Musgrave’s JV Partner Identifies Significant High-Grade Extension at Cue Copper Project; Stock Soars

Cyprium Metals Limited (CYM), the joint venture partner of Gold and base metal explorer Musgrave Minerals Limited (ASX: MGV) has been exploring base metals at Cue Copper project for quite some time now.

Cyprium Metals has recently informed about the significant high-grade extension intersected at Hollandaire prospect following the recently completed Reverse Circulation (RC) drilling at Cue Copper Project.

Drilling Highlights from Hollandaire prospect

RC drilling at the Hollandaire prospect has intersected a significant extensional mineralisation of 18.0m @ 1.97% Cu in drillhole 19HORC029 from 295m downhole including:

  • 12.0m @ 2.74% Cu with 0.61 g/t Au and 6.75 g/t Ag from 295m
  • 8.0m @ 3.63% Cu with 0.84 g/t Au and 8.94 g/t Ag from 296m
  • 3.0m @ 6.10% Cu with 2.61 g/t Au and 16.25 g/t Ag from 296m

The assay results from Hollandaire drillholes 19HORC030 to 19HORC038 are expected to arrive soon and when received they will be taken into consideration for the next phase of extensional drilling at Hollandaire, to commence later this month post the completion of the planned phase 3 drilling at Eelya South.

Drilling Highlights from Eelya South prospect

CYM finished ~4k metres of RC drilling at the Hollandaire, Rapier and Eelya South prospects at the Cue Copper Project during the last two months of 2019.

At the Eelya South prospect, the RC drilling programme comprised of 13 drillholes targeted at the down-dip extensions of the structure; 11 of those (included in Phase 1 and 2 designs) have intersected a depleted zone of the structure, including:

  • 19ESRC001: 1.0m @ 1.36% Cu with 0.04 g/t Au and 1.00 g/t Ag from 47m
  • 19ESRC007: 1.0M @ 1.32% Cu with 0.18 g/t Au and 29.50 g/t Ag from 46m

The remaining third phase of the Eelya South RC drilling programme is currently underway. Expected to be completed by the end of January 2020, the assay results are expected to be available during Q1 FY20.

Notably, the initial assay results received till now have been very encouraging as one of the RC drillholes of the phase 3 programme has intersected sulphide material below the depletion zone, returning three metres at 1.34% copper from a shallow depth of 61 metres.

Recently on 12 January 2020, the company conducted downhole geophysical investigations, results of which are expected by the end of January 2020. In order to define further Eelya South mineralisation, these results will be used along with the RC drilling assay results to plan the next phases of drilling.

Cue Gold Project Update

On the other hand at Cue Gold Project, Musgrave had recently reported high-grade gold results from RC drilling at Lena and individual one metre resamples from drilling at Break of Day and Mainland, which highlighted the resource growth potential of all three prospects.

Ongoing Exploration at Cue Gold Project

Musgrave is currently progressing towards delivering a Lena resource update later in Q1 2020 while it continues to progress with the diamond drilling on the Evolution JV at Lake Austin North.

On the broader JV area over Lake Austin at Cue, Evolution and Musgrave and planning a large aircore drilling programme to further define gold targets, and on the other hand, a follow-up drilling of the possible ‘link-lode’ at Break of Day is expected to commence in late January 2020.

Besides all this, a further follow-up RC drilling at Mainland on the Consols target is scheduled to commence in February 2020.

At market close on 20 January 2020, MGV stock was trading at $0.089, up by 4.71% intraday, with a market cap of $34.46 million.

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