Musgrave Minerals Limited (ASX: MGV) is a gold and base metal explorer based in Perth, Western Australia. It is committed to expand through discovering and developing gold and base metal resources. The company is geared towards the precious yellow metal exploration and development at the Cue Project, situated in well-endowed WA’s gold producing Murchison province.
The Cue project is proving to be significant, with the success of the Company’s exploration program at the project turning out to be transformational for Musgrave. The project hosts substantial gold resource inventory at its Lena and Break of Day deposit, where a high-grade, near-surface Starlight gold lode was discovered.
Musgrave continues to witness significant upside at Cue while discovering gold outside the current resource boundaries. The Company’s systematic exploration is aimed at growing resources and assessing development options for delivering near-term cashflow.
Furthermore, the exploration undertakings are being advanced on the Lake Austin area, a part of the Evolution Earn-in and Exploration Joint Venture. They are significantly unexplored, with high gold prospects.
The existing gold resources, including Lena and Break of Day and the Mainland option area, are not the part of the Evolution JV Agreement.
Over the northern Cue tenure, including the Hollandaire copper deposit, Musgrave entered into a JV with Cyprium Metals Limited (ASX: CYM), which has 80% interest in the non-gold rights over the area with Musgrave free carried to completing a definitive feasibility study. Musgrave also retains full gold rights for gold dominant deposits.
Furthermore, the Company currently holds tenement applications in the Musgrave region of South Australia.