- Musgrave Minerals has been significantly engaged in undertaking key exploration activities at its 100% owned Cue Gold Project.
- The record high gold prices amidst COVID-induced uncertainty seem to be enhancing the prospects of Musgrave’s gold exploration efforts.
- The ongoing drilling campaign at the Project’s Break of Day resource has been witnessing key exploration upside at Starlight and White Light lodes.
- Follow-up RC drill campaign is now complete at Starlight, with diamond drilling ongoing; further assays are expected.
- Musgrave is also undertaking drilling at newly discovered White Light lode.
- Musgrave plans to provide an updated JORC resource estimate for Break of Day, including Starlight and White Light discoveries, by late Q3 2020.
Australian gold exploration company Musgrave Minerals Limited (ASX: MGV), with its robust project portfolio and successful endeavors, appears to be sitting on a sweet spot. Adding hues onto the rainbow, the record high gold prices amidst COVID-19 induced volatility seem to be further broadening the prospects of its gold exploration efforts.
Meanwhile, the flagship Cue Project in the Murchison Province of Western Australia has observed high-grade gold assays from the effective drilling campaign undertaken at its Break of Day Resource.
The year 2020 so far has panned out exceptionally well for the Company both in terms of exploration results as well as stock performance.
Musgrave share price has soared ~7x over the last six months. The shares last traded at $0.61 on 11 September 2020.
As the Company’s exploration endeavours continue to pay off well in the current booming prospects, let us explore key areas that seem to have kept Musgrave in the spotlight.
Exploration Focus on Break of Day
The Australian explorer has been substantially engaged in the discovery of gold resources at its flagship Cue Project. The Project’s Break of Day Resource has witnessed the discovery of high-grade lodes at Starlight and White Light lodes.
Notably, Musgrave commenced a large RC and diamond drilling program at Break of Day during the June Quarter. The newly discovered Starlight and White Light gold lodes at Break of Day have returned intersections outside the current resource at Break of Day.
The Break of Day deposit hosts 868Kt @ 7.2g/t Au for 199koz contained gold. JORC resource estimate for Break of Day, including Starlight and White Light discoveries, is slated for late Q3, 2020.
Besides, an extra drill rig has arrived on site. It is expected to test for new lodes present within the mineralised corridor of Break of Day and Lena, lying on 100% owned Musgrave ground. Significantly, 18 new targets which were derived from geophysical, geochemical and geological data will be tested in the program.
The focus will remain on the potential for high-grade gold mineralisation on structures cross-cutting stratigraphy akin to that witnessed at Starlight.
Impressive Gold Grades at Starlight and White Light Discoveries
Musgrave is advancing its drilling at Starlight, garnered towards infilling and extending the high-grade gold mineralisation at depth.
The effective drilling campaign, incorporating RC and diamond drilling program, is aimed towards the new high-grade Starlight link-lode discovery at Break of Day. The Starlight mineralisation, which remains open down dip, is over a strike length of 100m
Notably, Starlight has continually delivered strong gold intercepts in the drilling, confirming the high-grade nature.
Musgrave is anticipating remaining assays from the completed RC drilling at Starlight. Besides, further assays are also awaited from the ongoing diamond drilling.
The drilling campaign has also discovered a new parallel White Light lode approximately 75m south of Starlight. White Light returned intercepts aligning with several historical isolated gold intersections over a strike of 100m.
- 20MORC050- 6m @ 48.2g/t Au from 211m
- 20MODD007-3.8m @ 40.5g/t Au from 100.2m including 0.75m @ 203.3g/t Au from 100.2m
- 20MORC048- 6m @ 5.4g/t Au from 111m
Apart from the Starlight and White Light, RC drilling has also been finalised on the Twilight and Velvet lodes near Break of Day, with assays expected.
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