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Musgrave Minerals deepens gold footprint at Big Sky, shares climb

Summary

  • Musgrave Minerals has doubled the gold mineralisation at Big Sky prospect to over 2.6km of strike. 
  • Big Sky has the potential to host a substantial mineralised system, demonstrated by the grade, extent as well as strong continuity of the mineralisation at the prospect. 
  • A 10,000m RC drilling program is currently underway at the prospect, with 26 holes completed so far.

Musgrave Minerals Limited (ASX: MGV) on Monday surged around 9% on the ASX in intraday trade after the Company reported further sets of impressive results at the Big Sky prospect, along the new 7km long gold corridor southwest of Lena at its flagship Cue Gold Project. Significantly, the regolith drilling program has doubled the gold anomalism at Big Sky prospect to over 2.6km of strike, where mineralisation opens to north and south. 

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

The ongoing regional drilling continues to deliver consistent exploration success, with several high-grade intersections returned below thin transported cover in areas not previously drilled.

Commenting on the latest high-grade results, Musgrave Managing Director Rob Waugh highlighted that the grade, extent as well as strong continuity of the Big Sky regolith mineralisation signify its potential to host a substantial mineralised system.

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

Mineral Resource extension on the cards for Big Sky Prospect?

The Big Sky Prospect is situated roughly 3.5km south of Break of Day, with the mineralisation remaining open to the north and south, where the Company has planned further drilling. The gold explorer has advised potential for two parallel zones of basement gold mineralisation at the prospect. MGV has assessed 6m composite samples from AC drill holes at Big Sky, and here are some crucial new intersections:

  • 18 metres @ 1.33g/t Au from 36 metres (21MUAC145)
  • 42 metres @ 0.46g/t Au from 12 metres to EOH (21MUAC155), including:
    • 6 metres @ 2.52g/t Au from 48 metres to EOH
  • 12 metres @ 0.97g/t Au from 48 metres (21MUAC184)
  • 24 metres @ 1.29g/t Au from 78 metres to EOH (21MUAC205), including:
    • 6 metres @ 3.80g/t Au from 84 metres
  • 6 metres @ 0.87g/t Au from 30 metres (21MUAC217)
  • 45 metres @ 1.05g/t Au from 42 metres to EOH (21MUAC227)

Source: MGV ASX Update, dated 17 May 2021

Aircore drill holes are spaced 40 metres apart along traverse lines, which are 160-320 metres apart. The extensive nature and continuity of the gold mineralisation at the Big Sky Prospect bolster its potential to increase the existing resource base. 

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

Meanwhile, Musgrave has also kicked off an extensive 10,000m follow-up RC drilling program for testing the continuity, grade, and down-dip extent of the mineralisation in the fresh basement rock. So far, 26 holes have been drilled, with assays pending. Musgrave indicated that the success of the follow-up RC drilling program would warrant resource definition drilling.

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

Source: Copyright © 2021 Kalkine Media, Data Source: ASX update, dated 17 May 2021

Road Ahead for Musgrave Minerals

At its 100% owned tenements, Musgrave is anticipating one-metre resamples in June from six-metre composite samples of ~40 regional AC drill holes drilled at Big Sky and Target 14. 

Assays for the ongoing RC drilling at the White Heat and Numbers prospects are anticipated in late May. 

Musgrave has kicked off follow-up RC drilling, which is focused on defining the basement source of gold anomalism at the new Big Sky target. 

The Company has also commenced Follow-up RC drilling at Target 14, geared towards defining the basement source of gold anomalism. Initial results are expected in June.

Works are continuing to advance the pre-feasibility study at Break of Day and Lena, with further diamond drilling for metallurgical testing in progress.

The diamond drilling program consisting of seven drill holes have been completed on Lake Austin, with assay results anticipated in June. The program was focused on following up the extensive regolith gold anomalies identified in the regional aircore drilling program. 

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

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