In a notable development, Australian yellow metal exploration company Musgrave Minerals Limited (ASX: MGV) appears to be making progressive strides in its gold exploration endeavours at the flagship Murchison district’s Cue Project.
Musgrave has reportedly resumed the Reverse Circulation (RC) drilling at the newly discovered high-grade link lode at Break of Day which lies on Western Australia based Cue Gold Project.
The RC drilling is principally centric to drill testing the depth and strike extent. The RC campaign would comprise of approximately 20 holes for 4,000 metres.
ALSO READ: Musgrave Makes An Exquisite Glide On New Starlight Gold Discovery; Raises 6 Million Capital
Musgrave Minerals, following the completion of the ongoing RC Program, plans to commence the Diamond Drilling (DD) program which would further test Starlight mineralisation at depth.
Concerning the current Starlight exploration, Musgrave Managing Director Rob Waugh indicated that the company is quite active on the Cue Gold Project and would continue drilling for defining the extent of the Starlight lode demonstrating high-grade gold results.
He also highlighted that the RC drilling followed by the diamond drill program is expected to further pave the way for Cue Project resource update in Q3 2020. The company would be reporting the new drill assay results timely to the market.
A Glimpse at the High-Grade Starlight Link Lode
The new Starlight gold discovery lying at Break of Day has reportedly intersected high-grade gold, with all the recent intersections sitting outside the boundary of the current resource. The starlight mineralisation consists of various veins with high-grade gold dipping steeply to the southwest.
It is currently interpreted to lie within a zone which is at least 100 metres long and trends northwest southeast. The mineralisation at Starlight remains open to the northwest and both up, and down dip.
ALSO READ: Musgrave Riding High Backed by High-Grade Gold Results at Break of Day’s New Starlight Lode
The company noted several high-grade gold results during the March 2020 quarter. Significant intercepts at Starlight include:
- 20MORC018- 42m @ 6.8g/t Au including
- 4m @ 65.9g/t Au
- 20MORC013- 42m @ 5.6g/t Au including
- 5m @ 12.6g/t Au
- 5m @ 32.2g/t Au
- 20MORC012- 6m @ 55.8g/t Au
ALSO READ: Musgrave’s Quarterly Report Card Highlights Significant Discoveries and Developments
Gold Resource at Cue Project
A total resource of 6.45Mt @ 3.0g/t Au for 613koz is hosted by the Cue Gold Project. The total resource includes 868Kt @ 7.2g/t Au for 199koz contained gold at Break of Day and 4.3Mt @ 2.3g/t Au for 325koz contained gold at Lena.
The exploration at the Cue Project is centric to Break of Day, Lena, Mainland and Lake Austin Region.
At the Starlight and Twilight lode at Break of Day, Musgrave has intersected high-grade mineralisation that sits outside the current resource boundary. Meanwhile, a significant mineral resource increase by 112% at Lena has increased the total resource at the Cue Project.
At the Mainland prospect area, following the RC drilling, a high-grade shoot of approximately 100 metres strike extent is defined. Besides, the regional air core drilling has commenced under the Evolution Joint Venture on Lake Austin.
Ongoing Exploration
Musgrave 100% tenements
- Musgrave is expecting the first assays from the RC drilling at Starlight in early June 2020.
- The diamond drilling at Break of Day’s Starlight lode will lead to the Resource Update in Q3 2020.
Evolution JV
- The regional aircore geochemical drilling program is advancing well on Lake Austin. Musgrave would report the results on completing the program and receiving the final assays.
Stock Performance
By the end of the trading session on 5 May 2020, MGV stock traded at $0.110. As on 4 May, the stock has generated the returns of 48.65% and 89.66% to its shareholders in the past six months and one year, respectively.
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