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Musgrave Mineral (ASX:MGV) buoyed on further high-grade results at West Island

Highlights

  • More thick zones of regolith gold mineralisation over more than 1.6km of the strike were identified in a follow-up aircore drilling at West Island on Lake Austin. 
  • Diamond drilling has commenced to follow-up beneath the strong regolith aircore results, with ~700m of diamond drilling at West Island intersected further high-grade basement gold. 
  • The potential for multiple parallel basement gold lodes is highlighted by the mineralisation hosted within a differentiated dolerite and structural interpretation.

Australian explorer Musgrave Minerals Limited (ASX:MGV) and Evolution Mining Limited (ASX:EVN) announced the identification of more thick zones of regolith gold mineralisation from the follow-up aircore drilling programs on the Cue Joint Venture over Lake Austin in Western Australia’s Murchison district.

The aircore results at West Island Prospect have been robust, extending the extensive gold mineralisation to 1.6m. The results are centred 700m south of the recent diamond drilling. The Company highlighted that regolith mineralisation is over 150m wide in some areas. 

Following the significant update, MGV shares have surged 9% in two days, trading at AU$0.360 on 13 October 2021.

ALSO READ: Musgrave Minerals’ (ASX: MGV) significant exploration progress expediting near-term gold production

Lake Austin is a large area on Western Australia-based Cue Joint Venture, held by Musgrave Minerals and Evolution Mining Limited (ASX:EVN). The West Island zone is part of a broader regional 7km long anomalous gold corridor within the joint venture.

GOOD WATCH: Musgrave Minerals on consistent success in gold exploration and more!- Expert Talks Mr Robert Waugh     

Lake Austin Aircore Drilling Program Results

Exploration is advancing well under the Musgrave-Evolution Joint Venture, with two phases of regional aircore drilling completed on Lake Austin since October 2019. Meanwhile, the third phase of over 17,000m of drilling is currently underway. 

The Company reported that 141 drill holes had been completed for an advance of 13,799m to date in the third phase of drilling, with assay results received for the first 32 drill holes. 

RELATED ARTICLE: Musgrave Minerals (ASX: MGV) strikes a high-grade gold zone at West Island

Drilling Results, Gold Exploration, West Island  

Source: Copyright © 2021 Kalkine Media, Data Source: MGV ASX update, dated 12 October 2021

Lake Austin Diamond Drilling Program Results

Nine diamond drill holes have been completed for 2,850m in the current program, with seven holes completed at West Island. Assays have been returned for the first two diamond holes. 

Significant intercepts include:

  • 8.0m @ 3.0g/t Au from 212m (21MODD024) including: 
  • 9m @ 19.7g/t Au from 214.8m

The diamond drilling so far at West Island has only tested a small area of the basement, and the mineralisation remains open along strike and at depth. Musgrave reported that diamond drilling is underway at West Island. 

Comments from Evolution Mining

Commenting on the recent drilling assays, Evolution’s Vice President Discovery and Business Development Glen Masterman stated that these results have significantly increased the footprint of the mineral system identified on Lake Austin. He added that the results reinforce Evolution’s belief in the high-quality project and validate the original area selection work by the Evolution team that led to collaboration with Musgrave. 

ALSO READ: Musgrave Minerals enjoys golden run in June quarter; widens gold footprint at Cue

Mr Masterman highlighted that Evolution is on track to complete the 75% earn-in, with plans being developed together with their partner to expedite the drilling program over the next several months.

How is Exploration progressing on Lake Austin?

Follow-up diamond drilling on Lake Austin is underway while diamond drilling to test the basement beneath the new regolith gold mineralisation has commenced. In addition, assay results for five diamond drill holes at West Island are pending.

The current aircore drilling is anticipated to be completed in late November. Assay results for a further 109 aircore drill holes completed in the current program are pending. 

ALSO READ: Robust resource inventory puts Musgrave Minerals (ASX:MGV) on fast growth track at Cue

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