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Fresh gold targets at Evolution JV put spring in Musgrave’s steps

Summary

  • Multiple high priority gold targets on Lake Austin strengthen the potential for extensive gold system beneath. 
  • All additional results have been received from the Phase 2 regional scout aircore drilling program. 
  • A follow-up drilling program to test the high-priority targets is expected to commence next month.

The consistent gold anomalies on the Cue Joint Venture (JV) over Lake Austin with Evolution Mining Ltd have put Musgrave Minerals Limited (ASX: MGV) in high spirits. The Company has reported additional assay results from the Phase 2 regional scout aircore(AC) drilling program that generated several significant intersections.

The outcomes further bolster Musgrave’s exploration model for an extensive gold system beneath Lake Austin. The Company would therefore commencefollow-up diamond drilling in early February to test the gold targets. 

Kalkine Group Image (Data Source: MGV ASX Update, 27 January 2021)

An Overview of Drilling Program Conducted So Far

A total of 436 holes were drilled in both the phases for an advance of 48,895m on Lake Austin. 

The aircore drilling campaign obtained geological and geochemical data which was integrated with geophysical data. It was then used to provide vectors for basement drilling and target a large-scale gold system.

ALSO READ: Musgrave Minerals (ASX: MGV) continues to strike gold at Cue project

The results that were previously announced include:

  • The results for the Phase 1 program that consisted of 249 drill holes over 22,879m (June 2020)
  • the first half of the Phase 2 aircore drilling results (December 2020)

The Company has received composite gold results for all drill holes under the Phase 2 program consisting of 187 holes for 26,016m

Recent Results confirm the potential for a large, mineralised gold system

In 2018 and 2019, a significant thickness of basement gold mineralisation was intersected at the A-Zone target on Lake Austin. 

The extensive gold regolith ‘halos’ at Lake Austin North and West Island lie along a significant anomalous Lena-Break of Day shear gold corridor. With many AC holes terminating in anomalous gold, probable proximity to basement gold mineralisation has been highlighted, which demands further basement drill testing.

West Island

The regolith gold anomaly extends over a strike of more than 1.5km. New significant results from West Island include:

  • 20MOAC420- 50m @ 1.17g/t Au from 70m to end of hole (EOH) including 4m @ 7.57g/t Au from 114m
  • 20MOAC414- 16m @ 0.50g/t Au from 87m to EOH
  • 20MOAC362- 44m @ 0.31g/t Au from 108m to EOH
  • 20MOAC415- 16m @ 0.31g/t Au from 84m

Source: MGV ASX Update, 27 January 2021

Lake Austin North

The regolith gold anomaly at Lake Austin North extends over a strike of more than 5km. New significant results from Lake Austin North include:

  • 20MOAC327- 80m @ 0.24g/t Au from 84m including 19m @ 0.57g/t Au from 145m

So far, Musgrave has received a combination of four-metre composite assays and one-metre individual samples from the Phase 2 aircore program. The existing datasets are currently being integrated with the results for defining final basement drill hole locations for diamond drilling, which are scheduled to commence soon. 

ALSO READ: Musgrave Minerals (ASX:MGV) Soars 6% On Early Wrapping Of Share Purchase Plan

Developments Panning Out at Musgrave 100% Tenements

Musgrave Minerals is also engaged in advancing developments at the Company’s wholly owned tenements at the Cue project area.

Kalkine Group Image (Data Source: MGV ASX Update, 27 January 2021)

Management Comment

Commenting on the recent results, Musgrave Managing Director Rob Waugh stated that the aircore drilling under the Lake Austin joint venture continues to define solid, consistent gold anomalies that indicate an extensive mineralised system in the basement. He noted that Musgrave is looking forward to kickstart diamond drilling next month that would test basement beneath several such large regolith gold targets.

MGV shares traded at $0.370 mid-day on 27 January 2021.


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