Sponsored

Musgrave Minerals (ASX:MGV) Buoyed up with High-grade gold Hits at White Heat

Summary

  • RC drilling at the White Heat prospect intersects robust assay results in the initial four Reverse Circulation (RC) holes
  • White Heat is is only 400m south of the high-grade Starlight discovery on the Cue Project.
  • The RC follow-up drilling of another five high-priority targets identified in regional aircore program is expected to commence within next two weeks (Targets 5, 14, 15, 17 and 20).  

Musgrave Minerals Limited (ASX: MGV) appears to be hitting it out of the park with strong assay results from reverse circulation drilling at the White Heat prospect (formally Target 2). Notably, White Heat discovered in the regional exploration drilling at the Cue Gold Project in Western Australia highlights a robust gold potential, and follows the discovery of the new high-grade Starlight lode.

Following the significant update, MGV shares marked an uptick of more than 4% on 1 February 2020, closing at $0.370. 

Hailing the latest assay results from the opening four RC holes at the new White Heat prospect as outstanding, Musgrave Managing Director Rob Waugh highlighted that this indicated the tenement package’s exploration upside. He added that 2-3m of transported hardpan clays had masked the high-grade and near-surface gold from previous explorers. 

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

An Overview of White Heat Prospect

The mineralisation at White Heat Prospect has an orientation analogous to the Starlight lode which is stationed 400 metres to the north. 

Source: MGV ASX Update, 1 February 2020

Also, White Heat is hosted within a basalt package, which is considered to have an identical stratigraphy to the one hosting Starlight. 

The mineralisation at White Heat is open along strike and at depth. Musgrave is currently undertaking further drilling at the prospect.

Besides White Heat, superior gold results from five additional targets have been identified via regional aircore (AC) drilling program. These targets would also be subjected to forthcoming drilling during the current RC program.

Drilling Results at White Heat

Drill holes at White Heat are spaced at 40-metre intervals along 20-metre spaced traverse lines. Musgrave has examined a combination of 6-metre composites and 1-metre individual samples from the RC holes at the White Heat prospect.

High-grade gold in two basement zones has been identified by initial RC drilling at White Heat. Significantly, both the zones are open along strike and at depth. So far, nine RC holes have been drilled at White Heat with assay results received for the initial four holes and drilling is ongoing. 

Kalkine Group Image (Data Source: MGV ASX Update, 1 February 2020)

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

Exploration Activities Ongoing/Planned 

Musgrave Minerals is undertaking several exploration endeavours, both at Musgrave’s wholly owned tenements and Evolution Joint Venture over Lake Austin. 

Activities in Musgrave 100% tenements

Reverse circulation drilling at the White Heat target is in progress. The focus of the drilling is to follow up on high-grade drill results recently returned by the regional aircore drilling program.

Musgrave has started RC follow-up drilling at targets 14 and 15 with results expected in early March 2021. The focus would be towards defining the gold anomalies’ basement source.

Meanwhile, RC drilling at Targets 17, 5 and 20 is scheduled to begin in the next two weeks. 

The Company will also kickstart an extensive regional aircore drilling program in early March 2021. The program will be targeted at defining gold anomalism over the existing targets. Meanwhile, Musgrave commenced the Prefeasibility study (PFS) at Break of Day and Lena. 

Evolution JV Exploration activities

On Lake Austin, extensive regolith gold anomalies identified in the regional aircore program is to be drill tested, with diamond drilling planned to commence next week. 

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK