How is Musgrave Minerals (ASX:MGV) positioned at its flagship Cue Gold Project?

June 16, 2022 03:26 PM AEST | By Mohammad Zaid
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  • Musgrave Minerals has increased the total Mineral Resources at its flagship Cue Project by 41%.
  • Currently, MGV is continuing multiple drilling programs across its project to define further near-surface gold deposits with three rigs active on the project.
  • MGV expects these programs to convert resources through different stages of the project.
  • MGV looks forward to making the Cue Project a viable large project.

Musgrave Minerals Limited (ASX:MGV) has been sharing back-to-back key critical developments at the Company’s flagship Cue Project.

The project comprises of two major trends, including a western trend and a very high-grade trend along the Break of Day resource zone. Musgrave has added a new resource in the very high-grade trend, White Heat-Mosaic. This suggests the high-grade nature of the prospect, which is very close to the surface.

RELATED READ: Major update, Musgrave (ASX:MGV) increases Mineral Resource for Cue Project to 927,000 ounces

Musgrave Minerals’ (ASX:MGV) Cue Gold Project

Source: MGV Presentation 03/05/22

Let us look at the latest developments at Cue Project.

Latest resource development

Recently, the Company reported an increase of 41% in the project's total mineral resource (Indicated and Inferred). MGV believes that this is a significant development and could enhance the upcoming development potential of the project.

Cue Project mineral resource now stands at 12.3Mt @ 2.3g/t gold for 927,000 ounces.

Musgrave Minerals’ (ASX:MGV) Cue Gold Project

Source: MGV Presentation 03/05/22

RELATED ARTICLE: Musgrave Minerals (ASX:MGV) highlights Cue Project’s gold exploration potential

The Company remains focused on continuous growth of its near-surface high-grade resources at Cue as well as advancing PFS level studies to contain these new deposits and potential resource upgrades in the future.

MGV remains confident that it can continue to extend its resource base as exploration drilling continues to intersect high-grade gold on new regional targets.

Ongoing work at Cue

Currently, MGV is continuing an aggressive drilling program at the Cue Project, which has numerous components to it. MGV is using a 15,000-meter air core drilling at early-stage pipeline opportunities, and the Company then plans to follow that up with 20,000-meter RC drilling.

Musgrave Minerals’ (ASX:MGV) Cue Gold Project

Source: MGV Presentation 03/05/22

RELATED READ: Musgrave Minerals (ASX:MGV) prepares for further action after a busy March quarter

Besides this, the Company also has a diamond drilling program currently underway. With numerous ongoing programs, MGV expects these programs to convert resources through different stages of the project and intends to find new resources in order to continue building the resource base.

The Company is focused towards making Cue Project a viable large project.

Bottom Line

MGV expects upcoming development scenarios to lead to good margins at its Cue Project. The Company’s flagship project also has a western trend that adds a lot of tonnage and ounces in the gold space to be a baseline fee for a future development scenario in the project.

RELATED READ: Musgrave (ASX:MGV) to acquire 100% interest in Mt Magnet South Project

MGV stock was noted at AU$ on 16 June 2022.  


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