Musgrave Minerals Ltd (ASX:MGV, OTC:MGVMF) and Evolution Mining Ltd (ASX:EVN) have identified more thick zones of regolith gold mineralisation in follow-up aircore drilling at West Island Prospect on Lake Austin within the Cue Joint Venture Project in Western Australia’s Murchison district.
The aircore results have extended the large regolith gold mineralisation to more than 1.6 kilometres and are centred 700 metres south of recent diamond drilling.
Best result is 68 metres at 1.49 g/t from 110 metres to the end of hole including 12 metres at 4.41 g/t from 134 metres.
Potential for multiple lodes
The mineralisation is hosted within a differentiated dolerite and structural interpretation suggests the potential for multiple parallel basement gold lodes.
Seven diamond drill holes have been completed at West Island in the current program with assays pending for five holes.
Diamond drilling to follow-up beneath these strong regolith aircore results has commenced.
The current aircore drilling is scheduled to be completed in late November.
Assay results are pending for a further 109 aircore drill holes in the current program.
"Potential new discovery"
Musgrave managing director Rob Waugh said: “This is an excellent result from aircore drilling and shows the extensive and thick nature of the regolith gold dispersion in this area.
“Diamond drilling has commenced in this new target zone 700 metres south of previous basement drilling and we look forward to providing the results as they come to hand.
“The diamond drilling will test for the possibility of multiple parallel basement gold lodes, which have the potential to enhance the economics of a potential new discovery.”
Increased footprint
Evolution vice president Discovery and Business Development Glen Masterman said: “We are very pleased with the recent drilling results, which have significantly increased the footprint of the mineral system we have identified on Lake Austin.
“The results reinforce our belief in the high-quality project we are delineating and validate the original area selection work by the Evolution team that led to the formation of our partnership with Musgrave.
“Evolution is well on its way to completing the 75% earn-in and we are developing plans with our partner to accelerate the drilling program over the next several months.”
Drill results
Other new aircore intersections are:
- 53 metres at 2.01 g/t from 108 metres to end of hole (EOH) including 27 metres at 3.63 g/t from 134 metres to EOH;
- 67 metres at 0.82 g/t from 87 metres to EOH including 44 metres at 1.17 g/t from 87 metres;
- 67 metres at 0.87 g/t from 88 metres to EOH including 12 metres at 3.33 g/t from 108 metres;
- 20 metres at 1.46 g/t from 110 metres;
- 20 metres at 0.99 g/t from 158 metres;
- 36 metres at 1.06 g/t from 112 metres; and
- 18 metres at 1.00 g/t from 124 metres.
Musgrave-Evolution Cue JV
In October 2019, Musgrave entered an earn-in and joint venture exploration agreement with Evolution Mining over a large area of Lake Austin and surrounds on the Cue Project.
The JV lies to the north of and excludes all the current resources at Cue (including the Lena and Break of Day deposits), the new White Heat and Big Sky discoveries, 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.
It has currently spent around A$6 million on the joint venture.
Musgrave is currently the operator of the JV, with Evolution providing strong technical geoscientific input and managing the diamond drilling program