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Musgrave Minerals’ robust September Quarter augments its gold run

Highlights 

  • During the September 2021 Quarter, Musgrave significantly advanced its extensive regional RC drilling program. 
  • Regional exploration has continued to define strong gold mineralisation across multiple targets, with best results received at high priority Target 14, White Heat and Big Sky Prospects. 
  • In the current 7,000m planned program, nine diamond drill holes for 2,850m have been drilled on the Lake Austin area, with seven holes completed at West Island.

Musgrave Minerals Limited (ASX: MGV) recently released September 2021 Quarterly report during which it undertook many gold exploration initiatives. The Company remained active on its Cue gold exploration projects, with a total of 92 Reverse Circulation (RC) holes completed for approximately 11,973m in an extensive regional RC drilling program. Validating its proven track record of success.

ALSO READ: Musgrave Minerals (ASX:MGV) makes good progress in FY21

The Company with Cash and Cash equivalents of over AU$19.33 million remains in a strong financial position to fund exploration ventures at its gold project portfolio. Musgrave’s financial footing is further strengthened by its shareholding in Legend Mining Limited and Cyprium Metals Limited, with a combined value of approximately AU$1.2 million as of 22 October 2021. 

GOOD WATCH: Musgrave Minerals on consistent success in gold exploration and more!- Expert Talks Mr Robert Waugh

Regional Exploration Drilling advances well

During the quarter, Musgrave has been mainly focussed on regional exploration on its wholly-owned tenure at Cue. 

The program has continued to define strong gold mineralisation across multiple targets, with best results received at high priority Target 14, White Heat and Big Sky Prospects. All targets have been characterised by encouraging near-surface gold mineralisation, driving the Company to kick off with resource definition drilling at Big Sky and White Heat.

White Heat Prospect

White Heat is located 300m south of Break of Day, a high-grade gold deposit on the Cue Project. The prospect has a strike extent of approximately 70m and is open down plunge. The Company received high-grade results from the three diamond holes completed at White Heat. 

New significant drill results from White Heat prospect include:

  • 6.8m @ 17.8g/t Au from 47m (21MODD019)
  • 3.4m @ 107.6g/t Au from 74.6m (21MODD019)
  • 8.4m @ 6.8g/t Au from 27.3m (21MODD018)

ALSO READ: Musgrave Minerals (ASX: MGV) shares soar on Bonanza Gold grades at White Heat

Big Sky Prospect

RC drilling continued to define regolith gold mineralisation over a 2.6k long trend, 2km southwest of Break of Day, where it remains open down dip. Infill RC resource definition drilling is ongoing at Big Sky with the focus to delineate a maiden Mineral Resource in second quarter of 2022.

Source: Copyright © 2021 Kalkine Media, Data Source: MGV ASX update, dated 26 October 2021

RELATED ARTICLE: Musgrave Minerals (ASX:MGV) reports further thick shallow gold at Target 14 and Big Sky

Target 14 Prospect 

Target 14 prospect is located 1.2km of Break of Day. The drilling continues to intersect significant regolith gold mineralisation at Target 14. Significant new mineralisation intersected:

  • 36m @ 2.9g/t Au from 1 at 2m (21MORC185), including: 
  • 24m @ 4.1g/t Au from 24m

Lake Austin 

Aircore Drilling Program Results

Musgrave is currently managing the exploration at Evolution Joint Venture on Lake Austin with strong technical input from Evolution. The third phase of over 17,000m of aircore drilling is currently underway on Lake Austin.

The Company reported that 141 drill holes for 13,799m had been completed in the ongoing Phase three program. Further, post September Quarter-end, assays for the first 32 drill holes in the aircore program were reported, highlighting solid results in the West Island area. The encouraging results extend the regolith gold anomalism to more than 1.6km of the strike, where it remains open to the north and south.

Diamond Drilling Program Results

In the current program, nine diamond drill holes for 2,850m (of a planned total of 7,000m) have been drilled on the Lake Austin area, with seven holes completed at West Island. The assays for the first two diamond holes received are significant and includes:

  • 8.0m @ 3.0g/t Au from 212m (21MODD024) including: 
  • 9m @ 19.7g/t Au from 214.8m

READ MORE: Musgrave Mineral (ASX:MGV) buoyed on further high-grade results at West Island

Road Ahead for Musgrave Minerals’ Exploration

Musgrave’s 100% Tenements

A number of activities are in the pipeline at Musgrave 100% exploration ventures. These include: 

  • Infill resource definition RC drilling at the Big Sky prospect is continuing.
  • Follow-up RC drilling at Target 14 is scheduled to recommence in November.
  • Results for One-metre resamples from six-metre composites of ~60 RC drill holes from Big Sky, and Target 14 are expected in November.
  • Further assays of ongoing resource definition RC drilling at the White Heat prospect are expected in late November.
  • Works to progress the prefeasibility level studies at Break of Day and Lena are ongoing.

Ongoing Exploration at Lake Austin

  Lake Austin, Gold Exploration

Exploration at Lake Austin. Data Source: MGV ASX Update, dated 26 October 2021

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