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Potential new gold lodes bolsters Musgrave Minerals gold quest at Cue

Highlights

  • Musgrave Minerals reports potential four new lodes in addition to high-grade gold assay results on its wholly owned Cue Gold Project, supporting the Company’s view about significant gold potential at Cue.
  • The drillhole 21MORC232 has returned new high-grade result and has potentially identified two new lodes in close proximity to Break of Day deposit.
  • A regional RC drilling program for testing further high-grade ‘Starlight’-type analogue lodes was completed across 12 separate targets, with four potentially significant zones intersected.

Australian gold-focused explorer Musgrave Minerals Limited (ASX:MGV) announced identification of potential four new lodes in addition to  high-grade gold assay results on its 100% owned ground at its flagship Cue Gold Project in Western Australia.

Triggered by the significant update, MGV share price soared 15%, trading at AU$0.385.

The drillhole 21MORC232 at a new target has returned new high-grade result and has potentially identified two new lodes in close proximity to Break of Day deposit. The recent drilling outcomes are in line with the Company’s view that a lot more gold can be found at Cue.

ALSO READ: Musgrave Minerals (ASX:MGV) reports bonanza gold grade hits at Big Sky

New gold lodes – ‘Starlight analogues’

A regional RC drilling program for testing further high-grade ‘Starlight’-type analogue lodes was completed across 12 separate targets. The Company has intersected four potentially significant, new zones of interest which may represent new lodes. Musgrave highlighted that all potential lodes have been subject to very limited drill testing so far and remain open.

Two new mineralised positions were intersected from the Drilling to the south of White Heat. These positions lie approximately 80m south of White Heat, 380m south of Break of Day, with both new lodes remain open to the west and down dip.

 Intersections at two new gold lodes

Source: Copyright © 2021 Kalkine Media, Data Source: MGV ASX update, dated 1 December 2021

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

Another potential new zone with two separate mineralised lodes was intersected from drilling undertaken 250m north of Break of Day. The only hole (21MORC318) which currently tested this position remains open to the east, west and down dip. The Company plans to kick off follow-up RC drilling on both new target areas next week. Drilling returned:

  • 1m @ 16.5g/t Au from 73m (21MORC318), and;
  • 1m @ 14.4g/t Au from 90m

Drilling at White Heat Prospect

RC drilling at White Heat has returned further gold intersections down plunge and along strike of the previous mineralisation.

New Intersection at White Heat

Source: Copyright © 2021 Kalkine Media, Data Source: MGV ASX update, dated 1 December 2021

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

What’s next at Musgrave’s gold assets?

Exploration aimed at gold targets (Musgrave 100% tenements)

White Heat- Follow-up drilling will commence next week on the new high-grade gold lode identified south of White Heat.

Big Sky prospect- Infill resource definition RC drilling is continuing at the Big Sky prospect, with further assay results expected in December. Diamond drilling is planned to begin next week which is expected to underpin a maiden Mineral Resource estimate in the second quarter of 2022.

Target 14- Assay results from RC drilling at the target are anticipated in late December.

Waratah Prospect- First pass broad spaced RC drill testing at Waratah Prospect, east of Break of Day has now concluded with assays expected in January.

Other significant undertakings planned at Musgrave 100% tenements

Musgrave has kicked off RC pre-collars for resource conversion diamond drilling at Break of Day and Lena while diamond tails would be completed in 2022. Moreover, a regional aircore program is planned to commence next week for testing the southern extension of the prospective West Island dolerite identified on the EVN JV to the north.

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

The Company is currently advancing work to progress the prefeasibility (PFS) level studies at Break of Day and Lena. The ongoing development in this context includes mining studies, environmental monitoring and assessments, metallurgical, processing, design and geotechnical test work.

ALSO READ: Musgrave Minerals’ (ASX: MGV) significant exploration progress expediting near-term gold production

Exploration ongoing and planned at Evolution JV

Source: Copyright © 2021 Kalkine Media, Data Source: MGV ASX update, dated 1 December 2021

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