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

Summary

  • Aircore drilling at Target 14 continues to return robust gold results, defining high-grade mineralisation. 
  • Drill hole 21MUAC103 terminated in high-grade mineralisation, indicating proximity to the primary basement source for regolith gold mineralisation. 
  • Musgrave intends to kickstart follow-up drilling at Target 14 in around three weeks. 

Musgrave Minerals Ltd (ASX: MGV) has released another set of stellar gold results from Target 14, further widening its golden footprints. The regional aircore (AC) drilling was undertaken at the target in January 2021 at the Company’s 100% owned Cue Gold project. 

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

Following the significant update, MGV stock zoomed ~6% from the previous close, trading at A$0.365 on 21 April 2021. 

Hailing the latest results, Musgrave Managing Director Rob Waugh said that AC drilling continues to define high-grade mineralisation while also providing remarkable targets for basement follow-up along the new gold corridor west of Lena. Mr Waugh also underscored the significance of drill hole 21MUAC103 terminating in high-grade mineralisation, which in turn, hints at proximity to the primary basement source for regolith gold mineralisation. Musgrave would commence follow-up drilling after the completion of Phase 1 basement drilling at Big Sky prospect, Mr Waugh added. The follow-up drilling would test similar high-grade and extensive gold targets. 

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

Shallow High-Grade Gold Results Unveiled

The follow-up AC drilling program undertaken on the new gold corridor has continually intersected robust gold mineralisation with a shallow transported cover of 1-5 metres thickness. 

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

Source: MGV ASX update, dated 21 April 2021

Aircore drilling has returned significant results, including:

  • 12 metres @ 8.7g/t Au from 66 metres to EOH in 21MUAC103. 
  • 24 metres @ 1.3g/t Au from 60 metres in 21MUAC115.
  • 6 metres @ 2.9g/t Au from 24 metres in 21MUAC098.
  • 30 metres @ 0.75g/t Au from 24 metres in 21MUAC104
  • 78 metres @ 0.42g/t Au from 12 metres in 21MUAC095.

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

Individual 1-metre resamples of 6-metre composite samples from two RC (Reverse Circulation) drill holes at Target 14 have confirmed significant gold results, including:

  • 24 metres @ 3.0g/t Au from 40 metres in hole 21MORC019 including:
    • 9 metres @ 6.1g/t Au from 40 metres 
  • 2 metres @ 2.9g/t Au from 88 metres from hole 21MORC017

ALSO READ: Musgrave Minerals’ golden run continues at White Heat with latest results

The distribution of regolith gold mineralisation suggests the presence of possible numerous primary sources in the fresh rock beneath the mineralisation intersected. The RC drilling at Target 14 is planned in the coming weeks. Musgrave has advised that if the RC drilling program turns out to be successful, resource delineation drilling would be undertaken. 

Source: Copyright © 2021 Kalkine Media Pty Ltd, Data Source: MGV ASX update, dated 21 April 2021

ALSO READ: Musgrave Minerals eyes a golden 2021 with Cue project running like clockwork

Exploration Underway/Planned at Musgrave Gold Project portfolio

At Musgrave 100% tenements

  • Assay results for more than 110 regional AC drill holes are likely to be received within the next three weeks.
  • Further RC drilling is advancing well at White Heat as well as Numbers prospects, with results anticipated in May.
  • Musgrave has kicked off follow-up RC drilling at the new Big Sky prospect, with first results expected in late May. 
  • Follow-up RC drilling at Target 14 is scheduled to kickstart in around three weeks.
  • Works to advance the pre-feasibility study at Lena and Break of Day are ongoing.

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

At Evolution JV

  • Diamond drilling on Lake Austin is in progress.
  • The focus of the drilling is to follow up the extensive regolith gold anomalies identified by regional AC drilling program. 

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