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Musgrave Minerals (ASX:MGV) hits bonanza gold grades, shares rise over 10% - Kalkine Media

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 Musgrave Minerals (ASX:MGV) hits bonanza gold grades, shares rise over 10%
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Highlights

  • MGV announced high-grade gold assay results from RC and diamond drilling along the Break of Day Trend.
  • Post the update on the ASX, shares of Musgrave Minerals (ASX:MGV) were up by ~11.5% during trading on Tuesday.
  • MGV is continuing to enhance its understanding of the system and the controls on mineralisation along with ongoing exploration work.

 

Musgrave Minerals Limited (ASX:MGV) shares zoomed up by 11.5% to AU$0.290 on 02 August 2022 after the company yet again delivered additional high-grade gold assay results. This time the impressive results are from RC drilling and diamond drilling along the Break of Day Trend at the White Heat-Mosaic deposit.

These results are from a combination of infill and extensional drilling and suggest the very high-grade nature of the near-surface mineralisation along the Break of Day Trend.

MGV believes that the latest results indicate the distinct potential of MGV’s 100% owned land assets at its flagship Cue Gold Project.

Source: MGV Announcement 02/08/2022

Near-surface and high-grade endowment confirmed

The recent drilling confirms the near-surface and high-grade endowment along the Break of Day trend. This trend has a total Mineral Resource Estimate (MRE) of 982kt @ 10.4g/t Au for 327koz contained gold and does not include the latest drilling results. Moreover, 70% of the MRE is in the higher confidence Indicated resource category.

A subset of this inventory defining the White Heat-Mosaic deposit stands at 185kt @ 11.0g/t Au for 65koz contained gold.

Source: MGV Announcement 02/08/2022

The latest drilling validates the near-surface and high-grade endowment along this trend, which features quartz lodes within a high-titanium basalt unit, which is believed to extend to the north and south at the Moyagee project and is presently undergoing testing through first pass AC drilling.

Besides this, the interpretation and boundaries of the resource were confirmed through the infill program. This further boosts MGV’s confidence in resource classification. This drilling was undertaken at White Heat-Mosaic to infill and extend the gold mineralisation.

Source: MGV Announcement 02/08/2022, © 2022 Kalkine Media ®

Significant intersections from drilling

The latest RC intersections extend the mineralisation ~30m beneath earlier high-grade drill results and surpass the present Mineral Resource boundary.

Source: MGV Announcement 02/08/2022, © 2022 Kalkine Media ®

A new splay lode in a new area of the deposit has been identified through RC drilling, which returned 6m @ 14.0g/t Au from 127m (22MORC137). This warrants further drilling to ascertain the extent and potential strike of this new lode.

MGV’s near-term planned works

MGV looks forward to initiating additional infill and extensional drilling in the current week, and the mineralisation remains open down plunge.

The company is advancing development works with initially optimised resource shells supporting resource conversion and planning for follow-up drilling as MGV continues to de-risk the project on as it moves forward on the development pathway.

MGV is continuing several works across fully owned projects as well as joint venture areas, and assay results for further drilling at Amarillo, Big Sky and regional AC targets are yet to be received.

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