Musgrave Minerals (ASX:MGV) continues to receive high-grade gold assays from Cue JV

Highlights

• Musgrave Minerals has reported strong gold intersections from diamond drilling on the Cue Joint Venture with Evolution Mining Limited.
• The drilling activity is focused on the major mineralised gold lodes to define the scale of the mineral system at West Island.
• The joint venture committee will meet in February to approve the ongoing exploration program for H1 CY2023.

Musgrave Minerals Ltd (ASX:MGV) has reported another set of highly encouraging gold assay results from diamond drilling on the Cue project.

The Cue project is a joint venture (JV) between Musgrave and Evolution Mining Limited, which is the JV operator and is managing the ongoing exploration programs.

Evolution Mining completed drilling at the West Island prospect in the Murchison district of Western Australia.  In the latest update, the Company highlighted that drilling continues to intersect strong gold intersections within a basement dolerite host unit.

© 2023 Krish Capital Pty. Ltd. , Data and image source: Company update

Cue JV Drilling Program

The Cue JV drilling program is focused on the major mineralised gold lodes to define the scale of the mineral system at West Island. Evolution drilled another nine diamond holes for 4,091m on the Cue JV, of which assay results of six have been reported. The mineralised lodes are interpreted as a series of stacked shears and veins linked to high-grade splays.

Evolution has also drilled another 63 aircore drill holes for nearly 6,167m on the Cue JV. The table below depicts all significant new aircore drill assay results with hole collar information.

Summary of new aircore assay intersections >2-gram metres

Image source: Company update

This is what Musgrave Managing Director Rob Waugh has to say -

© 2023 Krish Capital Pty. Ltd. , Data and image source: Company update

Ongoing exploration of Musgrave – Evolution Cue Joint Venture

Musgrave entered the Cue JV with Evolution in October 2019. The Joint Venture is over a large area of Lake Austin and surrounds the Cue Project in the Murchison District of Western Australia. Below are the ongoing exploration activities at the JV:

• A joint venture committee has been set up and is expected to meet in February.
• At present, a data review is ongoing, and the JV committee will consider a program and budget for continuing exploration.
• Musgrave holds the right to contribute or can elect to dilute following the committee's approval of the program and budget.

The share price of Musgrave Minerals was noted at AU$0.220, with a gain of 2.325%, during early trading hours of Tuesday (24 January 2023).