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Musgrave Minerals Ltd (ASX: MGV) has recently reported further encouraging assays from the recent regional scout aircore drilling program conducted at its flagship Cue Project in Western Australia’s Murchison district.

Following the update, MGV stock is trading ~6.4 per cent higher at $0.250 as at 12:03 PM AEST.

The aircore drilling results have extended the Lake Austin North gold anomalism to a strike of over 5.5km of validating potential for a large mineralised gold system. Significant results attained at Lake Austin North include:

  • 6m @ 4.2g/t Au from 116m (20MOAC031) including;
    • 1m @ 18.2g/t Au from 117m
  • 9m @ 2.25g/t Au from 136m to EOH (20MOAC041)

Additionally, results have identified robust regolith gold halos for targets at West Island and Mainland East. The drilling has also produced multiple high-priority basement gold targets for follow-up drill testing.

Musgrave is planning to commence Phase 2 scout drilling on Lake Austin in late-July 2020.


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