Musgrave Minerals Ltd (ASX:MGV) (OTCMKTS:MGVMF) (FRA:6MU) has received high-grade reverse circulation (RC) drilling results from White Heat and Numbers prospects within the flagship Cue Gold Project in Western Australia, demonstrating the potential for further gold discoveries.
The mineralisation shown at these prospects is consistent with the company's model expectations.
High-grade results
RC drilling at White Heat, 300 metres south of Break of Day, continues to confirm high-grade gold mineralisation near surface and has extended the mineralised high-grade shoot to 120 metres down plunge where it remains open.
Results include:
- 2 metres at 38.7 g/t gold from 10 metres;
- 3 metres at 12.3 g/t from 107 metres; and
- 2 metres at 9.4g/t from 109 metres.
Twenty-two resource definition RC drill holes were drilled at Numbers prospect to confirm continuity of the mineralisation and improve the resource estimate to the higher confidence indicated category.
Best intersections include:
- 12 metres at 9.1 g/t gold from 48 metres, including 6 metres at 17 g/t from 54 metres;
- 12 metres at 3.7 g/t from 18 metres;
- 18 metres at 2.3 g/t from 60 metres; and
- 18 metres at 2 g/t from 78 metres.
Results highlight “discovery potential”
Managing director Rob Waugh said: "These high-grade, near-surface gold results from White Heat and infill drilling at the Numbers prospect, together with the Big Sky discovery to the west further highlight the discovery potential of the project.
“Diamond drilling will shortly be underway at White Heat to confirm and extend the mineralisation.
“At Big Sky, 900 metres to the west, the company is continuing a 10,000 metres RC drilling program to better define the basement mineralisation and is awaiting assay results for the 40 RC drill holes completed to date.”
Diamond drilling at the White Heat prospect is scheduled to begin in two weeks.
Ongoing activities
One-metre resamples from six-metre composite samples of around 40 regional aircore drill holes from Big Sky and Target 14 are expected in June.
Follow-up RC drilling to define the basement source of gold anomalism at the new Big Sky target is continuing with 40 holes completed to date.
First assay results are expected in early June while follow-up RC drilling to define the basement source of gold anomalism at Target 14 has also begun with first assay results expected in June.
Works to progress the pre-feasibility study at Break of Day and Lena are continuing with additional diamond drilling for metallurgical testing underway.
Evolution JV
ASt the joint venture with Evolution Mining Ltd (ASX:EVN), the seven-hole, diamond drilling program to follow-up the extensive regolith gold anomalies identified in the regional aircore drilling program on Lake Austin has been completed with assay results expected in June.
Musgrave's shares have been as much as 8.7% higher to A$0.44, while the company's market cap is approximately A$213.3 million.