Highlights

• Musgrave Minerals (ASX:MGV) has received new assay results from RC drilling across several deposit and prospect areas at its Cue Gold Project.
• The assays highlight excellent results with many intercepts above the current Mineral Resource grade of 10.2g/t gold.
• Infill RC drilling at Lena has also delivered new high-grade intercepts outside the Stage 1 PFS pit design.
• New targets of interest with upside potential have been detected from regional drilling, says the company.

Australian gold exploration company Musgrave Minerals Ltd (ASX: MGV) has reported another set of assays from reverse circulation drilling completed across numerous deposit and prospect areas at its Cue Gold Project in the Murchison district of Western Australia. The assays have been announced for a set of extensional and infill drill holes and underline the growth potential of the project, says the company.

Break of Day High-grade Mineralised Trend
For the Break of Day high-grade mineralised trend, the total Mineral Resource Estimate has been measured at 982kt @ 10.4g/t Au for 327koz gold, of which 70% comes under the higher confidence Indicated Resource category.

Under the Stage 1 PFS of Break of Day, there is a 668kt @ 7.0g/t for 149.3koz in open pit mining with a subsequent underground mine tally of 484kt @ 4.8g/t for 75.2koz as a production target.

A reverse circulation drilling campaign within the Stage 1 Prefeasibility Study open pit design has been completed. The drilling has returned very high-grade intercepts with many above the current resource grades in these areas, as per the company.

New intersections inside the MRE wireframe (not yet included in MRE) at Break of Day cover:

• 23MORC141 - 9m @ 61.4g/t Au from 36m, including 2m @ 248.0g/t Au from 36m
• 23MORC154 - 15m @ 60.3g/t Au from 14m, including 1m @ 845.1g/t Au from 24m
• 23MORC153- 17m @ 35.7g/t Au from 40m, including 1m @ 222.1g/t Au from 40m and 1m @ 233.8g/t Au from 54m
• 23MORC157 - 7m @ 20.2g/t Au from 94m, including 1m @ 86.2g/t Au from 95m
• 23MORC156 - 5m @ 21.2g/t Au from 66m, including 1m @ 84.3g/t Au from 67m
• 23MORC143 - 17m @ 6.1g/t Au from 15m
• 23MORC142 - 16m @ 4.8g/t Au from 13m
• 23MORC149 - 2m @ 5.7g/t Au from 70m
• 23MORC151 - 2m @ 5.2g/t Au from 129m

New intersections outside the current MRE wireframe (extensional) but inside the Stage 1 PFS open pit design at Break of Day include:

• 23MORC147 - 1m @ 7.4g/t Au from 44m
• 23MORC141 - 7m @ 1.4g/t Au from 53m
• 23MORC157 - 1m @ 6.1g/t Au from 34m

The company believes that the latest outcomes hold the potential to boost the project value and the life of mine.

Break of Day North

During former drilling campaigns at the Break of Day North, around 14m @ 2.8g/t Au from 50m, including 4m @ 8.2g/t Au from 50m (22MORC413) was intersected.

Also, 1m @ 19.5g/t Au from 62m (23MORC053) was intersected during follow-up RC drilling. This new high-grade mineralised position is present within the desired high titanium basalt unit that contains the Break of Day (797kt @ 10.2g/t Au for 262koz gold) and White Heat (185kt @ 11.0g/t Au for 65koz gold) deposits.

Lena

With a total Mineral Resource Estimate of 4.3Mt @ 2.3g/t Au for 325koz gold, the Lena deposit Stage 1 PFS highlighted mining of 723kt @ 1.7g/t for 39.7koz in three open pits at Lena as a production target.

New RC drill intersections inside the current MRE wireframe but outside the Stage 1 PFS pit designs include:

• 23MORC096 - 16m @ 7.7g/t Au from 62m
• 23MORC097 - 1m @ 18.0g/t Au from 19m
• 23MORC103 - 3m @ 4.7g/t Au from 10m
• 23MORC107 - 8m @ 2.2g/t Au from 22m

New infill RC drill intersections outside the current MRE wireframes and outside the Stage 1 PFS open pit designs include:

• 23MORC098 - 1m @ 12.1g/t Au from 68m  
• 23MORC101 - 1m @ 8.3g/t Au from 30m
• 23MORC105 - 1m @ 12.2g/t Au from 88m
• 23MORC105 - 6m @ 2.3g/t Au from 96m

New target areas and Results for Regional Aircore and RC Drilling Programs

• A regional RC and aircore drilling program focused on defining new targets to grow the resource base has been completed.
• Selective sterilisation drilling to advance development of the Cue Gold Project has been completed.
• Anomalous gold has been identified in new areas including East Numbers, Karanui and the southern extension of the Lake Austin Dolerite which is the major host rock for the gold mineralisation at West Island on the Evolution Joint Venture.

MGV shares traded at AU$0.310 (market cap over AU$183 million) on 13 June 2023.