Gold and base metals explorer, Musgrave Minerals Ltd (ASX: MGV) is currently focussed on the exploration and development of its Cue Project, located in the Murchison Province of Western Australia. The Cue Project is an advanced gold and copper project which is believed to have significant potential to extend its existing mineralisation and discover new gold and copper deposits.
Stunning high-grade drill results at the Cue Copper Project
On 14 October 2019, Musgrave Minerals noted Cyprium Metals Ltd’s (CYM) announcement in relation to the Cue Copper project, wherein, CYM has revealed stunning high-grade drill results from the metallurgical diamond drilling programme, that involved drilling three holes into the historical mineralised envelope at Hollandaire and Hollandaire West at the Project.
The Backstory of Musgrave and CYM
As announced on 25 March 2019, Musgrave has granted an option to CYM, a privately-owned Australian mineral exploration company, to earn-in and joint venture for an 80 per cent interest in the non-gold rights over the tenements at the Cue Copper Project. This is in pursuant to an agreement between Musgrave and CYM’s 100% owned subsidiary.
Major Highlights of the Diamond drilling programme
- The first hole (19HOMET001) at the Hollandaire West mineralisation returned disseminated copper sulphide mineralisation, mainly containing chalcocite;
- The second (19HOMET002) and third hole (19HOMET003) in the programme returned massive sulphide mineralisation, containing massive pyrite and copper sulphide mineralisation, as predominantly chalcocite with minor chalcopyrite and bornite;
- The intersection returned in the third hole is the highest-grade intersection encountered in the mineralised zone to date;
- At Hollandaire West, a single diamond drill hole was completed and returned 27.9m @ 1.1% Cu in drill hole 19HOMET001 from 45.7m downhole including 9.0m @ 1.6% Cu with 0.1 g/t Au and 2.3 g/t Ag from 63.2m; this result compares well with the results of the previously released Phase 1 Reverse Circulation (“RC”) drilling, as announced on 26 September 2019;
- At Hollandaire, the first diamond drill hole (19HOMET002) resulted intercepts of 19.1m @ 1.3% Cu from 85.9m downhole including 6.4m @ 2.1% Cu with 0.5 g/t Au and 10.5 g/t Ag from 98.6m;
- The second drill hole at Hollandaire, 19HOMET003, resulted in the best intercept of 10.4m @ 14.9% Cu from 84.5m downhole including 4.5m @ 21.9% Cu with 1.2 g/t Au and 46.4 g/t Ag from 90.4m.
CYM is very pleased with the results from the metallurgical diamond drilling and initial Phase 1 RC drilling and is looking forward to providing further positive news as further results of drilling and assaying are received. The results are at least equivalent to the historical intercepts and there are several copper mineralised intercepts lying outside the historical mineralised envelope at both Hollandaire West and Hollandaire.
Cue Copper Phase 1 RC drilling programme results
CYM had earlier announced the results from the Phase 1 RC extensional drilling programme conducted at the Cue Copper Project:
Cue Gold Project Update
The company recently revealed encouraging results from Break of Day deposit as well as Mainland prospect, both part of Cue Gold Project. Below are the Notable results:
- Break of Day mineralisation extended to the south with drilling intersecting: 3m @ 13.9g/t Au from 53m down hole (19MORC017) including 2m @ 20.0g/t Au from 53m down hole;
- High-grade rock-chip sample identified at Mainland in area with no previous drilling;
While commenting on the results, Musgrave Managing Director, Mr. Rob Waugh highlighted that, this is another strong drilling result extending the high-grade gold mineralisation at Break of Day, and he further stated that the ultra-high grade rock-chip sample at Mainland is encouraging as this prospect has never been drilled, highlighting the potential for ultra-high grades in the Mainland area.
To know more about Cue Gold project Click here.
At market close on 15 October 2019, MGV’s stock was trading at $0.077 with a market capitalisation of circa $31.62 million. Notably, in the last one year, MGV’s stock has increased by 44.44%.
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