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Musgrave Minerals’ (ASX:MGV) Exquisite Resource Advancement Fuelled by Break of Day Estimate

  • November 18, 2020 12:33 PM AEDT
  • Team Kalkine
    Team Kalkine
    Team Kalkine
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    Team Kalkine comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different markets with...

Musgrave Minerals’ (ASX:MGV) Exquisite Resource Advancement Fuelled by Break of Day Estimate

Summary

  • Musgrave’s flagship Cue Project hosts over 659koz JORC resources with the potential to grow further.
  • Break of Day has been confirmed as a standout, high-grade, near-surface gold deposit on Cue Project as it hosts 797kt @ 10.2g/t Au for 262koz Au.
  • Starlight & White Light hosts 360kt @ 13.9g/t Au for 161koz Au, as per the latest Mineral Resource Update.
  • The Resource Estimate has refined the geological model and grown the Indicated Resource category, thereby delivering a significant uplift in the geological confidence.
  • Musgrave has identified more than 25 targets with analogues to Starlight setting while over 18,000m aircore/RC drilling on new targets is underway.

Perth-based Musgrave Minerals Limited (ASX: MGV) is enjoying its back to back successful outcomes that trail the strategic exploration endeavours of the Company. The high-grade drilling results and remarkable progress of the recent exploration activities boast flurry of exciting developments on Musgrave’s 100% owned Cue Project in Western Australia.  

The exploration journey of the Company has been further catalysed by the latest mineral resource update at Break of Day, which has both stretched and enhanced the Company’s gold resource base. 

Significantly, the recent developments did not go unnoticed by investors as Musgrave shares exhibited an impressive price momentum of around 5x on the year-to-date basis. The shares traded at $0.430 during early trade hours on 18 November 2020. 

Musgrave’s flagship Cue Project hosts over 659koz JORC resources with the potential to grow. The presence of massive high-grade resource that continues to tread on a growth trajectory is one of the critical drivers, stimulating growth and enhancing the attractiveness of Musgrave’s exploration activities. 

Let us explore the expanding gold resources of Musgrave powered by the latest update at Break of Day deposit.  

New Break of Day Resource Update

Break of Day, with the recent mineral resource update, has been confirmed as a standout, high-grade, near-surface gold deposit on Cue Project as it hosts 797kt @ 10.2g/t Au for 262koz Au. High-grade, potential high-margin open-cut Break of Day deposit is stationed on a granted Mining Lease in a region with robust infrastructure as well as a favourable mining jurisdiction.

The resource base of 360kt @ 13.9g/t Au for 161koz Au is hosted together by Starlight and White Light lodes. Meanwhile, Starlight alone hosts 240kt @ 17.0g/t Au for 131koz Au from 3m below surface. 

ALSO READ: Starlight Discovery: A Driving Force to Musgrave Minerals’ (ASX: MGV) Expanding Resources and Potential

The latest Break of Day resource update has not only increased the contained ounces of gold in the resource base but also improved the overall grade of the deposit. Notably, five lodes at the deposit host 85% of the resources. 

The Resource Estimate has refined the geological model and grown the Indicated Resource category, thereby delivering a significant uplift in the geological confidence. 

It also demonstrates the potential for repetitions while opens search space and creates an opportunity for discovery. The ongoing focus of the Company is on near-surface high-grade ounces, with plans to commence the development studies. 

ALSO READ: Musgrave Minerals (ASX:MGV) Unveils September Quarter Report, Cue Gold Project Shines with Exploration Success

Lode Repetitions to the South 

The thicker intercepts intersect multiple lodes with lode repetitions to the south which are near-surface and high-grade gold discovery having only 3m of hardpan cover. Thicker intercepts intersect multiple lodes with lode repetitions to south.

A Glimpse Through New Targets: Starlight Analogues

The new discoveries have changed the paradigm and increased the search space. The Company has identified more than 25 targets with analogues to Starlight setting. While over 18,000m aircore/RC drilling on new targets is underway. The assay results are pending for 13 targets in the first pass drill testing. 

Target 2 

Target 2, which lies only 300m south of White Light, returned new high-grade intercepts under 2-3m of hardpan cover and has no previous drilling. The intercepts include:

  • 5m @ 13.4g/t Au from 28m 
  • 4m @ 15.4g/t Au from 41m

The potential new lode is open along strike and down dip, and the Company has commenced the follow-up drilling. 

Target 9 (Leviticus)

Leviticus is situated 1.8km south of Break of Day and has oblique strike possible. New high-grade intercepts include:

  • 4m @ 13.1g/t Au from 1m
  • 2m @ 10.2g/t Au from 33m

The current Resource base (Inferred) at Leviticus is 42kt @ 6g/t Au for 8koz Au, which is open along strike and down dip. Musgrave has commenced the follow-up drilling at Target 9. 

Way Forward

 

 


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