Indicative of a large mineralised system”

The results continue to strengthen the company’s exploration model for a large gold system beneath Lake Austin.

Musgrave managing director Rob Waugh said: “The joint venture aircore drilling continues to define strong consistent gold anomalies under Lake Austin indicative of a large mineralised system in the basement.

“We are looking forward to the commencement of diamond drilling in February to test the basement beneath a number of these large regolith gold targets.”

Evolution Joint Venture

The Evolution JV excludes all the known resources at Cue (including Lena and Break of Day) and the Mainland option area.

Evolution can earn a 75% interest in the JV Area by sole funding A$18 million on exploration over a five-year term with a minimum commitment of A$4 million in the first two years.

Musgrave is manager of the JV during the initial period.

Location plan showing 2020 EVN JV aircore drill hole locations and includes historical drill holes

Next steps

Many drill holes from the aircore programs have terminated in anomalous gold, highlighting potential proximity to basement mineralisation.

The multiple high-priority basement gold targets will be followed up with diamond drill testing which is scheduled to commence in early February.

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