Highlights

• Musgrave Minerals (ASX:MGV) has unveiled a new set of high-grade gold assays from drilling at White Heat-Mosaic.
• The company is awaiting assays for additional infill and extensional reverse circulation drilling at Big Sky.
• MGV is continuing diamond drilling at the Waratah prospect, where RC drilling is planned to recommence in mid-November.
• The company expects deposits along the Break of Day trend to be the foundation of the development of its Cue project in the future.
• MGV plans to finalise the Stage 1 Cue PFS in Q1 2023.

Musgrave Minerals Limited (ASX:MGV) continues to put up a good show at its wholly owned ground at the flagship Cue Gold Project.

In a significant update, the company announced another set of high-grade gold assays from reverse circulation (RC) as well as diamond drilling at the White Heat-Mosaic deposit, part of the high-grade Break of Day Trend. The extensional RC drilling outside the existing Mineral Resource boundary has intersected key intercepts.

MGV expects the White Heat-Mosaic deposit to be a vital element of upcoming project development at Cue.

Subsequent to the announcement, MGV stock was up by 7.142% and traded at AU$0.225 midday on 07 November 2022.

Results validate near-surface and high-grade endowment

The White Heat-Mosaic deposit, defined by a subset of this inventory, is around 300m south of the Break of Day Trend.

Data Source: MGV

The latest drilling results, yet to be integrated into the resource estimate, validates the near-surface and high-grade endowment along this trend characterised by quartz lodes within a high-titanium basalt stratigraphic unit.

© 2022 Kalkine Media® | Data Source: MGV

Key intercepts from latest drilling

Via the drilling, MGV aimed at better defining the mineralised limits and high-grade plunge orientations at the deposit.

Below are the key intersections from RC drilling outside and within the boundary of the current Mineral Resource:

© 2022 Kalkine Media® | Data Source: MGV | Image Source: © Dgdimension | Megapixl.com

The mineralisation is currently open down plunge; however, it seems to be weakening at depth. MGV is gearing up for additional extensional drilling to validate shoot and plunge geometries.

The drilling indicates minor splay lodes, which are anticipated to have a limited strike extent.

MGV also received results for diamond hole 22MODD030 into the Mosaic lode. At this hole, the company intersected low-grade mineralisation in the quartz vein at the estimated depth but outside the high-grade plunge zone.

MRE at Cue Project and ongoing works

Data Source: MGV

Currently, MGV is focused on finalising the Stage 1 Pre-feasibility Study (PFS) in Q1 2023. The study, focused on the technical and financial viability of the initial years of the project, is aimed at the present Indicated Mineral Resources of the project.

Moreover, MGV plans to continue exploration and resource conversion drilling with an aim to extend the mine life beyond Stage 1.

Currently, the company is continuing various works across its 100% owned tenements as well as the Evolution JV.

© 2022 Kalkine Media® | Data Source: MGV | Image Source: © Adwo | Megapixl.com