Musgrave Minerals Ltd (ASX:MGV, OTC:MGVMF) has further demonstrated the upside potential of Big Sky prospect at the flagship Cue Gold Project in Western Australia with more near-surface, high-grade results.
Mineralisation at Big Sky has now been defined over 2.6 kilometres of strike ... and there appears to be more to come as the results continue to roll in.
The latest round of reverse circulation (RC) drilling delivered up to 2 metres at 34.9 g/t gold from 62 metres with other strong results including:
- 6 metres at 19.2 g/t from 87 metres;
- 3 metres at 20.3 g/t from 26 metres;
- 8 metres at 6.0 g/t from 65 metres;
- 9 metres at 5.4 g/t from 53 metres;
- 5 metres at 5.9 g/t from 29 metres;
- 6 metres at 4.1 g/t from 114 metres;
- 5 metres at 3.4 g/t from 53 metres;
- 2 metres at 9.0 g/t from 18 metres;
- 2 metres at 7.6 g/t from 18 metres;
- 2 metres at 7.6 g/t from 60 metres; and
- 2 metres at 7.0 g/t from 10 metres.
Diamond drilling results have also confirmed the high-grade nature of the mineralisation at depth, returning intervals of:
- 6.3 metres at 9.7 g/t gold from 39.6 metres; and
- 2.0 metres at 9.0 g/t from 127 metres.
Musgrave is planning to conduct further drilling at depth in the near future, as until now exploration has focused on the first 100 metres of mineralisation, which remains open.
Further resource upside
“The latest assay results from resource drilling at Big Sky confirm the potential of the system to host higher grade zones and improves the confidence in the geological continuity of the system,” Musgrave Minerals managing director Rob Waugh said.
“The scheduled May-June resource update will focus only on the top 100 vertical metres (dominantly weathered open cuttable mineralisation) and be an interim mineral resource update (adding Big Sky and White Heat-Mosaic) as we continue to grow our resource base.
“The high-grade gold mineralisation at Big Sky remains open down dip in fresh rock, which will be the focus of subsequent drill programs planned to commence in late May 2022.”
Now that all assays have been received from the most recent drill program at Big Sky, Musgrave will turn its attention to geological interpretation, leading into a maiden resource estimate (MRE) for the Big Sky prospect late in the second quarter of 2022.
Shares today have been as much as 7.6% higher to A$0.355 while the company's market cap is approximately A$182.52 million.
Ongoing activities
Musgrave 100% tenements
- Specific gravity (rock density) data is being collected at Big Sky and White Heat-Mosaic in preparation for a maiden MRE estimate which is scheduled for these two prospects in May-June 2022.
- RC pre-collars for phase 1 resource conversion diamond drilling at Break of Day and Lena are complete and the drilling of diamond tails for these holes is ongoing. Further drill results are pending.
- A phase 1, regional aircore drilling program to the west of Lena is complete. Final assays are pending.
- A further phase of RC drilling at the Amarillo prospect is being planned and will start in late April.
- Further drilling of the White Heat-Mosaic and Big Sky prospects is also being planned. This drilling will focus on additional infill and extensions of the high-grade shoots below 120 vertical metres (the current base of RC and diamond drilling). This drilling will begin in late May 2022.
- Work to progress the pre-feasibility level studies at the new Big Sky and White Heat-Mosaic discoveries will start post resource update.
Evolution JV
- Diamond drilling to test the basement beneath regolith gold mineralisation on Lake Austin is continuing.
- A new regional program of aircore drilling to test new targets derived from the exploration success at the West Island prospect has started.
- Evolution is now manager of the joint venture.