Musgrave Minerals (ASX:MGV) reports strong assay results from Big Sky, shares up 4%

Highlights

• Musgrave Minerals reports strong near-surface high-grade gold results from RC drilling at the Big Sky Prospect.
• The results validate the potential of the system to host higher grade zones and enhance the confidence in the geological continuity of the system.
• MGV is continuing various activities along with geological interpretation for the maiden Mineral Resource Estimate at Big Sky in late Q2 2022.

Musgrave Minerals Limited (ASX:MGV) has reported further strong assay results from the drilling undertaken at the Big Sky Prospect on its flagship Cue Gold Project. The project had recently witnessed reverse circulation (RC) and diamond drilling, which focussed on the top 100 vertical metres at Big Sky.

The Company has now received assays results for the final 43 RC and 8 diamond drill holes in the program.

On the back of the upbeat update, MGV stock was up 3.030% at AU$0.340 apiece on 05 April 2022.

Source: MGV Announcement 05/04/2022 

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Results validate the potential to host higher-grade zones

MGV’s RC and diamond drilling work at Big Sky has continued to intersect major gold mineralisation below thin transported hardpan cover (around 1-6m thick). Big Sky has only been tested near-surface to date and remains open depth.

This drilling focused on testing the continuity, grade and down-dip extent of the mineralisation at Big Sky from the surface through the weathered zone and into the top of fresh basement rock.

The results validate the potential of the system to host higher-grade zones and enhance the confidence in the geological continuity of the system.

Source: MGV Announcement 05/04/2022

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Several parallel, high-grade mineralised zones frequently associated with bigger envelops of lower grade mineralisation, have been continuously intersected through drilling. A package of sedimentary rocks and porphyry intrusives hosts the gold mineralisation.

Source: MGV Announcement 05/04/2022

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Significant intercepts from drilling

Given the extensive nature and continuity of the gold mineralisation, the Big Sky prospect is believed to have strong potential to substantially add to MGV’s current resource base at Cue.

The latest RC drill hole assay results include the following:

Source: MGV Announcement 05/04/2022

Intervals from diamond drilling confirming the mineralisation include the following:

Source: MGV Announcement 05/04/2022

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Ongoing work across assets

The Company is continuing additional activities, including the ongoing collection of specific gravity data from drilling together with the geological modelling that will focus on providing an MRE for Big Sky in May-June 2022.

Besides this, MGV has concluded RC pre-collars for phase 1 resource conversion diamond drilling at Break of Day and Lena and is continuing the drilling of diamond tails for these holes. Additional drill results currently remain pending.

MGV has finalised phase 1, the regional AC drilling program to the west of Lena, with final assays currently pending. The Company is also planning an additional phase of RC drilling at the Amarillo prospect, expected to begin in late April.

Source: MGV Announcement 05/04/2022

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MGV is also planning additional drilling of the White Heat-Mosaic and Big Sky prospects with a focus on further infill and extensions of the high-grade shoots below 120 vertical metres. This drilling is anticipated to kick off in late May 2022.

Post the resource update, the Company looks to initiate works to progress the pre-feasibility level studies at the new Big Sky and White Heat-Mosaic discoveries.

At the Evolution JV, diamond drilling is underway to test the basement below regolith gold mineralisation on Lake Austin, and a new regional program of AC drilling has been initiated to test new targets resulting from the exploration at the West Island prospect.