Musgrave Minerals (ASX:MGV) intersects yet another high-grade gold at Cue Gold project

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Musgrave Minerals (ASX:MGV) intersects yet another high-grade gold at Cue Gold project

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 Musgrave Minerals (ASX:MGV) intersects yet another high-grade gold at Cue Gold project
Image source: © Awcnz62 | Megapixl.com

Highlights

  • Musgrave Minerals (ASX:MGV) has intersected high-grade near-surface gold mineralisation to the east of Break of Day prospect.
  • MGV has also uncovered two continuous mineralised zones at Waratah and is presently planning follow-up resource drilling.
  • Refinement of the key input parameters for PFS is underway, along with advancing the approval requirements to facilitate project implementation.

In the latest key development, Musgrave Minerals Limited (ASX:MGV) has declared additional encouraging assay results from reverse circulation (RC) drilling along the Waratah trend along with further gold anomalism in air core (AC) drilling over new regional targets.

These are located on MGV’s fully owned area at its flagship Cue Gold Project in the Murchison district of WA.

Key intersections at Waratah

11 RC drill holes drilled with the following at Waratah with the following near-surface high-grade intersections:

Source: MGV Announcement

MGV has identified two continuous mineralised zones at Waratah with a combined strike of more than 500m. MGV is currently involved in planning a follow-up resource drilling.

RC drilling results at Amarillo

The RC drilling at Amarillo has extended the regolith gold mineralisation with the following new intersections:

A new gold zone was intersected around 140m north of the Big Sky deposit through AC drilling, including 9m @ 3.8g/t Au from 44m (22MUAC371).

MGV believes that this result can potentially help in boosting the resource at Big Sky as this mineralisation remains open to the south towards the Big Sky deposit.

Currently, MGV is engaged in defining additional high-grade gold in the regolith at the Amarillo Prospect and has extended the northern gold mineralisation at Big Sky.

Source: ©2022 Kalkine Media® | Data Source: MGV

Significant intercepts from regional AC drilling

The new targets from regional AC drilling include four targets along the high-grade Break of Day/White Heat Mosaic trend. These new targets have been prioritised with basement follow-up RC drilling underway. Anomalous AC drill results from the regional program include the following:

MGV also concluded a regional AC drilling program over a large regional gold target located east of the Numbers deposit. A 1.3km long gold anomaly in Archaean regolith was uncovered through drilling in an area that had not witnessed basement drill testing.

The results include the following anomalous gold intercepts:

MGV is currently planning basement RC follow-up drill testing for later this year.

Ongoing feasibility and development works

MGV is continuing pre-development works to progress with preliminary optimised pit shells assisting the company’s resource conversion and follow-up drill planning at Big Sky and White Heat-Mosaic.

MGV has submitted metallurgical samples from Big Sky and White Heat-Mosaic and now anticipates receiving preliminary gold recovery results in November.

MGV is progressing with environmental analysis on back of the recent finalisation of project approvals with GAP analysis. This also provides more focus on required test works and surveys for the remaining part of the year.

MGV is progressing work through the regulatory and social approval processes for initiating gold mining operations at its Cue Project. The company is working towards the approval requirements to support project implementation following the assessment of development scenarios, while the company continues to work on the key inputs for the PFS.

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

MGV has submitted two new Mining Lease applications to complete coverage of key project areas. Furthermore, long lead time ground surveys and test work programs have been locked in for the remaining part of the year to prepare for regulatory submissions in 2023.

MGV stock was noted at AU$ 0.235, up by 2.173% on 19 Sept 2022.

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