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Australian gold explorer, Musgrave Minerals Ltd (ASX:MGV) welcomed further high-grade gold results that the assays from the Break of Day’s RC drilling program delivered. The drilling was focussed at the newly named Starlight link-lode, where multiple individual link lodes have been identified. The reported intersections sit outside the current resource boundary.
The assay results demonstrate high gold mineralisation prospects for Musgrave Minerals.
The company’s exploration programs are centric to the Cue Project that hosts the total mineral resource of 6.45Mt @ 3.0g/t gold. The Cue project is located in Murchison district situated in Western Australia and consist of the 100% owned Break of Day deposit.
Moving forward with the intent of investigating the best options for developing the low-cost operations that would be capable of delivering strong financial results for the shareholders, the company has witnessed drilling success across the Cue Project, including Break of Day, Mainland, Lena and Lake Austin North
Lens Through The Recent Drilling Results
The drill assays for newly named Starlight link-lode, over the strike length of 75 metres, returned consistent and high-grade mineralisation that remains open in all directions.
With two holes intersecting multiple high-grade lodes in the link position, the assays for the further four drill holes include:
- 6m @ 55.8g/t Au from 108m (20MORC012)
- 42m @ 5.6g/t Au from 146m (20MORC013) including
- 5m @ 12.6g/t Au from 146m
- 5m @ 32.2g/t Au from 165m
- 8m @ 1.0g/t Au from 180m to EOH
- 7m @ 7.0g/t Au from 183m (20MORC014)
- 60m @ 2.7g/t Au from 96m (20MORC015) including
- 6m @ 13.0g/t Au from 96m
- 6m @ 7.0g/t Au from 126m
Starlight Link-lode Ensuring Positive Gold Prospects
Starlight link-lode structure identification is significant from the company’s perspective as it provides the potential for adding the gold ounces to the resource without the requirement for drilling deeper on the deposit. The possibility of other linking structures within the region might further open new exploration search space and enhance the possibility of growing the resource base.
Thirteen holes were drilled during the RC Drilling Program at Break of Day for 2,490 metres. Along with the assays for the five drill holes that were announced previously, the latest assay results for the four holes demonstrate the positive potential for discovery. Within the next two or three weeks, the company is expecting the assay results of the remaining four drill holes.
Glimpse at Break of Day
The Break of Day resource incorporates two sub-parallel quartz vein lodes known as Velvet and Twilight that remain open at depth and to the south outside the current resource boundary, where the recent drilling has intersected gold mineralisation.
868kT @ 7.2g/t Au for 199koz contained gold is hosted by Break of Day. The recent assay results from the new Starlight lode is not included in the resource estimate.
Mainland-Consols Prospect Explored for Upside potential
Additional drill holes were drilled at the Mainland-Consols prospect for 808m. While the assay results demonstrate only low-grade gold mineralisation, for determining the upside potential of the Consols prospect further detailed analysis and interpretation are required.
To define further targets for drill testing, regional soil geochemical sampling is continuing at Mainland.
Ongoing Explorations
Musgrave 100% tenements
- Assays results from the four remaining RC drill holes testing the new Starlight link-lode position at Break of Day are expected in late March 2020
- Ahead of an anticipated resource update for the deposit in Q3, 2020, follow-up drilling will resume on the new link-lode at Break of Day
Evolution Joint Venture
- In aircore drilling over four separate targets defined by Archaean regolith gold anomalies, four-diamond drill holes have been completed for 1,578.3 metres. On completion of the assays, the results will be batched and reported.
- With 79 holes for 9,653m completed to date, the regional aircore drilling program on Lake Austin is progressing well. On receipt of assays, the results will be batched and reported on a target area basis.
By the end of the trading session on 16 March 2020, MGV stock closed at $0.082 per share, up by 10.82% from the previous trading session. It has given the positive return of 10.45% and 105.56% in the last one year and five-year period respectively.
