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Musgrave Minerals (ASX: MGV) zooms ~9% on stellar gold assays

Summary

  • Musgrave has reported further high-grade RC gold assays from the White Heat and Numbers prospects. 
  • The Numbers prospect could serve as a potential satellite pit to support a more extensive development at Break of Day/Lena.
  • Musgrave is advancing follow-up basement drilling at Big Sky and Target 14. 

In an upbeat announcement, Musgrave Minerals Limited (ASX:MGV) has reported further high-grade reverse circulation (RC) gold assays from the White Heat and Numbers prospects at its 100% owned flagship Cue Gold project. The latest batch of assay results is an extension of robust regional drilling that has widened the resource potential of the project. 

The Cue Gold project, situated in Western Australia’s Murchison district, hosts the total current resource of 6.4Mt @ 3.2g/t Au for 659koz, with the Break of Day and Lena deposits contributing significantly. 

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

Following the significant announcement, MGV shares skyrocketed 8.6% on 25 May 2021, closing at A$0.440. 

ALSO READ: Musgrave Minerals’ (ASX: MGV) March Quarter report strewn with High Grade Gold Hits

White Heat Prospect Continues to return High-Grade Results

RC drilling undertaken at White Heat, 300 metres south of Break of Day, not only continues to confirm robust near-surface gold mineralisation but has also extended the mineralised high-grade shoot to 120 metres down plunge, where the mineralisation remains open. 

ALSO READ: Musgrave Minerals scores another set of great results at White Heat

Source: Copyright © 2021 Kalkine Media, Data Source: MGV ASX update, dated 25 May 2021

Six-metre composite samples from drill hole 21MORC051 returned 6 metres @ 3.6g/t Au from 18 metres.

The strike extent of the high-grade shoot at White Heat is up to 80 metres in fresh rock and has currently only been drilled to a maximum ~120 metres depth. 

The Company has also updated about the completion of further five RC drill holes at White Heat prospect. Drill holes are sited at approximately 40 metres intervals along 20 metres spaced traverse lines. Musgrave has received assays for all completed holes. 

ALSO READ: How Musgrave Minerals went from strength to strength in H1 FY21

Numbers Prospect could be satellite pit 

The Numbers prospect, situated around 3.5 kilometres south of Break of Day, hosts Inferred Resource of 278,000t @ 2.46g/t Au for 22,000oz gold. The Company foresees Numbers as a potential satellite pit, which would support a more extensive development at Break of Day/Lena.

The Company completed 22 resource definition RC drill holes at the Numbers prospect to confirm mineralisation continuity and improve resource estimate to the higher confidence Indicated category. 

The RC resource definition drill holes are spaced on an approximately 20m x 20m grid, with mineralisation from most drill holes consistent with the existing model. 

Source: Copyright © 2021 Kalkine Media, Data Source: MGV ASX update, dated 25 May 2021

One-metre samples from anomalous gold composites have been submitted for individual analysis, with results expected in late June.

ALSO READ: Musgrave Minerals Limited (ASX: MGV) buoyed up on extension of high-grade gold anomaly

A Sneak Peek at Musgrave’s Ongoing Activities

The Company anticipates receiving one-metre resamples from six-metre composite samples of ~40 regional aircore drill holes from Target 14 and Big Sky in June 2021. Meanwhile, Musgrave is progressing follow-up RC drilling at the new Big Sky target, aimed at defining the basement source. So far, 40 holes have been completed, with the first assay results expected in early June. 

Follow-up RC drilling has been kicked off to define the basement source of gold anomalism at Target 14. The initial assays are anticipated in June 2021. The Company is making good progress on the pre-feasibility study at Break of Day and Lena, with additional diamond drilling for metallurgical testing in progress.

ALSO: Musgrave Minerals (ASX:MGV) Continues Winning Streak At Target 14 With High-Grade Gold Results

On Lake Austin (Evolution JV), the diamond drilling program consisting of seven holes has been completed to follow up the extensive regolith gold anomalies identified in the regional aircore drilling program. Results are due in June. 

ALSO READ: Musgrave Minerals (ASX:MGV) maps out new gold corridor at Cue

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